AICPA’s SLGEP & Audit and Attest Standards Team Release New Auditing Interpretations
After hosting multiple discussions concerning the issues facing accounting and auditing implementation for government pension plans and participants, and their auditors due to the Governmental Accounting Standards Board’s (“GASB”) recent pension accounting standards, the American Institute of Certified Public Accountants (“AICPA”) State and Local Governments Expert Panel (“SLGEP”) and AICPA Audit and Attest Standards Team have come together to issue three auditing interpretations for guidance. The three audit interpretations are as follows: Interpretation No. 2, “Auditor of Participating Employer in a Governmental Cost-Sharing Multiple-Employer Pension Plan,” of AU-C section 500, Audit Evidence: This interpretation clarifies the audited financial statements of. Read More.
GASB Proposes Exposure Draft on Fair Value
To address fair value measurement accounting and financial reporting matters, the Governmental Accounting Standards Board (“GASB”) has issued an exposure draft for public comment. Entitled Fair Value Measurement and Application, the exposure draft explains how fair value is to be defined, assets and liabilities to be determined, and what information regarding fair value should be mentioned in financial statements. The GASB’s goal is to define fair value as the price that would be accepted to sell an asset or paid to shift a liability in a transaction between market participants at the date of measurement. Comments regarding Fair Value Measurement. Read More.
FAF’s Annual Report Shares Upcoming Plans
Released late last week, the Financial Accounting Foundation’s (“FAF”; “the Foundation”) 2013 Annual Report details future plans for the Foundation, the Financial Accounting Standards Board (“FASB”) and Governmental Accounting Standards Board (“GASB”). Named “The Road Ahead”, the report features a thorough overview of last year’s achievements by the FAF, FASB and GASB, and talks about their plans ahead. The Foundation’s plans for the FASB and GASB consist of: Guiding the FASB forward after its current projects with the International Accounting Standards Board (“IASB”) are done; Encouraging a global standard-setting environment where the FASB continues its efforts with the IASB and. Read More.
Next FAF Quarterly Meeting Set for May 21st
Providing updates to the Foundation’s trustees, the Financial Accounting Foundation (“FAF”; “the Foundation”) will hold its quarterly meeting on May 21st. Taking place in Washington D.C., the meeting will discuss recent accounting standard-setting happenings by the Financial Accounting Standards Board (“FASB”) and Governmental Accounting Standards Board (“GASB”). FAF Chairman Jeffrey Diermeier, and President and CEO Teresa Polley, FASB Chairman Russell Golden and GASB Chairman David Vaudt are scheduled to share their reports, as well as the FAF’s Standard-Setting Process Oversight Committee Chairman and treasurer. Along with the updates, the Foundation plans to review concerns over its estimated $3 million donation. Read More.