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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.

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AICPA Publishes New Technical Questions and Answers

The following Technical Questions and Answers guidance was issued by the American Institute of Certified Public Accountants (“AICPA”) under Section 9160, Other Reporting Issues: Section 9160.31, Following Accounting Standards as Promulgated by FASB by a State or Local Governmental Entity. Section 9160.31 covers how an auditor should decide whether a government entity is following the applicable accounting standards. Section 9160.32, Reporting on Accounting Standards as Promulgated by FASB by a State or Local Government. Section 9160.32 offers guidance on how an auditor should report on a government entity’s financial statements, when the entity prepares its financial statements under the Financial. Read More.

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New Technical Auditing Questions and Answers Issued for Investment Companies

The following Technical Questions and Answers guidance has been added under Section 6910, Investment Companies, by the American Institute of Certified Public Accountants: Section 6910.36, Determining Whether Loan Origination Is a Substantive Activity When Assessing Whether an Entity Is an Investment Company Section 6910.37, Considering the Length of Time It Will Take an Investment Company to Liquidate Its Assets and Satisfy Its Liabilities When Determining If Liquidation Is Imminent Section 6910.38, Determining If Liquidation Is Imminent When the Only Investor in an Investment Company Redeems Its Interest, and the Investment Company Anticipates Selling All of Its Investments and Settling All. Read More.

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