Cherry Bekaert Responds to GASB Invitation to Comment on Revenue and Expense Recognition
On behalf of Cherry Bekaert Partners, David Bettler, CPA, responded to the Governmental Accounting Standards Board’s (“GASB”) Invitation to Comment, Revenue and Expense Recognition . The comment letter includes the Partners’ answers to the Invitation to Comment questions, such as whether or not the Partners believe the performance obligation/no performance obligation model would be appropriate for classifying transactions and recognizing revenue and expense. Bettler’s comment letter is available on GASB.org.
New PCAOB Members to Meet with Standing Advisory Group
Today in Washington, D.C., the Public Company Accounting Oversight Board’s (“PCAOB”) five new members are holding their first meeting with the board’s Standing Advisory Group (“SAG”). The meeting will give Robert Brown, William Duhnke, Kathleen Hamm, James Kaiser and Duane Desparte an opportunity to update SAG members on the PCAOB’s standard-setting activities and hear the advisory panel’s thoughts on emerging issues that may impact an auditor’s work. The two-day meeting will also feature a presentation on audit firms’ implementation of Release No. 2017-001, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion and Related Amendments to PCAOB Standards. Issued last year, the rule. Read More.
President Signs Bill that Reverses Dodd-Frank Banking Reforms
President Trump has signed a bill to roll back systemic risk regulations under the Dodd-Frank Act. Approved on May 22 by the House of Representatives, the Economic Growth, Regulatory Relief, and Consumer Protection Act (“the Act”) represents the most substantial changes to the Dodd-Frank Act since its enactment. The new legislation is viewed as a partial rollback of the 2010 law. Although heralded in the media as a dramatic step away from regulatory reforms introduced by Dodd-Frank, the changes included in the Act will generally have the greatest impact on small banks. Sen. Mike Crapo praised the legislation as a. Read More.
AICPA Committee Issues SSARS No. 24 Omnibus Statement
After a delayed release, the American Institute of Certified Public Accountants’ (“AICPA”) Accounting and Review Services Committee (“ARSC”) has finally issued Statement on Standards for Accounting and Review Services (“SSARS”) No. 24, Omnibus Statement on Standards for Accounting and Review Services – 2018 . SSARS No. 24 includes the following new or amended guidance: AR-C Section 100, Special Considerations—International Reporting Issues: This new AR-C Section 100 features guidance for compilation or review engagements when: Financial statements are prepared according to a financial reporting framework accepted in another country but is adopted by a designated body outside of the Council of the AICPA to set generally accepted accounting principles; and The engagement must be performed according to SSARS and another set of compilation and. Read More.
Topics: AICPA, AICPA Accounting and Review Services Committee, AR-C Section 100, AR-C Section 60, AR-C Section 90, international reporting, International Standard on Review Engagements, Statements on Standards for Accounting and Review Services "SSARS"
Implementation Guide Issued for Recent GASB Statements
The Governmental Accounting Standards Board (“GASB”) has released Implementation Guide No. 2018-1, Implementation Guidance Update–2018 , to help state and local governments apply the latest GASB Statements on pensions, other postemployment benefits, the statistical section, regulatory reporting, and tax abatement disclosures. Effective for reporting periods starting after June 15, 2018, Implementation Guide 2018-1 also features amendments to previously issued implementation guidance regarding important topics. Implementation Guide 2018-1 is available on the GASB website.
Financial Accounting Foundation Releases Annual Report
Available on the Financial Accounting Foundation’s (“FAF”) website is a copy of its 2017 FAF Annual Report, “Standards That Work.” The annual report covers what the Financial Accounting Standards Board and the Governmental Accounting Standards Board do to support their standards so that the boards offer important information to investors and other financial statement users. Visit the FAF website to read the 2017 FAF Annual Report.