The FASAB released an exposure draft technical bulletin, Intragovernmental Leasehold Reimbursable Work Agreements, which is intended to further explain and address accounting issues not directly covered under Statement of Federal Financial Accounting Standards 54, Leases, and other relevant statements.
Category: AICPA News
AICPA seeks feedback on accounting and valuation guide
The AICPA’s Financial Reporting Executive Committee issued a working draft of the AICPA Accounting and Valuation Guide, Business Combinations, which would provide guidance and illustrations regarding the accounting and valuation considerations for business combination transactions.
Financial planning impacts of the Inflation Reduction Act
The recently passed legislation ultimately will help with one of the biggest wild cards of retirement — health care planning — but immediate updates to financial plans are likely not needed.
SEC proposes new regulations for US Treasury market clearinghouses
SEC Chair Gary Gensler says that proposed changes to the Exchange Act Rule of 1975 would “reduce risk across a vital part of our capital markets.”
CAQ increases diversity efforts with new initiative
The CAQ announced a strategic education initiative intended to expose students to careers in accounting, attract greater diversity and representation within the profession, and address barriers to entry from underrepresented and underserved groups.
Quiz: New and revised risk assessment terms under SAS No. 145
How familiar are you with SAS No. 145, which details an auditor’s responsibility relating to risk assessment in an audit of financial statements? Take this quiz to test what you know and get better prepared.
Significant risk revised: Concept changes under SAS No. 145
SAS No. 145 revises the definition of significant risk. The revisions alter how you conduct elements of your risk assessments. Get the updated information you need and be ready for your 2023 audits.
AICPA asks IRS to expand penalty relief
The AICPA, in a letter to the IRS, urged the Service to expand the relief under Notice 2022-36 to include several other Code sections and forms and to extend the deadline for requesting relief to Dec. 31, 2022.
SEC chair seeks increased regulation of cryptoassets
SEC Chair Gary Gensler calls for cryptoasset entities to register under current securities laws and suggests that more legislation to support regulation could be on the way.
Student loan forgiveness: Advice from a CPA financial planner
Brianne C. Smith, a member of the AICPA Personal Finance Planning Executive Committee, discusses how she’s going beyond the headlines to help her clients maximize their savings.