- 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.
- If your organization is in the process of adopting, or still researching, the new revenue recognition accounting standard, then this comprehensive, yet easy-to-read, 60+ page eBook is for you.
- Federal law requires the annual audit of a defined benefit or defined contribution retirement plan (including 401(k)) when the plan’s total eligible participants reach 100.
- FASB released new guidance simplifying the process for goodwill impairment testing for public companies and NFPs (when applicable).
- ASC 606 will present significant challenges to existing ICFR systems. Changes to accounting under the new standard will require scrutiny from companies and their auditors.
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