GASB Plans for Three-Day Meeting This Week
Beginning tomorrow, the Governmental Accounting Standards Board (“GASB”) will hold a three-day meeting in Norwalk, Connecticut. Scheduled to start each day at 8:30 a.m., the meetings are expected to cover the preballot drafts of the Preliminary Views Leases and Fiduciary Responsibility for Financial Reporting, and Exposure Draft of the proposed Tax Abatement Disclosures, as well as fair value measurement and application, and matters related to pension plans not managed through trusts that meet certain criteria. With the exception of Wednesday’s late afternoon session, the meetings are open for public viewing. Attendees will be able to follow the meetings via live. Read More.
IPSASB’s Conceptual Framework to Assist Public Sector
Scheduled to be completed by the end of October, the International Public Sector Accounting Standards Board (“IPSASB”) recently approved the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (Conceptual Framework). Seen as the IPSAB’s top strategic priority, the Conceptual Framework includes guidance related to financial statements and reporting needs of the public sector. The Framework also recognizes key traits of the public sector, such as the main purpose of most governments and related entities is to provide services to its citizens, as well as offer beneficial information for service recipients and resource providers. Further, the Conceptual Framework brings together four. Read More.
Considerations for Tech Entrepreneurs
So, you are starting a new technology or bio science company, and don’t know what type of business entity to use. Unless you are a serial entrepreneur, this might be an overlooked and frustrating task. However, the decision you make today will have a long-term effect on your business, and is critical to consider early on in forming your business. Selecting the right business legal entity in the technology space will be valuable in helping you achieve your goals. Considerations that you may not have thought about include the impact of tax implications the entity you select will have on. Read More.
Staff Audit Practice Alert Issued for Going Concern
Reminding auditors to continue abiding by its current standards in spite of recent U.S. GAAP changes related to recognizing a company’s ability to continue as a going concern, the Public Company Accounting Oversight Board (“PCAOB”) has issued Staff Audit Practice Alert No. 13 , Matters Related to the Auditor’s Consideration of a Company’s Ability to Continue as a Going Concern. The alert informs auditors to reference the appropriate financial reporting framework, U.S. GAAP or International Financial Reporting Standards (IFRS), to review management’s going concern evaluation and its related financial statement disclosures. Staff Audit Practice Alert No. 13 also advises auditors to continue using PCAOB AU sec.. Read More.
DoD Inspector General Issues Two Reports on DCAA Quality Control
On August 27, 2014, the Defense Contract Audit Agency (“DCAA”) issued Memorandum for Regional Directors (MRD) 14-PAS-014(R) , captioned ”Audit Guidance on Removal of Modified GAGAS Statement in Audit Reports”. As background for this MRD, Generally Accepted Government Auditing Standards (GAGAS) require audit organizations to obtain an external peer review at least once every three years. For DCAA, the external reviews are performed by the Department of Defense’s (“DoD”) Inspector General. In August 2009, the Inspector General revoked its previous approval of DCAA’s quality control program. As a consequence, since August 2009, DCAA has been unable to state that it performed its audits in accordance with. Read More.
Investor Advisory Committee to Discuss Accredited Investor Definition
Preparing to revise the decades-old accredited investor definition in Rule 501 of Regulation D, the Securities and Exchange Commission’s (“SEC”) Investor Advisory Committee (“the Committee”) is scheduled to meet on Thursday, October 9th. The current definition, which has been in place for over 30 years, describes an individual, or such combined with a spouse, a net worth of $1 million or more. While current income thresholds are $200,000 (individual) and $300,000 (married couple), investors have called for a number adjustment to reflect inflation. The Committee previously discussed changes to the accredited investor definition in July, but couldn’t reach a decision. Read More.