This series focuses both on general audit requirements applicable to all financial reporting frameworks as well as specific requirements relevant to two special purpose frameworks – the income tax basis and the AICPA’s FRF for SMEs basis.
The FASB released the 2014 US GAAP Financial Reporting Taxonomy, which contains updates for accounting standards and other improvements to the current taxonomy used by US Securities and Exchange Commission issuers.
This series of articles by Larry Perry, CPA, will discuss special considerations concerning engagement acceptance, the planning and performance phase of this type of engagement, and determining an opinion and reporting on the audit.
Despite federal regulations instituted in the wake of corporate financial scandals, a substantial number of corporations have audit committees whose members have social ties to the CEO, according to new research.
The IIRC issued a final framework for integrated reporting in an effort to promote a more cohesive and efficient approach to corporate business reporting as well as to improve the quality of information available to stakeholders.
CPAs in New Jersey, New York, and Pennsylvania believe economic conditions will likely be the same one year from now. While they predict higher business revenues for their states next year, they do not have the same optimism for workforces.
The AICPA has sent a letter to the chairman and ranking member of the Senate Committee on Finance opposing any limitation on the use of the cash method of accounting on natural persons, pass-through entities, personal service corporations, and farmers.