Some publications have hinted that blockchain technology might eliminate the need for a financial statement audit by a CPA auditor altogether. If all transactions are captured in an immutable blockchain, then what is left for a CPA auditor to audit?
In this issue we review the role of audit and management in the financial reporting chain.
FASB proposes an accounting standard update for Business Combinations.
The FASB recently issued ASU 2018-20, Leases (Topic 842): Narrow Scope Improvements for Lessors, which simplifies how lessors implement the new leasing guidance in ASC 842, Leases.
The AICPA has released an early working draft in relation with Inventory Valuation Guidance to outline the considerations for estimating the fair value of inventory acquired in a business combination.
This issue discusses the FASB proposed improvements to account for certain entertainment production costs.
The Puerto Rico Treasury Department has issued Informative Bulletin 18-18 with the electronic filing requirements for Forms 499R-2/W-2PR and Informative Returns for 2018.
The Board discussed feedback received on the proposed practical expedient related to the separation and allocation requirements of lease and nonlease components for lessors included in the proposed ASU, Leases (Topic 842): Targeted Improvements, along with other implementation issues arising from ASU 2016-02, Leases.
The FASB issued a proposed ASU, Leases (Topic 842): Narrow-Scope Improvements for Lessors, to address certain issues raised by lessors when implementing the new leases guidance in ASU 2016-02, Leases (Topic 842). The amendments in the proposed ASU would:
In this issue we will review the FASB propose amendments to the definition of collections to Not-For-Profit Entities.
When held by leadership, there’s no chance that risk management will be taken seriously. Significant fraud avoidance and mitigation are built on top-level awareness and commitment, and effective assessment to direct risk management activities.
On June 21, the U.S. Supreme Court handed down its decision in the South Dakota v. Wayfair, Inc. case (the Wayfair decision) related to sales and use tax nexus standards. In this ruling, the Supreme Court overruled its previous decisions in other landmark cases, commonly referred to as National Bellas Hess and Quill, which had established a physical presence nexus standard for sales and use tax purposes. Under these prior decisions, entities were generally not required to collect and remit sales and use tax in states where they had no physical presence but sold products “remotely” to customers.
The SEC has issued a Proposed Rule, Auditor Independence with Respect to Certain Loans or Debtor-Creditor Relationships, which is designed to amend certain provisions of the auditor independence requirements under Regulation S-X, Rule 2-01.
On March 7, the FASB met to discuss stakeholders’ comments on two proposed ASUs featuring targeted improvements to the new leasing guidance and amendments to the disclosure requirements for fair value measurement. These discussions are summarized below.
New guidance has been issued addressing the new topics stressing the importance of companies policies and procedures around the timely disclosure of cybersecurity risk and incidents, as well as the applications of insider trading prohibitions within the cybersecurity context.
