- The International Auditing and Assurance Standards Board (IAASB) published a consultation paper seeking comment on its proposed strategic direction and work plan. The board said its proposed strategy puts a way forward that it believes meets the capital markets’ evolving needs.
- The AICPA’s Professional Ethics Executive Committee (PEEC) issued a revised exposure draft regarding the independence requirements for state and local government entities. The panel issued the second proposal in response to some concerns raised in comment letters to the initial exposure draft published in July 2017.
- The AICPA issued guidance for implementing the FASB’s credit losses standard. The guide is written by the Financial Reporting Executive Committee (FinREC) as Audit and Accounting Guide (AAG-CECL).
- Public utility finances differ from other governmental entities. This Baker Tilly board governance series podcast discusses what board members should know to better understand their utility finances.
- The FASB is not quite ready to put the finishing touches on its plan to improve the disclosures companies provide about their income taxes. The board wants to do more work on whether taxes paid on overseas earnings, even if the taxes are imposed by the U.S. government, should be listed as foreign taxes.
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