Going Forward with data driven audits!
Going backward is only cool in auditing if you can go back to completed engagements for peer review and know that you have avoided all…
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SEC Adopts Amendments to Accelerated and Large Accelerated Filer Definitions
The SEC adopted amendments to the “accelerated filer” and “large accelerated filer” definitions. The SEC indicated that the amendments will “more appropriately tailor the types…
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FASB Issues Guidance in Transition Away from Interbank Offered Rates
The FASB issues guidance in transition away from interbank offered rates. The Accounting Standards Update (ASU) provides temporary optional guidance to ease the potential burden…
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FASB Issues Narrow-Scope Improvements to Financial Instruments
The FASB issues an Accounting Standards Update (ASU) that makes narrow-scope improvements to financial instruments guidance. This includes the current expected credit losses (CECL) standard…
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AICPA Issues SSARS No. 25 to Align with GAAS and Converge with International Review Standards
The American Institute of CPAs (AICPA) Accounting and Review Services Committee (ARSC) has issued SSARS No. 25, Materiality in a Review of Financial Statements and…
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FASB Proposes ASU on Transparency Disclosures for Gifts-in-Kind to Not-for-Profit Entities
The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958)—Presentation and Disclosures by Not-for-Profit Entities for Contributed…
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FASB Adds SAB Topic No. 119 to Codification Topic 326
The FASB has issued Accounting Standards Update (ASU) No. 2020-02, Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to…
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GASB Publishes Omnibus 2020
The Governmental Accounting Standards Board (GASB) has issued new Statement No. 92, Omnibus 2020. Statement 92 includes guidance addressing various accounting and financial reporting issues…
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SEC Proposes Amendments to Modernize and Enhance MD&A and Other Disclosures
The SEC proposed for public comment amendments to modernize, simplify, and enhance certain financial disclosure requirements in Regulation S-K. If adopted as proposed, the amendments…
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IESBA Proposes Revisions to Independence Standards
The International Ethics Standards Board for Accountants® (IESBA®) is proposing significant revisions to its independence standards through the publication of two exposure drafts. The exposure…
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