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 […]

October Audit & Assurance Newsletter

Monday, October 10, 2016

ARSC completes clarity project with issuance of SSARS No. 22 The American Institute of Certified Public Accountants (AICPA) Accounting and Review Services Committee (ARSC) recently completed the clarity redrafting of its last pre-clarity compilation and review standard (AR section) in AICPA Professional Standards with the issuance of a new Statement on Standards for Accounting and […]

September Audit & Assurance Newsletter

Tuesday, September 13, 2016

FASB seeks uniformity in cash flow presentation Concerns over divergent practices for reporting on the statement of cash flows led to the Financial Accounting Standards Board’s (FASB) recent issuance of a new standard for presenting and classifying certain cash payments and cash receipts. Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification […]