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Audit & Assurance

March Audit & Assurance Newsletter

FASB issues technical corrections to financial instruments standard

The FASB recently issued technical corrections and improvements to its financial instruments standard on recognition and measurement of financial assets and liabilities that was originally issued in 2016.

The original standard, Accounting Standards Update (ASU) No. 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, retained the current framework for financial instruments accounting but made targeted improvements. read more    – Journal of Accountancy

FASB addresses accounting for implementing certain cloud-computing arrangements

The FASB recently issued a proposed Accounting Standards Update (ASU) that would clarify the accounting for implementation costs related to a cloud-computing arrangement that is a service contract. read more    – Journal of Accountancy

New agreement smooths pathway to UK audit signing rights for US CPAs

A new agreement recently signed provides a clear route for U.S. CPAs to obtain the Chartered Accountants (CA) designation from the Institute of Chartered Accountants of Scotland (ICAS) and be on the pathway to U.K. audit signing rights. read more    – Journal of Accountancy

Revised compilation and review report requirements to be included in SSARS No. 24

The AICPA Accounting and Review Services Committee (ARSC) has voted to issue a new standard in late May containing revised compilation and review report requirements. read more    – Journal of Accountancy

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