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The AICPA Auditing Standards Board’s (ASB’s) plans to finalize a new risk assessment standard at its August meeting should be welcome news for many practitioners.
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It’s been more than a year since the pandemic began, and while the vaccine rollout is reason for optimism, many organizations will be dealing with financial fallout for the foreseeable future. While private businesses and not-for-profit organizations face mounting financial pressures, many are also still contending with the adoption of new guidance for lease accounting. And public companies that have already adopted the new guidance need to ensure they’re applying it correctly amid a sharp increase in lease renegotiations.
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FASB proposed a new accounting standard Wednesday that is designed to better align hedge accounting with an organization’s risk management strategy.
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FASB issued a standard Monday that is designed to clarify an issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options that remain equity-classified after modification or exchange.
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The PCAOB approved the formation of a new advisory group Monday that will provide the board with insight for its standard-setting activities.
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The International Accounting Standards Board tested the approach with IFRS 13, Fair Value Measurement, and IAS 19, Employee Benefits.