Accounting Research Manager
Weekly Summary of Accounting, SEC and Auditing Developments: May 12-16, 2025
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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 Published
We have updated our CCH Accounting Research Manager Summary Checklist of Recent Authoritative U.S. Accounting Standards to reflect the issuance of Accounting Standards Update (ASU) ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. This ASU revises current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a variable interest entity that meets the definition of a business. This checklist is intended to serve as a reference tool to review authoritative standards recently issued or approved by the FASB.
Checklist – New Edition of Summary Checklist of Recent Authoritative U.S. Accounting Standards Published
We have updated our CCH Accounting Research Manager Summary Checklist of Recent Authoritative U.S. Accounting Standards to reflect the issuance of ASU No. 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. The amendments in ASU No. 2025-04 affect the timing of revenue recognition for entities that offer to pay share-based consideration (e.g., equity instruments) to a customer (or to other parties that purchase the entity’s goods or services from the customer) to incentivize the customer (or its customers) to purchase its goods and services. Specifically, the amendments clarify the requirements for share-based consideration payable to a customer that vests upon the customer purchasing a specified volume or monetary amount of goods and services from the entity.
Interim Reporting – New Edition of GAAP Update Service Published
We have published a new edition of the GAAP Update Service, Interim Reporting (Proposal). This new edition discusses the FASB’s proposed ASU that provides narrow-scope improvements to interim reporting. The proposed amendment to the interim reporting section of the Codification would apply to both public and non-public companies. However, the proposed rules are not intended to expand or reduce existing disclosures.
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ACCOUNTING AND INTERNAL CONTROLS HEADLINES
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GAAS Practice Manual – New Edition of the GAAS Practice Manual (through SAS-149) Published
We have published a new edition of the GAAS Practice Manual (through SAS-149). The primary objective of the manual is to provide the practitioner with a comprehensive and quick reference source for currently effective American Institute of Certified Public Accountants (AICPA) pronouncements of Statements on Auditing Standards (SAS), Statements on Standards for Attestation Engagements (SSAE), Statements on Standards for Accounting and Review Services (SSARS), and interpretations of these standards.
This new edition has been updated for new pronouncements through the issuance of Statement on Auditing Standards (SAS) No. 149, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors and Audits of Referred-to Auditors); Statement on Standards for Attestation Engagements (SSAE) No. 23, Amendments to the Attestation Standards for Consistency With the Issuance of AICPA Standards on Quality Management; and Statement on Standards for Accounting and Review Services (SSARS) No. 27, Applicability of AR-C Section 70 to Financial Statements Prepared as Part of a Consulting Services Engagement.
Review of Financial Statements – New Edition of GAAS Update Service Published
We have published a new edition of the GAAS Update Service, Practice Issues and Questions & Answers Relating to AR-C Section 90, “ Review of Financial Statements.“ This new edition discusses AR-C Section 90, which applies when an accountant in public practice is engaged to perform a review of financial statements, other than reviews of interim financial information to which AU-C Section 930, Interim Financial Information, and certain conditions are present.
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GOVERNMENT HEADLINES
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Succession Planning – New Edition of Governmental GAAP Update Service Published
We have published a new edition of the Governmental GAAP Update Service, The Next Chapter. This new edition provides an update on the author.
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