Month: January 2020

To the Point – AICPA issues criteria for describing a set of data and evaluating its integrity

Go to Source Author: The AICPA’s Assurance Services Executive Committee issued criteria that management, boards of directors, internal auditors and other stakeholders such as suppliers can use to evaluate the integrity of data used in decision making. The criteria focus on whether a description of the set of data accurately describes the set and provide users of the data with the context that will enable them to better understand the data. A company that provides data to stakeholders can engage an independent public accountant to use the criteria to perform attestation procedures and provide a report to stakeholders to increase their confidence in decisions they make based on that...

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Accounting pronouncements effective in 2019

Go to Source Author: Several new accounting pronouncements are effective for 2019 interim or annual periods for calendar-year entities. This publication lists them, along with related EY content. All entities should carefully evaluate which accounting requirements apply to them for the first time in 2019. The appendix to this publication includes a list of Accounting Standards Updates and their effective...

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Comment Letter – Proposed Codification improvements to hedge accounting

Go to Source Author: In our comment letter, we generally support the FASB’s proposal to clarify and improve the hedge accounting guidance in ASC 815 to enable entities to better portray the economic results of their risk management activities in the financial statements. We also offer suggestions on how to further improve the guidance on changes in the hedged risk of a cash flow hedge and on the ability to hedge future purchases or sales of nonfinancial assets through a contract accounted for as a...

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2019 Standard Setter Update

Go to Source Author: Our 2019 Standard Setter Update highlights significant developments in financial reporting and accounting between 1 January and 31 December...

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