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Audit article Estimating the fair value of inventory
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.
Audit Article Proposed: changes to the accounting production costs
This issue discusses the FASB proposed improvements to account for certain entertainment production costs.
Audit Article FASB Board amends credit losses guidance
The Board issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, which amends two areas of the guidance in ASC 326.
Audit Article ASU allows private companies to elect out of VIE guidance
This issue discusses the ASU issued 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This ASU allows private companies to elect out of VIE guidance.
Audit Article Targeted improvements to new leasing guidance ASC 842
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.
Audit Article Preparing for the new lessor accounting standards
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:
Audit Article Board proposes amendments to definition of collections
In this issue we will review the FASB propose amendments to the definition of collections to Not-For-Profit Entities.
Audit Article Accounting and financial reporting in Wayfair decision
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.
Audit SEC proposes amendments to Regulation S-X, Rule 2-01
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.
Audit Alert Highlights from FASB's March 7 meeting
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.
Audit Alert New interpretive guidance on cybersecurity disclosures
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.
Audit Alert Pension plan accounting: updated mortality information
To measure a defined benefits plan’s cost and obligations under U. S. GAAP, a sponsor must use assumptions that reflect its best estimate of the plan’s future experience.
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