- FASB issued an Accounting Standards Update (ASU) and the FASB staff has issued several Staff Q&As that address various financial accounting and reporting impacts from the Tax Cuts and Jobs Act (TCJA).
- The FASB in August released a proposal aimed at helping organizations determine how to record grants and other funds from foundations and government bodies that often have strings attached to them. The board is reviewing feedback on its proposal and finalizing an update to clarify the difference between restrictions and donor-imposed conditions on a gift or grant. The guidance would apply to both recipients of funding as well as to the organizations that give out grants.
- The FASB updated U.S. GAAP to alleviate concerns from banks and insurance companies about the accounting implications of the Tax Cuts and Jobs Act (TCJA). The final amendment is optional for companies to apply.
- Donna Massanova, partner and employee benefit plan audit services practice leader, provides tips on networking and mentoring for future CPA partners as part of the PICPA's CPA Conversations podcast.
- Baker Tilly SOC specialists take an eye to the first year of SSAE18 and SOC for Cybersecurity, sharing common challenges and lessons learned.
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