Month: September 2017

To the Point – Proposed alternative to agreed-upon procedures engagements would address stakeholder needs

Go to Source Author: The AICPA has issued an exposure draft proposing the creation of a new attestation service that companies could use to have an accountant report to interested parties on the findings of procedures the accountant performed on an aspect of a company’s business. The newly proposed service, selected procedures service would give companies a way to meet the needs of various stakeholders in situations that go beyond what is allowed for an agreed-upon procedures...

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Financial Reporting Briefs – Third quarter 2017

Go to Source Author: This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the third quarter of 2017. This edition brings you up to speed on the Boards’ priority joint projects and several other financial reporting...

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Technical Line – Accounting for the effects of natural disasters

Go to Source Author: When a natural disaster strikes, companies often have questions about how to account for the effects under US GAAP. This publication provides an overview of some of the accounting and reporting guidance that companies directly and indirectly affected by hurricanes such as Harvey and Irma, the recent earthquake in Mexico and other natural disasters should...

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Comment Letter – FASB proposal for targeted improvements to related party guidance for Variable Interest Entities (VIE)

Go to Source Author: In our comment letter, we support the FASB’s objective of reducing complexity when applying the variable interest entity (VIE) guidance, but recommend they pursue development of a single comprehensive consolidation model. To the extent they move forward with the targeted improvements, we believe the FASB should provide additional guidance to clarify the current model, which would reduce the cost and complexity for all companies. Further, we support the proposed changes in the determination of whether fees paid to decision makers or service providers are a variable...

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