FASB Issues ASU No. 2014-15 to Help Reporting of Going Concern
Helping to disclose substantial doubt concerning a company’s ability to move forward as a going concern, the Financial Accounting Standards Board (“FASB”) has released Accounting Standards Update (ASU) No. 2014-15 , Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Announced on Wednesday, the ASU provides principles and definitions to an organization’s management for decreasing diversity in disclosures that are currently made available in financial statement footnotes. Presently, U.S. GAAP does not provide an organization’s management guidance regarding its responsibility to assess whether substantial doubt exists regarding the ability to continue as a going concern. Read More.
GASB Adds External Investment Pools to Pre-Research Agenda
Approved at its Friday meeting, the Governmental Accounting Standards Board (“GASB”) has added External Investment Pools to its pre-agenda research plan. In its research efforts, the GASB will review whether the reporting requirements for 2a7-like external investment pools that function as money market funds were impacted by recent Securities and Exchange Commission (“SEC”) regulation changes. The GASB hopes to acquire enough information to help decide whether a project should be added to its current technical agenda. In July, the SEC issued Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF to lower the possibility of investors seeking money. Read More.
The New Revenue Recognition Standard: Step 1 – Identify the Contract with a Customer (Part I)
As mentioned in our previous blog , on May 28th the Financial Accounting Standards Board (“FASB”) released Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers: Topic 606 The new standard creates a whole new codification topic (ASC 606) and ushers in a new era of revenue recognition by replacing hundreds of pages of industry specific guidance with a single comprehensive standard applicable to virtually all industries, and will significantly change how we recognize revenue. ASU 2014-09 isn’t effective for private entities until reporting periods beginning after December 15, 2017, but will be effective for public entities a year earlier. ASC. Read More.
Exposure Draft Issued for Peer Review Performance and Reporting Updates
Facilitating in the proposed changes to Standards for Performing and Reporting on Peer Reviews, the American Institute of Certified Public Accountants (“AICPA”) has issued Proposed Changes to the AICPA Standards for Performing and Reporting on Peer Reviews – Preparation of Financial Statements Performed Under SSARS and the Impact on the Scope of Peer Review. As part of this Exposure Draft (the Draft), changes include preparation services completed under the Statements on Standards for Accounting and Review Services would be omitted from the scope of the peer review, and meaning of an accounting and auditing practice for such standards’ purpose. Comments. Read More.
AICPA’s Accounting and Review Services Committee Completes SSARS No. 21
As part of its four-year Clarity Project, the American Institute of Certified Public Accountants’ (“AICPA”) Accounting and Review Services Committee (“ARSC”) has finalized a document to reformat nearly all of the ARSC’s guidance with clarified versions. Expected to be released in the next two months, the standards will be published as Statement on Standards for Accounting and Review Services (SSARS) No. 21, Statement on Standards for Accounting and Review Services: Clarification and Recodification. When SSARS No. 21 is published, the AICPA’s Accounting and Review Services sections will be labeled as AR-C Sections and eventually replace current AR Sections. Also to. Read More.
Topics: Accounting and Review Services Committee "ARSC", American Institute of Certified Public Accountants "AICPA", Clarity Project, Recodification, Statement on Standards for Accounting and Review Services "SSARS"
GSA Leading the Charge for Reusing and Recycling Electronics
The General Services Administration (“GSA”) is reviewing comments on proposed regulations to reuse and recycle electronics. The proposed regulations identify a variety of methods for disposing of functional and nonfunctional electronics owned by federal agencies. Besides the obvious options of reusing them within the agency, transferring them to other agencies, or recycling them with certified recyclers, another option, which GSA has already begun using, is manufacturer take-back programs. The manufacturer take-back programs allow federal agencies to return used electronics to the original seller. In April 2014, Kevin Kampschroer, Deputy Senior Sustainability Official for GSA, reported to a Congressional committee on. Read More.
Topics: Electronic Product Environmental Assessment Tool "EPEAT", Electronics, Environmental Protections Agency "EPA", Federal Agencies, General Services Administration "GSA", Manufacturer Take-Back Programs, Recycle, Sustainability