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Comment Letter – ASB’s proposed standard-setting strategy through 2022 and work plan for 2020-2021

Go to Source Author: In our comment letter, we generally agree with the mission of the Auditing Standards Board (ASB) and the keys to its success, as well as the factors driving its strategy. We discuss the importance of maintaining the scalability of ASB standards for audits of nonpublic entities. We provide recommendations related to the convergence of ASB standards with those of the IAASB and to the increased use of advanced technologies in companies and in audits. We also include suggestions on how the ASB can better manage its priorities and operate more effectively and...

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Comment Letter – ASB’s proposal to amend AU-C 900 series

Go to Source Author: In our comment letter, we generally support the efforts of the AICPA’s Auditing Standards Board (ASB) to better align the form and content of the auditor’s report on the subject matters covered by AU-C sections 725, 730, 930, 935, and 940 with the recently issued guidance in SAS No. 134. We also support the proposed amendments to AU-C section 935 to align the definition of material noncompliance with the description of materiality in SAS No. 138 and to revise the standard for recent developments in the compliance arena. However, we believe some proposed amendments require...

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To the Point – Proposal would change an NFP’s presentation and disclosure about contributed nonfinancial assets

Go to Source Author: The FASB proposed changes to presentation and disclosure requirements for not-for-profit (NFP) entities for contributed nonfinancial assets. NFPs would present contributed nonfinancial assets as a separate line item in the statement of activities (i.e., separately from contributions of cash or other financial assets). They also would disclose in the notes to the financial statements a disaggregation by category of contributed nonfinancial assets recognized in the statement of activities and provide new disclosures for each category. Comments are due by 10 April...

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Comment Letter – ASB’s proposed standard-setting strategy through 2022 and work plan for 2020-2021

Go to Source Author: In our comment letter, we generally agree with the mission of the Auditing Standards Board (ASB) and the keys to its success, as well as the factors driving its strategy. We discuss the importance of maintaining the scalability of ASB standards for audits of nonpublic entities. We provide recommendations related to the convergence of ASB standards with those of the IAASB and to the increased use of advanced technologies in companies and in audits. We also include suggestions on how the ASB can better manage its priorities and operate more effectively and...

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To the Point – SEC issues guidance on disclosures about key performance indicators and other metrics in MD&A

Go to Source Author: The SEC issued guidance advising registrants to make additional disclosures about key performance indicators and other metrics they include in management’s discussion and analysis (MD&A). The disclosures are broadly similar to certain disclosures required for non-GAAP measures, including why the metric is useful and how management uses it. Registrants should evaluate whether the disclosure of estimates or assumptions underlying a metric or its calculation is necessary to make the presentation not misleading. The guidance is effective upon publication in the Federal...

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