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ACCOUNTING AND SEC HEADLINES:
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Checklist – New Edition of Summary Checklist of Recent Authoritative U.S. Accounting Standards Updated for ASU 2021-01
We have published a new edition of the
Summary Checklist of Recent Authoritative U.S. Accounting Standards. This new edition reflects the issuance of Accounting Standards Update (ASU) No. 2021-01,
Reference Rate Reform (Topic 848): Scope.
Going Concern – IFRS Foundation Publishes Education Materials on Going Concern Disclosures
The IFRS Foundation has published
Going Concern-a focus on disclosure. This document is intended to support the consistent application of requirements in IFRS Standards related to disclosures on going concern. Topics discussed include:
- Assessing going concern;
- A dynamic assessment;
- Disclosure is key; and
- Applying the requirements of IAS 1.
Inflation – New Edition of Inflation Rates for Judging Whether an Economy Is Highly Inflationary Interpretation Published
We have published a new edition of our Interpretation,
Inflation Rates for Judging Whether an Economy Is Highly Inflationary. This new edition reflects the latest available inflation rate information. The following changes were made to the classification of countries under this Interpretation from the previous Interpretation dated September 2020:
Angola has been moved from the countries that have highly inflationary economies to the “watch list” of countries that may have highly inflationary economies.
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AUDITING AND INTERNAL CONTROLS HEADLINES:
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Third-Party Assessment Engagement – AICPA Issues Guidance for Practitioners Performing Third-Party Assessment Engagements
The AICPA has issued non-authoritative guidance in the form of Technical Questions and Answers (TQA) for CPA firms performing third-party assessment engagements. Q&A Section 9550,
Performing a Third-Party Assessment Engagement Under a Third-Party Assessment Program, at .01 and .02, outline the steps practitioners follow when conducting these engagements.
“It is in the public interest that CPA firms perform third party assessment engagements,” said Jennifer Burns, CPA, chair of the AICPA Third-Party Assessments Working Group and incoming AICPA chief auditor. “These TQAs provide needed clarity on how CPA firms may perform this work today under current AICPA professional standards. Members of AICPA’s Assurance Services Executive Committee (ASEC), Auditing Standards Board (ASB), Professional Ethics Executive Committee (PEEC), related working groups, and AICPA staff were instrumental in providing input on the development of these TQAs and I thank them for their collaboration.”
The TQAs emphasize that practitioners need to comply with the AICPA Code of Professional Conduct and the requirements or instructions of the third-party assessment program. It also addresses two questions:
- What is a third-party assessment program?
- Which professional standards is the member required to apply to the third-party assessment engagement?
The guidance clarifies when the practitioner is required to perform the assessment engagement in accordance with AICPA Statements on Standards for Attestation Engagements and also states that the Statement on Standards for Consulting Services may be applied. Further, it reminds practitioners of the various independence requirements that apply when performing third-party assessment engagements.
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