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ACCOUNTING AND SEC HEADLINES:

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Asset-Backed Securities – SEC Staff Publishes New Edition of Compliance and Disclosure Interpretation

The staff in the SEC’s Division of Corporation Finance (Corp Fin) has issued a new edition of its Compliance and Disclosure Interpretations (CDIs), Asset-Backed Securities (new Questions 213.01-213.06 and 325.01). The new guidance addresses Form ABS-15G.

Crypto Assets – FASB Discusses Accounting for Transfers of Crypto Assets

As reported in its “Summary of Decisions” publication, the FASB met on April 15, 2026, and began deliberations on the Accounting for Transfers of Crypto Assets project and made the following decisions:

• To expand the scope of Subtopic 350-60, Intangibles—Goodwill and Other—Crypto Assets, by revising paragraph 350-60-15-1(b) to address crypto assets that provide the holder with a right to receive another crypto asset that would be within the scope of Subtopic 350-60.
• To clarify the existing disclosure guidance in Subtopic 350-60 by providing an example of a tabular disclosure illustrating that wrapped tokens, if significant, would be disclosed separately from other significant crypto asset holdings.
• At a future meeting, the FASB will consider clarifying the derecognition guidance for crypto transfer arrangements to assess whether the control of a crypto asset has been transferred.

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AUDITING AND INTERNAL CONTROL HEADLINES:

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Commercial Entities – New Edition of Knowledge-Based Audits of Commercial Entities Published

We have published a new edition of Knowledge-Based Audits of Commercial Entities. This edition provides practitioners with an effective approach for conducting audits of nonpublic commercial entities.

This edition provides guidance on the implementation of the standards and rules promulgated by the ASB, as well as selected best practices based on the guidance promulgated by the PCAOB and other regulators. This guide has been updated for professional standards issued through December 31, 2025, and auditing standards up to and including SAS No. 149, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors and Audits of Referred-to Auditors). This edition also reflects the updated AICPA Guides, Analytical Procedures (updated as of November 1, 2025), and Audit Sampling (updated as of October 1, 2025).

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