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Audit, Compilation & Review News


Focus on Assurance: FASB Votes To Propose Delay In Effective Dates Of Four ASUs For Certain Entities

The FASB has voted to propose a deferral of the effective dates for several of its recent standards that would provide at least an additional year to companies that have not yet adopted the standards.


Focus on Assurance: Financial Reporting Over Lease Transactions

The Financial Accounting Standards Board (FASB) has released an Accounting Standards Update (ASU) designed to improve financial reporting over lease transactions. The ASU will impact all companies and other organizations that lease assets, including real estate, equipment and other personal property.


Focus on Assurance: Changes You’ll Note On Reviews & Compilations

The AICPA Accounting & Review Services Committee released new standards for accounting and review services, titled SSARS No. 21, Statement on Standards for Accounting and Review Services: Clarification and Recodification.


Focus On Revenue Recognition:  FASB Votes To Propose Deferring Effective Date Of ASU 2014-09

The Financial Accounting Standards Board (FASB) has voted to propose deferring the effective date for the new revenue recognition standard established by Accounting Standards Update (ASU) 2014-09.  This deferral would apply to both public and nonpublic entities.


Focus On Going Concern Uncertainties: FASB Issues Accounting Standards Update

The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40)Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.  The ASU is intended to define management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures.