- An auditor plays an important role for an organization and its stakeholders. We are pleased to share information about our focus on delivering high quality audit engagements and the policies our professionals adhere to in performing their work.
- The FASB amended its consolidated reporting requirements for not-for-profit organizations that are general partners and hold interests in for-profit limited partnerships or similar entities. The update allows organizations in these situations to continue following the guidance they largely follow today.
- 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.
- 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.
- 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.