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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FASB Proposes Improvements to the Leases Standard
The FASB proposes an Accounting Standards Update (ASU) intended to improve three areas of the leases standard. Stakeholders are encouraged to review and provide comments…
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AICPA Issues SSAE 21 on Direct Examination Engagements
The AICPA’s Auditing Standards Board (ASB) has issued Statement on Standards for Attestation Engagements (SSAE) No. 21, Direct Examination Engagements. SSAE 21 adds new AT-C…
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How Audit Technology Helps Firms Adapt in 2020
Undoubtedly, 2020 has been a challenging year. First, clients had to quickly adapt to pandemic lockdowns and a remote workforce. Next, they had to deal…
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Audit of Commercial Entities
This blog is about the 2020 Commercial Entities title, and it is important for two reasons. First, this new title includes updates and enhancements that…
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IAASB Updates Pandemic Response
The International Auditing and Assurance Standard Board (IAASB) has provided an update on its COVID-19 response. It noted that the COVID-19 pandemic continues to disrupt…
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AICPA Releases New Evidence Standard
The Auditing Standards Board (ASB) of the AICPA has issued its new evidence standard, Statement on Auditing Standards No. (SAS) 142, Audit Evidence. The SAS modernizes private…
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AICPA Accounting Guidance for PPP Lenders
The AICPA and its Depository Institutions Expert Panel (DIEP) has released several Technical Questions and Answers (TQAs) to help depository institutions, credit unions, credit card…
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GASB Proposes Application Guidance on Cares Act and COVID-19 Assistance
The Governmental Accounting Standards Board (GASB) has released the proposed staff Technical Bulletin, Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and…
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Focus on Efficiency
The Three “C’s” Over the past few months firms have adjusted to a new way of doing business. With offices closed, we have learned to…
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