The AICPA issued a working draft of Chapter 8, Programmatic Investments, of the 2024 AICPA Audit and Accounting Guide, Not-for-Profit Entities (Audit Guide), on May 9, 2024, for public comment. The working draft gained feedback from accountants on the application of FASB ASC 326,Financial Instruments—Credit Losses (also known as the current expected credit loss model or CECL), and how CECL …
Each year, Thomson Reuters editors and outside authors review dozens of sets of financial statements while updating our products. We look to ensure they comply with accounting principles generally accepted in the United States (GAAP). This article highlights some of the recurring errors we found. Practical Consideration: Financial statement preparers should consider materiality when determining the …
Watch Out for These Common Financial Statement Errors Read More »
On June 3rd, 2024, the U.S. Court of Appeals for the 11th Circuit temporarily suspended an Atlanta-based venture capital firm‘s grant program that was restricted to businesses that are at least 51 percent owned by black women [American Alliance for Equal Rights v. Fearless Fund Management LLC, et al.; 103 F. 4th 765 (11th Cir. 2024)]. …
Appeals Court Rules Against Race-based Grant Program Read More »
In December 2023, the FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which is effective for all entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Improves Current Accounting for Certain Crypto Assets Current accounting generally treats holdings of crypto …
The AICPA periodically issues (or updates previously issued) Technical Questions and Answers. Recent Q&As address reporting issues and noncompliance with laws and regulations. FASB ASC 105-05-05-3 includes Technical Q&As as nonauthoritative guidance. Reporting Q&A 9165.01. This Q&A, Auditor Reporting When the Entity Issues Its Annual Report Subsequent to Its Financial Statements, addresses a question related to AU-C 720, The …
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