March Audit & Assurance Newsletter

Tuesday, March 21, 2017

FASB changes presentation of defined benefit costs The Financial Accounting Standards Board (FASB) recently issued an accounting standard that is designed to increase the transparency and usefulness of information about defined benefit costs for pension plans and other post-retirement benefit plans presented in employer financial statements. The rules changes are described in Accounting Standards Update […]

February Audit & Assurance Newsletter

Monday, February 27, 2017

ASB issues new going concern auditing standard Accounting and auditing standards for going concern recently achieved greater harmony when the AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern. read more                […]

January Audit & Assurance Newsletter

Monday, January 16, 2017

The FASB clarifies definition of a business The Financial Accounting Standards Board (FASB) recently clarified the definition of a business in an effort to help financial statement preparers evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The clarification is described in Accounting Standards Update No. 2017-01, Business Combinations […]

December Audit & Assurance Newsletter

Friday, December 9, 2016

FASB seeks uniformity in reporting on restricted cash Citing the need to address divergence in the way restricted cash is classified and presented, the Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The amendments in the update require that a statement of […]

November Audit & Assurance Newsletter

Monday, November 14, 2016

FASB amends guidance for consolidating VIEs A new financial reporting standard recently issued by the Financial Accounting Standards Board (FASB) amends rules for consolidating variable-interest entities (VIEs). The guidance is contained in Accounting Standards Update No. 2016-17, Consolidation (Topic 810): Interests Held Through Related Parties That Are Under Common Control. read more    – Journal […]