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Audit & Assurance

June 2021 Audit & Assurance Newsletter

FASB proposes discount rate relief for nonpublic lessees

FASB recently proposed changes to discount rate guidance for lessees that are nonpublic business entities, with an objective of reducing the costs of implementing the board’s new lease accounting guidance.  read more  Journal of Accountancy

FinREC addresses EBP revenue recognition implementation

The AICPA Financial Reporting Executive Committee (FinREC) recently issued a working draft of an accounting implementation paper that would address revenue recognition implementation for employee benefit plans and would be included in the AICPA Audit and Accounting Guide, Employee Benefit Plansread more  Journal of Accountancy<

FASB proposes hedge accounting changes

FASB recently proposed a new accounting standard that is designed to better align hedge accounting with an organization’s risk management strategy.  read more  Journal of Accountancy

GASB publishes implementation guidance on various issues

Application guidance on GASB’s state and local government accounting standards for derivative instruments, fiduciary activities, leases, and nonexchange transactions is included in a new implementation guide the board recently issued.  read more  Journal of Accountancy

GASB addresses accounting changes and error corrections

GASB recently proposed changes to its accounting and financial reporting guidance for accounting changes and error corrections that has been in effect for more than 40 years.  read more  Journal of Accountancy

AICPA & CIMA issue new nonauthoritative guidance for auditing digital assets

AICPA & CIMA issued nonauthoritative guidance for auditing digital assets such as cryptoassets in the areas of risk assessment, processes and controls, laws and regulations, and related parties.  read more  Journal of Accountancy

Sustainability reporting harmony boosted by SASB-IIRC merger

The drive towards consistency in environmental, social, and governance (ESG) and sustainability reporting recently took a step forward with the formal announcement that the Sustainability Accounting Standards Board (SASB) and the International Integrated Reporting Council (IIRC) are merging to form the Value Reporting Foundation.  read more  Financial Management


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