Accounting standards

The American Institute of CPAs is getting ready to roll out its long-awaited update of compilation and review standards for CPAs, Statement on Standards for Accounting and Review Services No. 21 (SSARS No. 21), one of the most significant revisions in non-audit standards in the last 35 years.

The Public Company Accounting Oversight Board announced that it is accepting applications for research fellowships for next year.

In the first article in this series, we explained the concepts behind the American Institute of CPAs’ release of its guidelines called Financial Reporting Framework for Small and Medium-Sized Entities (or FRF for SMEs).

An alternate financial reporting tool is available for small- and medium-sized entities.

The American Institute of CPAs’ Employee Benefit Plans Expert Panel has developed some new practice aids to provide nonauthoritative guidance about the effects of recent accounting standards relating to the liquidation basis of accounting on employee benefit plans.

A roundup of recent audit and assurance news.

Financial instrument accounting is on the verge of major changes.

There are a number of challenges when it comes to the valuation of deferred revenue, including the impact of the new accounting rules on revenue recognition.

The Sustainability Accounting Standards Board has released a set of provisional standards for companies in the transportation sector.

The Public Company Accounting Oversight Board has released a Staff Audit Practice Alert to remind auditors to continue to follow the existing PCAOB standards when they are considering a company's ability to continue as a going concern.

The International Public Sector Accounting Standards Board has approved its Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities.

The Private Company Council, the standard-setter for privately held companies, voted Tuesday to finalize an alternative that would exempt private companies from separately recognizing and measuring non-competition agreements and customer-related intangible assets that are not capable of being sold or licensed independently in a business combination.

I’m a CPA, and I’m here to tell you financial reporting became simpler and easier to use in two significant areas.

A trade group representing credit unions is expressing concerns over upcoming standards from the Financial Accounting Standards Board on credit losses.

A roundup of audit and accounting news from the previous month

The Financial Accounting Standards Board has issued a new accounting standards update to provide guidance on disclosing uncertainties about a business’s ability to continue as a going concern, while further distancing U.S. GAAP from International Financial Reporting Standards.

A post-implementation review of an accounting standard for state and local governments on the impairment of capital assets and insurance recoveries found that it provides important information to users, but does not resolve all the issues it was meant to address.

The Securities and Exchange Commission is bringing charges against a telecommunications equipment maker and two of its former executives for improperly recognizing as revenue over a million dollars’ worth of inventory.

Paychex identified five issues it deemed of greatest importance to the country’s small business owners this election year.

The Public Company Accounting Oversight Board has released for public comment a staff consultant paper on standard-setting related to auditing accounting estimates and fair value measurements.