- The FASB’s Emerging Issues Task Force took an important step toward answering a question about the accounting for the costs of purchasing business software applications that are managed as a cloud computing service. Before the task force submits a formal recommendation the FASB, it wants more research about how the costs would be capitalized.
- The FASB is considering whether to update the definitions for some primary financial reporting terms such as revenues and expenses. The debate is part of the accounting board’s effort to revise its Conceptual Framework, the guide the board uses to help it write consistent accounting standards.
- Baker Tilly provides comment on the proposed ASU for Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities, issued by the FASB.
- The AICPA’s Auditing Standards Board is planning to issue a proposal in October to expand the auditor’s report as part of its effort to align its standards with the guidance from the International Auditing and Assurance Standards Board. The proposal is expected to incorporate proposed amendments from another project that addresses an auditor’s examination of financial statement disclosures.
- We are pleased to provide comment to the PCAOB regarding the recently issued proposed auditing standard related to auditing estimates, including fair value measurements, and the related proposed amendments to auditing standards related to the auditor’s use of the work of specialists.
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