Weekly Summary of Accounting, SEC and Auditing Developments: November 14-18, 2022
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ACCOUNTING AND SEC HEADLINES:
Business Combinations –New Edition of Interpretation Published
We have published a new edition of our Interpretation, Business Combinations. This new edition includes guidance in FASB Accounting Standards Updates (ASUs) through August 31, 2022.
Fair Value Measurement –New Edition of Interpretation Published
We have published a new edition of our Interpretations of Topic 820, Fair Value Measurement. This new edition includes guidance in ASUs through June 30, 2022.
Supplier Finance Programs –New Edition of GAAP Update Service Published
We have published a new edition of the GAAP Update Service, Supplier Finance Program Disclosures. This new edition discusses ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50):
Disclosure of Supplier Finance Program Obligations. The FASB has issued ASU 2022-04 requiring qualitative and quantitative disclosures to assist investors understand the effect of these programs on a company’s working capital, liquidity, and cash flows. It does not address how these programs should be accounted for or where the liabilities should be classified.
AUDITING AND INTERNAL CONTROL HEADLINES:
Peer Reviews –AICPA Proposes Update and Technical Corrections to Peer Review Standards
The AICPA has proposed for public comment an Exposure Draft, Proposed Peer Review Standards Update No. 1, Omnibus Enhancements and Technical Corrections. This proposal includes updates and technical corrections to be applied to the AICPA Standards for Performing and Reporting on Peer Reviews that are issued by the AICPA Peer Review Board.
Comments on the proposal are due by January 31, 2023.
Quality Management –New Edition of GAAS Update Service Published
We have published a new edition of the GAAS Update Service, APractice Issues and Questions & Answers Relating to SAS-146, Quality Management for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards. SAS 146 was covered in detail in the October 30, 2022 GAAS Update. This GAAS Update focuses on practical issues relating to SAS-146 by using a “Question & Answer” format designed to provide practical discussion, advice, and specific implementation guidance under the new standard.
GASB Standards –GASB Proposes Guidance to Assist Stakeholders with Application of Its Pronouncements
The Governmental Accounting Standards Board issued proposed implementation guidance in the form of questions and answers intended to clarify, explain, or elaborate on certain GASB pronouncements. The Exposure Draft, Implementation Guidance Update—2023, contains proposed new questions and answers that address application of GASB standards on leases, subscription-based information technology arrangements, and accounting changes. The proposal also includes amendments to previously issued implementation guidance on leases.
The GASB periodically issues new and updated guidance to assist state and local governments in applying generally accepted accounting principles (GAAP) to specific facts and circumstances that they encounter. The GASB develops the guidance based on:
Application issues raised during due process on GASB pronouncements,
Application issues identified during the first stage of the GASB’s post-implementation reviews of the leases standards,
Questions it receives throughout the year, and
Topics identified by members of the Governmental Accounting Standards Advisory Council and other stakeholders.
The guidance in Implementation Guides is cleared by the Board and constitutes Category B GAAP.
Stakeholders are asked to review the proposal and provide input to the GASB by January 20, 2023.
Capital Assets –New Edition of Governmental GAAP Update Service Published
We have published a new edition of the Governmental GAAP Update Service, Capital Asset Note Disclosure and Right-To-Use Assets.This new edition discusses what to disclose for right-to-use assets.
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