FASB to Issue Final and Proposed Transition Guidance on Leases
The FASB has decided to reduce costs and ease the implementation burden of the Leases standard for preparers by issuing a final Accounting Standard Update…
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AICPA Proposes New Auditing Standards
The AICPA’s Auditing Standards Board (ASB) has issued exposure drafts (EDs) of new Proposed Statements on Auditing Standards (SASs) and proposed amendments to other SASs.…
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SEC Approves Changes to the Auditor’s Report
Auditor’s Report Changes The SEC unanimously approved a PCAOB auditing standard that requires significant enhancements to certain public company auditor’s reports, including the communication of…
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CAQ Issues Audit Alerts on Risk Areas for 2017 Audit Cycle
The Center for Audit Quality (CAQ) has published two audit alerts for use by public company auditing firms in addressing potential risks during the upcoming…
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SEC Proposes Amendments to Regulation S-K
The Securities and Exchange Commission (SEC) unanimously (3-0) approved a proposal for public comment to modernize and simplify certain disclosure requirements in Regulation S-K and…
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SEC to Consider Proposing Amendments to Modernize Regulation S-K
The SEC has scheduled an open meeting for Wednesday, October 11, 2017, to consider whether to: Propose amendments based on the recommendations in the SEC…
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FASB Delays Effective Date of Revenue Recognition and Leases Standards for Certain Entities
FASB Issues ASU Related to Revenue Recognition and Leases Standards. The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2017-13 which adds,…
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AICPA Proposes Selected Procedures Engagements, A New Service Offering for Accounting Firms
Selected Procedures Engagements The AICPA has proposed a new engagement type that could be offered by accounting firms. The proposed service would provide flexibility for selected…
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New FASB Hedge Accounting Standard Intends to Simplify Rules, Create Transparency
The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging…
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A Closer Look: Lease Accounting Implementation Update
Implementation Status Companies are waking up to the fact that they are less than six quarters away from the effective date of the new lease…
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