Insights

The AICPA updates its SOC 2 guide and issues new description criteria. Learn what these updates mean for your audits and reports.

FASB plans to align its materiality definition with other organizations. Understand the impact on financial reporting and compliance.

The Financial Accounting Foundation releases its annual report. Learn about key achievements and plans for the future.

After a delayed release, the American Institute of Certified Public Accountants’ (“AICPA”) Accounting and Review Services Committee (“ARSC”) has finally issued Statement on Standards for Accounting and Review Services (“SSARS”) No. 24, Omnibus Statement on Standards for Accounting and Review Services – 2018. SSARS No. 24.

Offering guidance for applying the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No. 2014-09, Revenue From Contracts With Customers, the American Institute of Certified Public Accountants (“AICPA”) has issued Audit and Accounting Guide (AAG): Revenue Recognition.

The AICPA Revenue Recognition Task Force releases exposure drafts. Stay informed about the latest accounting guidance.

The American Institute of Certified Public Accountants’ (“AICPA”) Professional Ethics Executive Committee has issued an exposure draft that proposes a new interpretation of a confidentiality rule concerning the disclosure of confidential client information.

AICPA updates two technical Q&As. Stay informed on how these updates impact financial reporting and audit practices.

LeaseCrunch, an accounting software company specializing in helping clients with the Financial Accounting Standards Board’s (“FASB”) lease accounting standard, has highlighted the five mistakes companies are making when implementing FASB Accounting Standards Codification (“ASC”) Topic 842, Leases.

How many revenue streams do your nonprofit have? Some organizations take the simple yet risky approach of having one main income source, and others depend on multiple revenue streams.