AICPA Issues New Interpretations of Attestation Standards
The American Institute of Certified Public Accountants (“AICPA”) recently issued new interpretations for the following attestation standards: AT-C section 105, “Concepts Common to All Attestation Engagements” Interpretation No. 1, “Responding to Requests for Reports on Matters Relating to Solvency” Interpretation No. 2, “Applicability of Attestation Standards to Litigation Services” Interpretation No. 3, “Providing Access to or Copies of Engagement Documentation to a Regulator” The new interpretations of AT-C section 105 offer guidance to practitioners with respect to providing assurance and expert testimony on matters related to solvency. Additionally, the guidance discusses how a practitioner should respond to a regulator’s request. Read More.
FASB to Meet Twice This Week
According to its Notice of Open Meetings , the Financial Accounting Standards Board (“FASB”) is scheduled to hold the following meetings next week: Wednesday, June 1st: The FASB will meet to review the Proposed Accounting Standards Update, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, the proposed Concept Statement for presentation, and its project to improve the financial statements of nonprofits. If time permits, the meeting will conclude with an open discussion on minor issues concerning technical projects or administrative affairs. The meeting is scheduled to begin at 9:30 a.m. EST. Friday, June 3rd: The FASB Academic. Read More.
Disclosure Framework Review Necessary before Finalizing Materiality Guidance
Before the Financial Accounting Standards Board (“FASB”) finalizes proposed changes to the materiality guidance, Russell Golden says the board must complete a thorough review of its disclosure framework project. Speaking recently at the Financial Accounting Foundation’s quarterly meeting, the FASB chairman told attendees that the standard setter plans to evaluate all phases of its project to update the disclosure requirements under U.S. generally accepted accounting principles (“U.S. GAAP”) by the end of the year. The review is expected to be finished by year’s end, with final changes to the materiality guidance scheduled for a 2017 release. In September, the FASB. Read More.
Tuition Discount Rates Reach Record High
According to the latest National Association of College and University Business Officers (“NACUBO”) Tuition Discounting Study (“TDS”), tuition discount rates last year reached an all-time high. Results from the 2015 TDS reveal that the average institutional tuition discount rate for first-time, full-time freshmen increased to 48.6 percent in 2015-16. Considering all 2015-16 undergraduates, the rate rose to 42.5 percent – another record high. The rise in institutional discount rates is being contributed in part to more students receiving grants. More on the 2015 Tuition Discounting Study is available on the NACUBO website.
Financial Accounting Foundation 2015 Annual Report Published
Available for download is the Financial Accounting Foundation’s (“the Foundation”; “FAF”) 2015 Annual Report, “Serving the Financial Statement User.” The Annual Report highlights how the Foundation, Financial Accounting Standards Board, and Governmental Accounting Standards Board serve capital markets by developing high-quality accounting standards that help financial statement users make sound decisions. In addition, the FAF’s report includes profiles of 16 financial statement users discussing why such standards are essential to their everyday work. Read more by downloading the FAF’s 2015 Annual Report .
Jeffrey Previdi Appointed to GASB
Credit analyst Jeffrey Previdi has been appointed to the Governmental Accounting Standards Board (“GASB”). Announced by the Financial Accounting Foundation’s Board of Trustees on May 18, the former Standard & Poor’s Rating Services managing director will replace outgoing member William Fish when his service on the Board ends June 30, 2016. Previdi’s term begins July 1, 2016, and will extend through June 30, 2021. At the end of his term, he will be eligible for reappointment to an additional five years.