Testing Internal Controls – Audit Tools that Help
Earlier this month, the PCAOB released annual inspection reports for the Big Four accounting firms and eight other firms. The reports revealed deficiencies in 52…
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FASB Simplifies How Private Company Franchisors Evaluate Certain Performance Obligations
The FASB has issued Accounting Standards Update (ASU) No. 2021-02, Franchisors—Revenue from Contracts with Customers (Subtopic 952-606): Practical Expedient, that provides a practical expedient that…
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Passing Peer Review Tips
Peer review can be a stressful experience for some firms. However, it is also an important way that the profession identifies problems and provides firms…
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FASB Clarifies the Scope of Reference Rate Reform Guidance
The FASB clarifies the scope of recent reference rate reform guidance through a new ASU issuance today. In March 2020, the FASB issued guidance aimed…
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FASB Proposes Alternative to the Goodwill Triggering Event Assessment
The FASB proposes alternative to the goodwill triggering event assessment in a proposed Accounting Standards Update (ASU). This proposed ASU intends to reduce the complexity…
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FASB Proposes Improvements for Acquired Revenue Contracts with Customers in a Business Combination
The FASB proposes improvements in a proposed Accounting Standards Update (ASU) intended to address inconsistency and diversity in practice related to the accounting for revenue…
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IASB Proposes Amendments to IFRS 16 Leases
The IASB proposes amendments to IFRS 16 Leases by specifying how a company measures the lease liability in a sale and leaseback transaction. Sale and leaseback transactions…
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Review-Engagements & SSARS No. 25 Changes
If your firm performs review-engagements, there have been important changes issued by the AICPA. Specifically, the Accounting and Review Services Committee recently published SSARS No.…
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Wolters Kluwer Adds New Knowledge-based Titles to its Cloud-based CCH Axcess™ Knowledge Coach Expert Solutions
New titles help auditors ensure higher-quality audits Today, Wolters Kluwer Tax & Accounting announced the addition of new Knowledge-based Titles to its CCH Axcess™ Knowledge…
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FASB Codification Updated to Reflect SEC Guarantor Financial Disclosures
The FASB issued Accounting Standards Update (ASU) No. 2020-09, Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762. This ASU amends…
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