ASB addresses ERISA plan auditor reporting, other information in annual reports

The AICPA Auditing Standards Board issued new standards addressing auditor reporting on ERISA plan financial statements and an auditor’s “other information” responsibilities.
Source: Journal of Accountancy

AICPA issues forensic accounting standards

The AICPA issued new professional standards for members who perform forensic accounting services engagements.
Source: Journal of Accountancy

GASB seeks comment on several issues

GASB issued an omnibus exposure draft covering accounting and financial reporting issues identified during the implementation of previous GASB guidance.
Source: Journal of Accountancy

FASB considering goodwill accounting changes

FASB issued an Invitation to Comment on whether the board should make changes to the accounting for certain identifiable intangible assets acquired in a business combination and subsequent accounting for goodwill.
Source: Journal of Accountancy

Final rules permit truncated TINs on W-2s

As part of its effort to reduce identity theft, the IRS issued final rules permitting employers to provide truncated taxpayer identification numbers on Forms W-2, Wage and Tax Statement, they provide to employees.
Source: Journal of Accountancy

Advocacy update: Testifying on the ERISA audit process

The audit process can help employee benefit plan administrators fulfill their fiduciary duties, according to testimony by James Haubrock, CPA, chair of the executive committee of the AICPA Employee Benefit Plan Audit Quality Center.
Source: Journal of Accountancy

GASB proposes changes to Sec. 457 plan reporting

GASB proposed new guidance that would clarify the accounting and financial reporting of Internal Revenue Code Sec. 457 deferred compensation plans.
Source: Journal of Accountancy

FASB proposes narrow-scope changes to credit loss standard

FASB proposed changes that are designed to address issues that have arisen for stakeholders implementing the board’s new standard for accounting for credit losses.
Source: Journal of Accountancy

Get private companies ready for the new revenue standard

Private companies are entering the final stretch of their preparations to comply with FASB’s new revenue recognition standard. Here’s how auditors can help their clients with the implementation process.
Source: Journal of Accountancy

Quiz: How well do you know the risk assessment standard?

The risk assessment standard provides a baseline for the successful planning and conducting of an audit. Take this quiz to find out how well you understand the basics of risk assessment.
Source: Journal of Accountancy