GASB Proposes Guidance for Fiduciary Activities, Certain Asset Retirement Obligations & Pension Issues
The Governmental Accounting Standards Board (“GASB”) recently issued the following three Exposure Drafts: Fiduciary Activities. This Exposure Draft would provide state and local governments guidance on what is considered fiduciary activities, the identification of liabilities to beneficiaries, and how to report fiduciary activities. The proposal would also improve consistency and comparability of fiduciary activity reporting, as well as the usefulness of fiduciary activity information in regard to assessing the responsibility of governments in their fiduciary roles. Comments on Fiduciary Activities are due Thursday, March 31st. Certain Asset Retirement Obligations. This Exposure Draft would provide guidance on how to determine the. Read More.
Topics: Actuarial Standards of Practice, Certain Asset Retirement Obligations, Exposure Drafts, fiduciary activity reporting, financial reporting, GASB Statement, Governmental Accounting Standards Board "GASB", Pension Plans, state and local governments
GASB Plans for Three-Day Meeting This Week
Beginning tomorrow, the Governmental Accounting Standards Board (“GASB”) will hold a three-day meeting in Norwalk, Connecticut. Scheduled to start each day at 8:30 a.m., the meetings are expected to cover the preballot drafts of the Preliminary Views Leases and Fiduciary Responsibility for Financial Reporting, and Exposure Draft of the proposed Tax Abatement Disclosures, as well as fair value measurement and application, and matters related to pension plans not managed through trusts that meet certain criteria. With the exception of Wednesday’s late afternoon session, the meetings are open for public viewing. Attendees will be able to follow the meetings via live. Read More.
IPSASB’s Conceptual Framework to Assist Public Sector
Scheduled to be completed by the end of October, the International Public Sector Accounting Standards Board (“IPSASB”) recently approved the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (Conceptual Framework). Seen as the IPSAB’s top strategic priority, the Conceptual Framework includes guidance related to financial statements and reporting needs of the public sector. The Framework also recognizes key traits of the public sector, such as the main purpose of most governments and related entities is to provide services to its citizens, as well as offer beneficial information for service recipients and resource providers. Further, the Conceptual Framework brings together four. Read More.
PCAOB Releases Agenda Ahead of Next Month’s SAG Meeting
Announced ahead of its October 2nd event, the Public Company Accounting Oversight Board (“PCAOB”) has released the agenda for its Standing Advisory Group (“SAG”) meeting in Washington, D.C. Open to the public, the SAG meeting agenda includes panel discussions on possible changes to the standards regarding auditing estimates and fair value measurements. Featuring a panel of investors, auditors and valuation experts, the discussion is intended for reviewing challenges faced by auditors, hearing perspectives from the audit committee and investors, and insight from academic research. The meeting’s agenda also includes PCAOB and global inspection matters, developments in valuation and financial reporting frameworks. Read More.
Exposure Draft for Proposed SSAE on Internal Controls Issued
An exposure draft on proposed Statement on Standards for Attestation Agreements (SSAE), Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting: Clarification and Recodification has been issued by the American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board (“the Board”). Issued as part of the Board’s clarity drafting project, the proposed SSAE will replace AT section 801, Reporting on Controls at a Service Organization, and relate to a service auditor’s examination engagements when reporting on controls at organizations that offer services to user entities when such controls could apply. Read More.
Topics: American Institute of Certified Public Accountants "AICPA", Audit, Auditing Standards Board "ASB", Clarification, Controls, Exposure Draft, financial reporting, Recodification, Statement on Standards for Attestation Agreements "SSAE"
AICPA’s Auditing Standards Board Releases Proposed Statement on Auditing Standards
Featuring conforming amendments related to sections in Statement on Auditing Standards (SAS) No. 122, Statements on Auditing Standards: Clarification and Recodification, the American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board has issued an exposure draft for proposed SAS: An Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements. The Auditing Standards Board decided to remove existing AT section 501 information from the attestation standards and incorporate within generally accepted auditing standards (GAAS) because the attestation requirements required the examination be performed with an audit of the financial statement. Along with the. Read More.
Topics: American Institute of Certified Public Accountants "AICPA", Attestation, Audit, Clarification, financial reporting, Financial Statements, Generally Accepted Auditing Standards "GAAS", Recodification, Statement on Auditing Standards "SAS"