AICPA Amends the Description of the Concept of Materiality
The AICPA’s Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 138, Amendments to the Description of the Concept of Materiality, and Statement…
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AICPA Issues SSAE 19 on Agreed-Upon Procedures Engagements
The AICPA’s Auditing Standards Board (ASB) has issued Statement on Standards for Attestation Engagements (SSAE) No. 19, Agreed-Upon Procedures Engagements, to supersede AT-C section 215…
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The FASB Delays Certain Effective Dates for Credit Losses, Leases, Hedging, and Long-Duration Insurance Standards
The FASB issued two Accounting Standards Updates (ASUs) that finalize various effective date delays for standards on current expected credit losses (CECL), leases, hedging, and…
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FASB Proposes Debt Guidance
The FASB proposes debt guidance for public comment. This proposal is intended to improve guidance used to determine whether debt should be classified as a current or noncurrent liability…
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FASB Proposes ASU on Long-Duration Contracts
Proposal The FASB proposed an ASU on long-duration contracts today. The FASB issues proposed Accounting Standards Update (ASU) that would grant all insurance companies that issue…
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GASB Releases Implementation Guide on Accounting for Leases
The Governmental Accounting Standards Board (GASB) has issued Implementation Guide No. 2019-3, Leases. Implementation Guide No. 2019-3 contains questions and answers about GASB Statement No. 87, Leases,…
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SEC Proposes to Modernize Disclosures Under Regulation S-K
The SEC proposed amendments to modernize the description of business (Item 101), legal proceedings (Item 103), and risk factor disclosures (Item 105) that registrants are…
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FASB Proposes to Improve Guidance on Distinguishing Liabilities from Equity
The FASB has issued an exposure draft proposing to improve guidance on distinguishing liabilities from equity, including convertible instruments. Stakeholders are asked to review and provide…
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New SEC Commissioner Sworn In
Allison Herren Lee was sworn into office on July 8, 2019 as an SEC Commissioner. Lee was nominated to the SEC by President Donald J.…
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FASB Invitation to Comment Issued
The FASB issues Invitation to Comment (ITC) seeking stakeholder input on the accounting for certain identifiable intangible assets. This includes those acquired in a business combination…
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