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AICPA Releases Additional Technical Q&As for Guidance on ASU No. 2013-07

To be used as implementation guidance for accounting, auditing and applicable industry matters, the American Institute of Certified Public Accountants (“AICPA”) has released new technical staff practice aids under (a) TIS Section 6931, Financial Statement Reporting and Disclosure—Employee Benefit Plans and (b) TIS Section 8900, Predecessor Auditors. Published in a questions and answers format, TIS Sections 6931.18 through 6931.30 help practitioners understand the accounting impact of Financial Accounting Standards Board’s Accounting Standards Update No. 2013-07, Presentation of Financial Statements—Liquidation Basis of Accounting, on single-employer pension plans. Some of the sections cover topics like Definition of “Imminent” Under Liquidation Basis of Accounting for Single-Employer Defined Benefit and. Read More.

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Accounting Profession Faces Challenging Future

Speaking at the American Institute of Certified Public Accountants’ (“AICPA”) spring Council meeting last week, AICPA Senior Vice President of Strategy, People & Innovation’s Lawson Carmichael stated that the accounting field, CPAs and businesses they serve will have to adapt to various challenges in the coming years. As part of his remarks, Carmichael shared how the profession will be impacted, and asked Council members to offer insight on the risks and opportunities that could be presented. Trends identified that could affect accounting services include firms focusing more on growth and talent management than cost-cutting, recruiting and retaining talent, globalization, emerging. Read More.

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