Audit Standards

Modernizing auditing standards is one of four goals identified in the board’s draft five-year strategic plan.

The Public Company Accounting Oversight Board (PCAOB) voted unanimously to amend current auditing rules and introduced a new standard on June 21 pertaining to an audit firm’s use of so-called “other auditors” who lend a hand during the course of an audit.

AICPA News is a round-up of recent announcements from the American Institute of CPAs.

The standard requires immediate past auditors and presumed successor auditors, once management consents to the past auditor responding, to communicate about potential NOCLAR situations. Examples of NOCLAR situations include, but are not limited to...

On January 1, 2021 - IFRS 17 - one of the biggest changes to insurance accounting in more than 20 years, goes into effect. According to the International Accounting Standards Board, $13 trillion total assets of 450 listed insurers using International ...

The IFRS Taxonomy facilitates the digital creation and consumption of financial information. It improves investors’ access to financial information by listing and defining specific codes, or elements, that can be used to tag items of data.

The proposed ASU is part of the FASB’s broader disclosure framework project to improve the effectiveness of disclosures in notes to financial statements by clearly communicating the information that is most important to users of a reporting ...

Leasing is an important source of financing for many entities in the United States and around the globe. Many entities enter into leasing arrangements to gain access to assets, obtain financing, or reduce exposure to the risks of ownership of an asset.