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Audit & Assurance

March 2020 Audit & Assurance Newsletter

How the coronavirus may affect financial reporting and auditing

The coronavirus pandemic has the potential to create significant changes for CPAs who prepare company financial statements — and for auditors as well.

In the face of disruptions to global supply chains and other business activity, the SEC and the PCAOB in mid-February issued limited guidance to public companies and auditors for how they should manage their response to the pandemic.  read more     – Journal of Accountancy

FASB provides accounting relief for LIBOR transition

FASB recently issued a standard that is designed to give financial statement preparers relief as they make the transition away from the London Interbank Offered Rate (LIBOR) and other similar rates that are being discontinued. read more    – Journal of Accountancy

FASB makes narrow changes to financial instruments guidance

FASB recently issued accounting and financial reporting guidance that makes narrow-scope changes that are intended to improve the board’s standards for financial instruments accounting, including the credit losses standard issued in 2016. read more    – Journal of Accountancy

FASB to propose private company expedient for share-based payment accounting

Accounting for employee share-based compensation could become less complex for private companies after FASB recently endorsed the decision by the Private Company Council (PCC) to propose a practical expedient for nonpublic entities. read more    – Journal of Accountancy

AU-C 800 series amended to conform with auditor reporting standard

A new standard recently issued by the AICPA Auditing Standards Board (ASB) is designed to align the AU-C 800 series in AICPA Professional Standards with the new standard on auditor reporting. read more  – Journal of Accountancy

GASB addresses certain component unit criteria, deferred compensation plans

GASB recently issued a proposal that addresses certain component unit criteria and accounting for certain Internal Revenue Code Sec. 457 deferred compensation plans. read more  – Journal of Accountancy

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