Audit Standards

AICPA News is a round-up of recent announcements from the American Institute of CPAs.

The standard requires immediate past auditors and presumed successor auditors, once management consents to the past auditor responding, to communicate about potential NOCLAR situations. Examples of NOCLAR situations include, but are not limited to...

On January 1, 2021 - IFRS 17 - one of the biggest changes to insurance accounting in more than 20 years, goes into effect. According to the International Accounting Standards Board, $13 trillion total assets of 450 listed insurers using International ...

The IFRS Taxonomy facilitates the digital creation and consumption of financial information. It improves investors’ access to financial information by listing and defining specific codes, or elements, that can be used to tag items of data.

The proposed ASU is part of the FASB’s broader disclosure framework project to improve the effectiveness of disclosures in notes to financial statements by clearly communicating the information that is most important to users of a reporting ...

Leasing is an important source of financing for many entities in the United States and around the globe. Many entities enter into leasing arrangements to gain access to assets, obtain financing, or reduce exposure to the risks of ownership of an asset.

60 percent of respondents indicated that they are running behind schedule in their overall implementation of the standard, which has an effective date as early as January 1, 2018, for many organizations.

After numerous delays and extensions, the Financial Accounting Standards Board (FASB) issued its long-awaited final standard on accounting for credit losses on Thursday. After meeting with concerned community bankers, auditors and regulators, the ...