Clik here to view.
Who’s on First?
It can be entertaining sometimes to watch the interaction between the SEC, IASB, FASB, FAF, and the AICPA as they debate the future of the U.S. financial reporting system. It reminds me of the Abbott...
View ArticleClik here to view.
Announcement on Private Company Reporting: News or Snooze?
On May 23, 2012, the Financial Accounting Foundation (FAF) board of trustees finalized the structure of a new body, the Private Company Council, which will work to address the needs of privately held...
View ArticleClik here to view.
Finally a Cliff Notes Version of GAAP?
Wow! As promised in May 2012, the AICPA actually released its version of private company GAAP on Nov. 1, a special purpose framework, which it is calling the Financial Reporting Framework for SMEs....
View ArticleClik here to view.
Private Company Accounting Standards: Moving at Lightning Speed
AICPA’s FRF for SME Task Force achieved a major milestone on Jan. 30 with the conclusion of the comment period for its first draft of the Financial Reporting Framework for Small-and Medium-Sized...
View ArticleClik here to view.
The Comfort Letter Trap
Jeff McGuire, JD, Partner, Cipriani & Werner and several experts address the tricky landscape of comfort letters for CPAs. The relationships between a CPA and his or her clients can last for many...
View ArticleClik here to view.
And They’re Off
On June 10, 2013, both the FASB and the AICPA made significant strides toward addressing the financial reporting complexity for small businesses. This old edition of the Pennsylvania CPA Journal shows...
View ArticleClik here to view.
The New Auditor’s Report – A Feast for Attorneys?
On Aug. 13, 2013, the PCAOB proposed radical changes that would require you to communicate audit issues that you, as an auditor, believe to be critical. The PCAOB defines critical audit matters as...
View ArticleClik here to view.
Extra! Extra! FASB Issues First Ever Alternatives to GAAP
Hot off the press! On Jan. 16, 2014, the FASB issued its first ever alternatives to U.S. GAAP for privately held companies. These changes originated through the Financial Accounting Foundation’s newly...
View ArticleClik here to view.
Practitioners Associated with Form 5500: Have You Met Your Peer Review...
The AICPA is working on an initiative to make sure that all firms associated with certain Form 5500 filings that are required to have a peer review have gone through with the peer review and that the...
View ArticleClik here to view.
Are You Prepared to Defend Your Old-Fashioned Sampling Techniques?
In a May 8, 2014, article on Complianceweek.com, author Tammy Whitehouse, Copy: Auditing in the Era of Big Data, highlights how firms are challenging traditional sampling methods in light of new...
View ArticleClik here to view.
Should You be Permitted to Report Suspected Fraud to Regulators?
The International Ethics Standards Board for Accountants (IESBA) has been grappling with this question. Its original exposure document, released in August 2012, would have required external reporting...
View ArticleClik here to view.
Big Changes Ahead for Ethics Code
The AICPA’s Professional Ethics Executive Committee (PEEC) recently released a reformatted Code of Professional Conduct. The new code is greatly improved and much easier to use. It is divided into...
View Article
