CPAs and Advisors with Your Growth in Mind

GASB to Hold Three-Day Meeting Starting Tomorrow

Beginning Tuesday, the Governmental Accounting Standards Board (“GASB”) will hold a three-day meeting at the Financial Accounting Foundation’s offices in Norwalk, Connecticut. According to its Notice of Meetings , the GASB will discuss the following topics: The final statement, Certain Asset Retirement Obligations The proposed Exposure Draft, Implementation Guide No, 201X-X, Implementation Guidance Update—201x-x The Exposure Draft, Leases A review of the preballot draft of the Invitation to Comment, Financial Reporting Model Improvements-Governmental Funds Debt Disclosures, including Direct Borrowing—Reexamination of Statement Nos. 34, 38, and 62 Revenue and expense recognition Daily meetings are expected to start at 8:30 a.m. ET. With the exception. Read More.

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New Technical Auditing Questions and Answers Issued for Investment Companies

The following Technical Questions and Answers guidance has been added under Section 6910, Investment Companies, by the American Institute of Certified Public Accountants: Section 6910.36, Determining Whether Loan Origination Is a Substantive Activity When Assessing Whether an Entity Is an Investment Company Section 6910.37, Considering the Length of Time It Will Take an Investment Company to Liquidate Its Assets and Satisfy Its Liabilities When Determining If Liquidation Is Imminent Section 6910.38, Determining If Liquidation Is Imminent When the Only Investor in an Investment Company Redeems Its Interest, and the Investment Company Anticipates Selling All of Its Investments and Settling All. Read More.

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Competency-Based Programs Need Full Commitment

Nearly 600 colleges and universities are currently developing competency-based education programs for cost savings. This business model allows students to earn a degree at their own pace, but a new report claims competency-based programs need significant enrollment growth and a long-term commitment from institutions to become sustainable. The report discovered that three early adopters of the programs expect to break even in their fifth year of operation. Additionally, respondents said institutions must consider the possible impact competency-based programs could have on academic quality and faculty members. More on competency-based programs is available on Inside Higher Ed.


Debt Classification Accounting Guidance Proposal Coming

On Wednesday, the Financial Accounting Standards Board (“FASB”) unanimously voted to issue a proposal that would help companies distinguish between debts that are due much sooner and debts that do not require payments for at least a year. The FASB agreed to move its debt classification guidance proposal forward despite criticism from its Private Company Council and the AICPA’s Private Companies Practice Section Technical Issues Committee. Members of both organizations said the proposed changes will increase a company’s number of debts classified as “current”, thus putting their creditworthiness at risk. In addition, some private companies have previously argued that the amendments. Read More.

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Roundtables Planned for FASB Hedge Accounting Proposal

Two roundtable sessions are scheduled for Friday, December 2, regarding the Financial Accounting Standards Board’s (“FASB”) proposed Accounting Standards Update, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. Hosted at the FASB offices in Norwalk, Connecticut, the roundtables will allow stakeholders who submitted a comment letter to discuss their feedback on the proposal. The roundtable sessions are scheduled as follows: Session 1: 9:00 a.m. – 12:00 p.m. ET Session 2: 1:00 p.m. – 4:00 p.m. ET Registration to participate in one of the roundtables is available at The deadline to register and submit a comment letter is Friday, November 4. Nonparticipating observers must register to attend by. Read More.

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Community College Enrollment Continues Free Fall

Enrollment numbers at community colleges remain on the decline. Last year, community colleges posted their sixth consecutive drop in enrollment– a 2.4 percent loss. An Inside Higher Ed survey adds that 88 percent of admissions directors reported decreased enrollment numbers compared to two years ago. Several factors are being blamed for the downward trend, such as media messaging in recent years that devalued the importance of college. There is some positive news, however, as Del Mar College in Texas doubled their annual enrollment, and Houston-based Lone Star College set a new enrollment record this fall. The complete story on community college enrollment is. Read More.