Got questions about that new FASB / IASB exposure draft on lease accounting?
You're not alone. It's just one in a seemingly endless series of regulatory proposals that are changing the face of accounting and auditing.
In response, the AICPA’s Accounting and Financial Reporting team has published a series of FAQs regarding the exposure draft. The document includes details about how the lease accounting model compares to U.S. GAAP, who is impacted by the proposal (and who is not), timelines for implementation, and more.
SSARS No. 19 guidance available
Speaking of auditing, there's even more AICPA guidance available, this time surrounding Statement on Standards for Accounting and Review Services No. 19, “Compilation and Review Engagements.” The AICPA's Private Companies Practice Section has published a SSARS No. 19 Toolkit.
SSARS No. 19 applies to financial statement compilations and reviews for fiscal periods ending on or after Dec. 15, 2010.
Keep your eyes peeled. In the coming weeks and months, the AICPA and the MACPA will be issuing guidance related to many of the groundbreaking changes that are impacting CPAs these days. We'll keep you posted as they are made available.
In the meantime, don't forget to register for one of the MACPA's can't-miss professional issues updates. Each update is free for MACPA members, worth four hours of CPE, and covers every major issue that impacts the profession in detail. Register here for an update near you.