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ACCOUNTING AND SEC HEADLINES:
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Financial Instruments -- 2018 Edition of Financial Instruments Published
We have published the 2018 edition of
Financial Instruments. This publication is a comprehensive reference manual of generally accepted accounting principles in the United States for financial instruments, including loans, securities, securitizations, and derivatives. This edition covers various new accounting standards in the area of financial instruments, including:
- FASB Accounting Standards Update (ASU) No. 2016-13, Financial Instruments— Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments;
- ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments;
- ASU No. 2016-17, Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control; and
- ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash.
See our Literature Update for complete details.
Government Assistance -- FASB Discusses Disclosures By Business Entities About Government Assistance
As reported in its "Summary of Board Decisions" publication, the FASB met on April 5, 2018, and discussed the proposed amendments and prior decisions made during redeliberations on the proposed ASU,
Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The FASB directed the staff to perform additional research on the project’s scope and potential disclosures.
FASB Codification -- Proposed Improvements Discussed
As reported in its "Summary of Board Decisions" publication, the FASB met on April 11, 2018, and redeliberated amendments in the proposed ASU,
Codification Improvements. The FASB affirmed its decision to supersede guidance related to Circular 202 and affirmed that the amendments will be effective upon issuance of a final Accounting Standards Update.
Financial Instruments -- FASB Technical Corrections Discussed
We have published a new edition of the GAAP Update Service. This new edition discusses ASU No. 2018- 03,
Technical Corrections and Improvements to Financial Instruments – Overall (Subtopic 825-10) – Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU amends 2016 guidance by making narrowly focused changes to address six issues raised by companies as they began to analyze the new recognition and measurement guidance.
Public Accounting Report -- Leadership Change at Armanino Discussed
We have published a new edition of the Public Accounting Report (PAR),
Amid Leadership Change from Brother to Brother, Growth Remains the Name of the Game at Armanino - April 2018. This edition discusses the leadership change at the professional services firm Armanino LLP.
PAR is the leading provider of competitive intelligence for public accounting firms and the profession. It is renowned for its straight reporting and analysis of the news, developments, and trends that have defined the profession for more than 20 years. Public Accounting Report is written for public accounting firm partners and professionals, opinion leaders, and industry observers.
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AUDITING AND INTERNAL CONTROLS HEADLINES:
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Risk Assessment Engagements – New Interpretation Published
We have published a new interpretation for conducting risk assessment engagements in accordance with professional standards. This new interpretation includes guidance as well as practice aids and tools for each stage of a risk assessment engagement from engagement acceptance through reporting.
Due Diligence Engagements – New Interpretation Published
We have published a new interpretation for conducting due diligence engagements in accordance with professional standards. Whether the client is the buyer or the seller, this new interpretation includes guidance as well as practice aids and tools for each stage of a due diligence engagement from engagement acceptance through reporting.
ElderCare Services Engagements – New Interpretation Published
We have published a new interpretation for conducting ElderCare Services engagements in accordance with professional standards. This new interpretation includes guidance as well as practice aids and tools for each stage of an ElderCare Services engagement from engagement acceptance through reporting.
Service Organization -- Practical Issues Relating to AT-C Section 320 Discussed
We have published a new edition of the GAAS Update Service. The September 15, 2017, September 30, 2017, and October 15, 2017 GAAS Updates discussed in detail the requirements and guidance in AT-C Section 320. This GAAS Update focuses on practical issues relating to AT-C Section 320 by using a “Question & Answer” format designed to provide practical discussion, advice, and specific implementation guidance when a service auditor is reporting on an examination of controls at a service organization relevant to user entities’ internal control over financial reporting.
Public Accounting Report -- Leadership Change at Armanino Discussed
As discussed above, we have published a new edition of the Public Accounting Report (PAR),
Amid Leadership Change from Brother to Brother, Growth Remains the Name of the Game at Armanino - April 2018.This edition discusses the leadership change at the professional services firm Armanino LLP.
PAR is the leading provider of competitive intelligence for public accounting firms and the profession. It is renowned for its straight reporting and analysis of the news, developments, and trends that have defined the profession for more than 20 years. Public Accounting Report is written for public accounting firm partners and professionals, opinion leaders, and industry observers.
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GOVERNMENT HEADLINES:
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Governmental GAAP Disclosures Manual– New Guide Published
Wolters Kluwer's 2018
Governmental GAAP Disclosures Manual is a completely new volume that assists practitioners in the preparation of state and local governmental GAAP financial statement disclosures. The Manual is organized in the same order as the Governmental Accounting Standards Board’s (GASB’s) Codification of Governmental Accounting and Financial Reporting Standards (the GASB Codification Section (GASB Cod Sec) 2300, and other related sections that are germane to particular topics. The Manual contains over 100 examples of practical sample note disclosures to assist in the preparation of financial statements for various general governments, a small college, a state lottery that is a component unit, or a fiduciary activity engagement (statewide public employee retirement system). The Manual facilitates compliance with governmental U.S. generally accepted accounting principles (U.S. GAAP) by integrating the specific disclosure requirements with the sample notes; and incorporates all currently effective accounting standards, including those that cover areas of unusual difficulty.
Pensions and OPEB -- GASB 75 and 85 Discussed
We have published a new edition of the Governmental GAAP Update Service. This edition is the second of two parts on GASB-75 and GASB-85 implementation issues and what employer governments need to understand about OPEB to successfully implement the standards.
Public Accounting Report -- Leadership Change at Armanino Discussed
As discussed above, we have published a new edition of the Public Accounting Report (PAR),
Amid Leadership Change from Brother to Brother, Growth Remains the Name of the Game at Armanino - April 2018.This edition discusses the leadership change at the professional services firm Armanino LLP.
PAR is the leading provider of competitive intelligence for public accounting firms and the profession. It is renowned for its straight reporting and analysis of the news, developments, and trends that have defined the profession for more than 20 years. Public Accounting Report is written for public accounting firm partners and professionals, opinion leaders, and industry observers.
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