The Financial Accounting Standards Board has released guidance aimed at clarifying the official definition of a “business” for purposes of the accounting rules. The new accounting standards update issued Thursday by FASB affects any company or other type of reporting organizations that needs to determine whether it has acquired or sold a business. The [...]
Thomson Reuters has released a special report, “Four Ways to Avoid Audit and Attest Deficiencies.” The report follows the latest AICPA peer review findings, which were identified during peer reviews of firms that perform audit and attest engagements. Thomson Reuter’s report provides a discussion of common deficiencies identified in peer reviews, such as those related [...]
The Financial Accounting Standards Board has issued a final Accounting Standards Update that clarifies aspects of the revenue recognition standard. ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, aims to cover narrow aspects of guidance in number of areas, including, among others: Loan guarantee fees; Impairment testing [...]
IASB issued an amendment to IFRS 4 Insurance Contracts to address concerns about the different effective dates of IFRS 9 and the new insurance contracts Standard that will replace IFRS 4. The amendment provides entities meeting a criterion for engaging in predominantly insurance activities with the option to continue current IFRS accounting and to [...]
American Institute of CPAs has issued a new audit and accounting guide on the revenue recognition standard. The online edition of the AICPA’s Audit & Accounting Guide on Revenue Recognition aims to help entities and auditors understand, implement and audit the converged standard released in 2014 by the Financial Accounting Standards Board and the [...]
