AICPA Issues Description Criteria Standards for SOC 2 Reports
The AICPA has released new description criteria standards for SOC 2 reports. The AICPA Assurance Services Executive Committee’s SOC 2® Working Group has developed a set…
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FASB Issues Corrections and Improvements to Financial Instruments
The FASB issued Accounting Standards Update (ASU) No. 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and…
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SEC Issues Interpretive Guidance on Public Company Cybersecurity Disclosures
The SEC unanimously approved a statement and interpretive guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents. SEC Chairman Jay Clayton…
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New FASB Standard Addresses Certain Stranded Income Tax Effects from Tax Cuts and Jobs Act
New ASU Issued The FASB issued an Accounting Standards Update (ASU) that helps organizations address certain stranded income tax effects in accumulated other comprehensive income…
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SEC Corp Fin Future Focus Areas Discussed
SEC Director of Corporation Finance (Corp Fin), William Hinman, recently discussed efforts by Corp Fin to implement SEC priorities and provided insight into future areas…
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Re-engineer Your Audit Process
When the AICPA issued Risk-Based Audit Standards years ago to better address audit risk, KCoe-Isom, LLP saw an opportunity to re-engineer its entire auditing process.…
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AICPA Adds Industry Guidance to Revenue Recognition Guide
The AICPA has added new industry related content to its Audit and Accounting Guide (AAG), Revenue Recognition (Updated as of January 1, 2018). The new…
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FASB Simplifies Adoption of New Leases Standard for Certain Land Easements
The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic…
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FASB Issues Proposed Guidance on the Tax Cuts and Jobs Act
The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) for public comment that is intended to help organizations reclassify certain…
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FASB Issues Staff Q&A on Accounting for The Effects of The Tax Cuts and Jobs Act
The Financial Accounting Standards Board (FASB) staff has issued a Staff Q&A document on whether private companies and not-for-profit organizations can apply U.S. Securities and…
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