New AICPA Technical Questions and Answers Issued
The American Institute of Certified Public Accountants (“AICPA”) recently issued a new Technical Question and Answer (“TQA”) and amendments for TQA Section 2220, Long-Term Investments. The new TQA, Section 2220.28, Definition of Readily Determinable Fair Value and Its Interaction With the NAV Practical Expedient, features amendments to TQA section 2220.18, “Applicability of Practical Expedient.” It eliminates TQA section 2220.24, “Disclosures—Ability to Redeem Versus Actual Redemption Request” and TQA section 2220.25, “Impact of ‘Near Term’ on Categorization Within Fair Value Hierarchy.” Section 2220.28 also offers guidance in understanding and applying the Financial Accounting Standards Board (“FASB”) FASB Master Glossary definition “readily. Read More.
AICPA Board Proposes Three Auditing Standards
The American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board recently issued the following exposure drafts of Proposed Statements on Auditing Standards (“SASs”): Proposed Statements on Auditing Standards, Auditor Reporting and Proposed Amendments―Addressing Disclosures in the Audit of Financial Statements: The Exposure Draft proposes amendments converge the AICPA auditor reporting standards with standards of the International Standard on Auditing by the International Auditing and Assurance Standards Board (“IAASB”). The proposed changes address: Forming an Opinion and Reporting on Financial Statements; Communicating Key Audit Matters in the Independent Auditor’s Report; Modifications to the Opinion in the Independent Auditor’s Report; and. Read More.
Topics: AICPA, AICPA Auditing Standards Board, American Institute of Certified Public Accountants "AICPA", Auditor Reporting, International Auditing and Assurance Standards Board "IAASB", Proposed Statements on Auditing Standards
AICPA Issues Enhancing Audit Quality Report
Highlighting this year’s significant achievements to improve audit quality, the American Institute of Certified Public Accountants (“AICPA”) recently issued Enhancing Audit Quality: 2017 Highlights and Progress (“Report”). The Report lists major accomplishments in areas such as peer review, single audits, and quality control. Separately, the Report addresses evolving talent needs and includes sections concerning the Uniform CPA Examination and Valuation credentials. Download Enhancing Audit Quality: 2017 Highlights and Progress at AICPA.org.
AICPA Revenue Recognition Task Force Issues Exposure Drafts
In response to Financial Accounting Standards Board Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, the American Institute of Certified Public Accountants (“AICPA”) Revenue Recognition Task Force has issued the following revenue recognition exposure drafts for comment: Brokers and Dealers Issue 3-4: Underwriting Revenues Telecommunications Issue 15-8 – Determining the Transaction Price Comments on the exposure drafts are due January 2, 2018. The AICPA is seeking comment on the issues. The comment period ends January 2, 2018.
Topics: Accounting Standards Update "ASU", AICPA, AICPA Revenue Recognition Task Forces, American Institute of Certified Public Accountants "AICPA", Brokers & Dealers, FASB, Financial Accounting Standards Board "FASB", Revenue Recognition, Telecommunications
New AICPA Technical Questions and Answers Issued on Public Businesses
The American Institute of Certified Public Accountants (“AICPA”) has issued new Technical Questions and Answers (“TQAs”) offering guidance for related terminology and other matters concerning public business entities. Section 7100, Definition of a Public Business Entity, features 16 new questions and answers to help a company determine its status as a public business. Included in the TQAs is detailed guidance addressing depository institutions, broker-dealers, insurance companies and nonprofits. A press release on Section 7100 is available on the AICPA website.
Topics: AICPA, American Institute of Certified Public Accountants "AICPA", Broker-Dealers, Depository Institutions, Insurance Companies, Nonprofit, Public Business Entities, Technical Questions & Answers
AICPA Committee Issues 20 Working Drafts for Implementing Revenue Standard
Twenty working drafts have been created to help companies implement Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers. Issued by the American Institute of Certified Public Accountants’ Financial Reporting Executive Committee, the draft implementation guides cover eight industries with respect to airlines, healthcare businesses, energy companies, and telecommunications. The working drafts are as follows: Working Draft: Airlines Revenue Recognition Implementation Issue #2-5A: Timing and Classification of Commissions in Interline Transactions Working Draft: Airlines Revenue Recognition Implementation Issue #2-6G: Changes in the Volume of Mileage Credits Under a Cobranded Credit Card Arrangement Working Draft: Asset Management Revenue Recognition Implementation. Read More.
Topics: AICPA, AICPA Audit and Accounting Guide, AICPA Draft Implementation Guide, AICPA Financial Reporting Executive Committee, Airlines, Energy, healthcare, Revenue from Contracts with Customers (Topic 606), Revenue Recognition, Telecommunications, Working Drafts