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The FAF issued its 2018 Annual Report, “Standards That Work: Rising to Meet the Future.” It provides a glimpse of how the FASB and the GASB develop standards that work today and for the future—and how the FAF supports that process. For the FASB and the GASB, it includes robust research, implementation support, and an eye toward technical innovation. For the FAF, it includes appointing the right people to the Boards and implementing the right systems to support successful standard setting.
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As you know, the idea that a partnership/multi-member LLC is not a taxpayer for federal income tax purposes changes radically as a result of provisions in the Bipartisan Budget Act of 2015, commonly known as the Federal Partnership Audit Rules.
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What happens when a small business fails to comply with important regulations? In the classic movie It’s a Wonderful Life, a local building and loan association is in danger of failing its bank audit because of a major—but innocent—mistake by one of its officers. Are your clients in the same kind of danger as Bailey Building & Loan?
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With this short video, you will learn how the AICPA is transforming data into tools they can use to improve their audits.
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Accountants and business owners should watch for these common fraud red flags.
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In a transmittal letter to the standards, U.S. Comptroller Gene Dodaro states that the new generally accepted government auditing standards (GAGAS) reinforce the principles of transparency and accountability for auditors as they provide objective analysis and information in service to the public.