Month: December 2019

To the Point – FASB issues narrow-scope amendments to credit losses standard

Go to Source Author: The FASB amended the new credit losses standard to require entities to include certain expected recoveries in the allowance for credit losses for purchased credit deteriorated assets. The amendments also provide transition relief related to troubled debt restructurings, allow entities to exclude accrued interest amounts from certain required disclosures and clarify the requirements for applying the collateral maintenance practical expedient. The amendments have the same effective dates as the credit losses standard for entities that have not adopted that standard. For entities that early adopted the credit losses standard, the amendments are effective for fiscal years beginning after 15 December 2019 and interim periods...

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To the Point – AICPA allows agreed-upon procedures engagements to be performed in more situations

Go to Source Author: The AICPA’s Auditing Standards Board revised its attestation standards to eliminate many of the legacy requirements for agreed-upon procedures (AUP) engagements and allow independent accountants to perform these engagements in more situations. The revised standards change the nature of an AUP engagement by requiring only the engaging party to agree with the procedures. However, the specified parties (i.e., the intended users) can still be asked to agree with the procedures, and use of the report can still be restricted to those...

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2020 SEC quarterly reports – Form 10-Q

Go to Source Author: We have updated our SEC Financial Reporting Series to reflect all final SEC rules and interpretive guidance issued through 31 October 2019. This publication is intended as a reference tool for preparing quarterly reports on Form...

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