CPAs and Advisors with Your Growth in Mind

AICPA Committee to Review Proposed Statement on Standards

Starting next Tuesday, the American Institute of Certified Public Accountants’ Accounting and Review Services Committee (“the Committee”) will hold a three-day meeting to discuss the proposed Statement on Standards for Accounting and Review Services (SSARS): Clarification and Recodification. Meeting in Providence, Rhode Island, the Committee will vote to release the SSARS as a final standard and discuss certain components such as Preparation of Financial Statements, Compilation Engagements and Review of Financial Statements. In addition, the Committee will discuss the proposed SSARS, Compilation of Prospective Financial Information and Pro Forma Financial Information. For the meeting’s full agenda , visit the AICPA website. Also. Read More.

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Auditing Standards Board Issues Standards for Public Comment

During its three-day meeting in Montreal, Quebec, Canada, last month, the American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board (“ASB”) moved forward on issuing proposed clarified attestation standards Chapter 8, “Reporting on Controls at a Service Organization,” and Statement on Auditing Standards (SAS), An Audit of Internal Control Over Financial Reporting That is Integrated With an Audit of Financial Statements, for public comment. If both become final, then Chapter 8 would replace the current AT Section 801, “Reporting on Controls at a Service Organization”, and the proposed SAS would supersede AT Section 501, “An Examination of an Entity’s. Read More.

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Updated Conceptual Framework Proposal Comment Letter Approved

During its July 15th teleconference, the American Institute of Certified Public Accountants’ Financial Reporting Executive Committee (“FinREC”) approved an updated draft comment letter related to the Financial Accounting Standards Board’s (“FASB”) Proposed Statement of Financial Accounting Concepts (CON) No. 2014-200, Conceptual Framework for Financial Reporting-Chapter 8: Notes to Financial Statements. Despite not providing official guidance to users of financial statements, the proposal offers guidelines for writing U.S. GAAP disclosure requirements. Signed by FinREC’s Richard Paul and Rick Day, the seven-page letter orders FASB to review current disclosure requirements, and remove repetitive disclosures and insufficient information. Per the letter, the simplification of disclosures will. Read More.

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AICPA’s Auditing Standards Board Issues Comfort Letters Guidance

Impacting comfort letters issued on or after December 15th, the American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board (“the Board”) has released Statement on Auditing Standards (SAS) No. 129, Amendment to Statement on Auditing Standards No. 122 Section 920, “Letters for Underwriters and Certain Other Requesting Parties,” as amended (AICPA, Professional Standards, AU-C sec. 920). The guidance applies to auditors when they issue requested comfort letters associated with a non-issuer’s financial statements contained within registration statements. When the AUs were clarified, AU-C section 920 was not intended to alter practices connected to comfort letters. However, particular unintended issues managed. Read More.

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PCAOB’s Related Parties Proposal Open for Comments

In response to the Public Company Accounting Oversight Board’s (“PCAOB”) adoption of Auditing Standard No. 18, Related Parties, the U.S. Securities and Exchange Commission (“SEC”) has released Public Company Accounting Oversight Board; Notice of Filing of Proposed Rules Relating to Auditing Standard No. 18, Related Parties, Amendments to Certain PCAOB Auditing Standards Regarding Significant Unusual Transactions, and Other Amendments to PCAOB Auditing Standards (AS 18), for public comment. Replacing the interim standard AU sec. 334, Related Parties, AS 18 requires certain audit procedures during the auditor’s evaluation process, such as identifying transactions and relationships between an organization and its related. Read More.

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Join Us for a Fair Value Exposure Draft Podcast and Share your Feedback

At Cherry Bekaert we work hard to serve as thought leaders, keeping you informed of discussions, standards and changes that impact you and your operations.  As such we are pleased to present a podcast focusing on the Fair Value Measurement and Application exposure draft. As you may be aware, the Governmental Accounting Standards Board (“GASB”) has issued an exposure draft addressing fair value measurement accounting and financial reporting matters. Entitled Fair Value Measurement and Application, the exposure draft explains how to define the fair value, assets and liabilities to be measured, and what information regarding fair value should be disclosed in. Read More.

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