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Audit Article 2022 Office of Management and Budget Compliance Supplement released
The Office of Management and Budget (OMB) issued the 2022 Compliance Supplement – 2 CFR Part 200, Appendix XI (2022 Supplement) for single audit engagements. Unlike the prior two years, the 2022 Supplement is not expected to include addenda; if new programs are established, they will be included in the 2023 Compliance Supplement.
Audit Alert ERISA Section 103 (a) (3) (C) Audits of Employee Benefit Plans
The Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA) issued Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, (SAS No. 136, as amended) for auditors who perform audits of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA).
Audit Article FASB eliminates TDR accounting for lenders while enhancing disclosures
In response to feedback received as part of its post-implementation review of ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (referred to as the current expected credit loss (CECL) standard), the FASB recently issued ASU 2022-02, which eliminates the accounting guidance for troubled debt restructurings (TDRs) by creditors in ASC 310-40, Receivables – Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for restructurings involving borrowers that are experiencing financial difficulty.
Audit Article AICPA standard on employee benefit plans now effective
In July 2019, the AICPA’s Auditing Standards Board published Statement on Auditing Standards 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, which was originally effective for audits of financial statements issued by employee benefit plans subject to ERISA of 1974 for periods ending on or after Dec. 15, 2020.
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If you are looking for alternatives to expand your current operations or investment opportunities, now is the time to bring Puerto Rico at the front and center. The beneﬁts of establishing, relocating or expanding businesses in Puerto Rico are, without a doubt, attractive and rarely surpassed by any other jurisdiction
Audit Article Navigating ASC 606 and 340-40
In May 2014, the FASB and the IASB published their largely converged standards on revenue recognition—ASU 2014-09 and IFRS 15, both titled Revenue from Contracts with Customers—which supersede and replace virtually all existing U.S. GAAP and IFRS revenue recognition guidance, affecting almost every revenue-generating entity.
Audit Article ASU 2021-09 amends discount rate guidance for non-public lessees
The FASB recently issued ASU 2021-09, Leases (Topic 842): Discount Rate for Lessees That Are Not Public Business Entities, which allows lessees that are not public business entities to apply the existing risk-free discount rate expedient by class of underlying asset rather than to all leases.
Audit Article ASU 2021-10 requires entities to disclose government assistance
The FASB recently issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which aims to provide increased transparency by requiring business entities to disclose information about certain types of government assistance they receive in the notes to the financial statements. ASU 2021-10 also adds a new Topic—ASC 832, Government Assistance—to the FASB’s Codification.
Audit Article ASU 2021-07 offers private company practical expedient
The amendments in ASU 2021-07 offer nonpublic entities a practical expedient to use when determining the “current price input” of an equity-classified sharebased payment award issued to employees and nonemployees. The current price input is used when calculating the award’s fair value.
Audit Article CorpFin releases sample comments on climate change
This publication summarizes the SEC’s Division of Corporate Finance comment letter disclosures required to some companies related to climate-related or the absence of such disclosures.
Audit Article ASU 2021-05: Lessors’ accounting for certain leases with variable payments
The Financial Accounting Standards Board recently issued ASU 2021-05 to amend ASC 842 so that lessors are no longer required to recognize a selling loss upon commencement of a lease with variable lease payments that, prior to the amendments, would have been classified as a sales-type or direct financing lease.
Audit Article Short-term lease accounting
On June 3, 2020, the FASB issued Accounting Standards Update 2020-05, Effective Dates for Certain Entities, to defer for certain entities the effective dates for the revenue and leasing standards.
Audit Article Accounting alternative for evaluating triggering events
This article reviews the amendments in ASU 2021-03, Accounting alternative for evaluating triggering events that allow private and not for profit entities to elect not to monitor for goodwill impairment triggering events during the reporting period and instead to perform their evaluation only as of the end of the reporting period.