Users Mixed on Need for GASB Statement No. 42
Collecting information from Governmental Accounting Standards Board (“GASB”) stakeholders, and financial statement users and academics, an independent Financial Accounting Foundation (“FAF”) team recently performed a Post-Implementation Review (PIR) of GASB Statement No. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries. Through its review, the team concluded that GASB No. 42 completely fixed some but not all issues essential to its need. Specifically, users have differing opinions on whether the standard establishes recognition criteria for impairments and requirements that properly assess the effects of impairments, both of which deemed necessary for capital asset impairments. Also,. Read More.
FASB Releases 2014 & 2015 UGT Implementation Guides
The Financial Accounting Standards Board (“FASB”) has issued the Final 2014 UGT Implementation Guide, U.S. GAAP Financial Reporting Taxonomy (UGT) Implementation Guide, Insurance Industry: Concentration of Credit Risk Disclosures . Following the 2014 U.S. GAAP Financial Reporting Taxonomy, the guide offers examples to assist UGT users understand the reinsurance-related concentrations of credit risk disclosures. In addition, FASB has issued a Proposed 2015 UGT Implementation Guide, U.S. GAAP Financial Reporting Taxonomy (UGT) Implementation Guide, Disposal Groups and Discontinued Operations . The proposed guide features examples of how users should model disclosures disposal groups and discontinued operations, and follows the 2015 U.S. GAAP Financial Reporting Taxonomy draft. Comments on the proposal are being accepted in writing and electronically until October 6th. Not viewed as authoritative, the guides are considered as documents that explain how the UGT. Read More.
GASB Opens Registration for OPEB Webinars
In the coming weeks, the Governmental Accounting Standards Board (“GASB”) will host two webinars focused on its exposure drafts, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, and Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. Aimed for preparers and auditors, Other Postemployment Benefits (OPEB): A CPE Webinar for State and Local Government Financial Statement Preparers & Auditors, is scheduled for Wednesday, July 30th at 1:00 p.m. EST. GASB representatives Dean Mead, Scott Reeser and Michelle Czerkawski, the guest speakers will provide state and local government perspectives on the organization’s recent exposure drafts on OPEB. Targeting. Read More.
AICPA’s Auditing Standards Board to Meet in Montreal Next Week
Starting Tuesday, the American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board (“ASB”) will hold a three-day meeting in Montreal, Quebec. Planned to discuss additional clarified standards, the ASB’s meeting agenda will feature: – A review of An Audit of Internal Control Over Financial Reporting That is Integrated With an Audit of Financial Statements, a proposal that would replace AT section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements, and Interpretation No. 1 of AT section 501, “Reporting Under Section 112 of the Federal Deposit Insurance Corporation Improvement. Read More.
Topics: American Institute of Certified Public Accountants "AICPA", Audit, Auditing Standards Board "ASB", Clarified Attestation Standard, Clarified Standards, Federal Deposit Insurance Corporation Improvement Act, financial reporting
Standing Advisory Group’s Task Force Shelved
At a Standing Advisory Group (“SAG”) meeting last month, Public Company Accounting Oversight Board (“PCAOB”) Chairman James Doty announced that the Board will no longer pursue creating a task force for identifying accounting fraud. Responding to a question concerning such efforts, Doty remarked that the PCAOB will tackle fraud through a series of outreach efforts. In this approach, Doty believes the issues can be addressed through private discussions in group settings. Originating in November 2012, the task force idea gained traction after SAG members believed it would help improve auditing practices and provide recommendations to the PCAOB. The PCAOB’s staff. Read More.
Topics: Audit, Center for Economic Analysis, financial reporting, fraud, James Doty, Marty Baumann, Office of Research and Analysis, Public Company Accounting Oversight Board "PCAOB", Standing Advisory Group "SAG", Task Force
GASB Announces Fair Value Measurement and Application Webinars
Open for registration, the Governmental Accounting Standards Board (“GASB”) has announced the dates and times for two, one-hour educational webinars covering its exposure draft, Fair Value Measurement and Application . The first webinar, Fair Value Measurement and Application: A CPE Webinar for State and Local Government Financial Statement Preparers and Auditors, will occur on July 15th. On July 17th, the GASB will host its second webinar, Fair Value Measurement and Application: A Webinar for State and Local Government Financial Statement Users. Both webinars have a scheduled start time of 1:00 p.m. EST. Targeting areas related to their audiences, the webinars will cover topics like the proposed definition of fair. Read More.