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Accounting & Audit Alert April 2014


 

RubinBrown's Accounting & Auditing Alert is published monthly to inform our clients and contacts about relevant technical accounting and audit-related information.


03/31/2014

FASB Issues Accounting Standards Update For Private Companies


The Financial Accounting Standards Board (FASB) has issued an update to U.S. Generally Accepted Accounting Principles (GAAP) intended to improve private company financial reporting regarding consolidation of lessors in certain common control leasing arrangements. 

FASB Issues Proposal On Disclosure Framework Project


The Financial Accounting Standards Board (FASB) has issued a proposed framework intended to improve its process for evaluating existing and future disclosure requirements in notes to financial statements.

GASB Proposes New GAAP Hierarchy For State And Local Governments


The Governmental Accounting Standards Board (GASB) has issued a proposed statement, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments.

COSO Publishes Thought Paper On Importance Of COSO Frameworks


The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has published a thought paper on the importance of COSO frameworks. 

AICPA Issues Updated Guidance On External Auditor’s Responsibilities When Using The Work Of Internal Auditors


The Auditing Standards Board of the AICPA has released updated guidance on the use of internal audit work in an external audit.  SAS No. 128 applies to financial statement audits performed for periods ending on or after December 15, 2014.

 

Readers should not act upon information presented without individual professional consultation.