New FAQs address health care entity pandemic accounting
New frequently asked question guidance for health care entities on pandemic-related questions have been added to a list that was first posted August 3.
All the FAQ guidance was developed by the AICPA with assistance from a group of health care experts and is designed to assist financial statement preparers and auditors as they work through challenges they are encountering as a result of the pandemic. read more – Journal of Accountancy
FASB alters nonprofit accounting rules for gifts-in-kind
Nonprofits will be required to provide additional information on the contributions of nonfinancial assets they receive under a new accounting standard recently issued by FASB. read more – Journal of Accountancy
FASB proposes expedient for private company franchisors
FASB recently proposed a standard that would provide a practical expedient designed to simplify how private company franchisors would analyze certain activities when determining their performance obligations in a franchise agreement under the board’s revenue recognition standard. read more – Journal of Accountancy
Fair value, stablecoins addressed in new AICPA guidance
The AICPA recently published nonauthoritative guidance on issues related to the accounting for digital assets. read more – Journal of Accountancy
‘Direct examination’ engagement created by SSAE No. 21
Practitioners will be able to perform a new engagement known as a direct examination for clients under a new standard recently published by the AICPA Auditing Standards Board (ASB). read more – Journal of Accountancy
How auditors can enhance the reliability of non-GAAP reporting
Engaging external auditors to perform procedures outside the financial statement audit related to non-GAAP financial measures or key performance indicators (KPIs) can raise public confidence in this information, according to a Center for Audit Quality (CAQ) report recently issued. read more – Journal of Accountancy
AICPA ethics proposal would limit firms’ loaning of staff to attest clients
The AICPA Professional Ethics Executive Committee (PEEC) is reproposing a new interpretation that would address independence requirements related to “staff augmentation” arrangements in which a CPA firm loans staff to a client. read more – Journal of Accountancy
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