• Auditing standards board votes to finalize going concern guidance

    The AICPA’s Auditing Standards Board (ASB) unanimously voted to issue a final going concern standard at its January meeting. The board also discussed other projects, including the auditor’s responsibilities for employee benefit plans, proposed guidance for unregistered securities offerings, and a new service that CPAs may perform without expressing an opinion.
  • Update to U.S. GAAP scraps second step of goodwill impairment test

    The FASB published an update to U.S. GAAP that drops the second step in the two-step test for calculating a drop in goodwill. Research by the FASB staff found that analysts and investors care more about the existence of a goodwill impairment versus a precise calculation of the impairment’s amount, although three of the FASB’s seven members dissented from the issuance of the update.
  • ICFR for Revenue Recognition

    Understand the nuances of internal controls over financial reporting (ICFR) for ASC 606 (revenue recognition), including transition methods discussed in this Financial Executives International (FEI) presentation.