Audit & Assurance
News November 2015
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FASB’s leases standard gets preliminary approval
New requirements that will bring lease assets and liabilities onto company balance sheets are expected to
be issued in early 2016 after the Financial Accounting Standards Board (FASB) recently voted 6–1 to send
its leases standard for final drafting. read more - Journal of Accountancy
FASB proposal aims to increase transparency regarding
disclosure of government assistance
The Financial Accounting Standards Board (FASB) recently proposed an Accounting Standards Update
(ASU) designed to increase transparency related to business disclosures about government assistance
arrangements. read more - Journal of Accountancy
FinREC issues revenue recognition working drafts for
informal comment
The American Institute of Certified Public Accountants (AICPA) Financial Reporting Executive Committee
(FinREC) issued for informal comment nine working drafts that discuss accounting issues related to the
implementation of the new revenue recognition standard that was issued in May 2014 by the Financial
Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). read more
- Journal of Accountancy
IASB proposal would guide management on materiality
The International Accounting Standards Board (IASB) published its draft guidance on materiality to help
company management determine whether information should be disclosed. read more
- Journal of Accountancy
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Audit & Assurance News November 2015 (continued)
ASB addresses audits of ICFR integrated with financial
statement audits
The American Institute of Certified Public Accountants (AICPA) Auditing Standards Board (ASB) issued a
new standard to establish requirements and provide guidance that apply only when an auditor is engaged
to perform an audit of internal control over financial reporting (ICFR) that is integrated with an audit of
financial statements. read more - Journal of Accountancy
ASB interpretation permits auditor reporting on
sustainability financial statements
The American Institute of Certified Public Accountants (AICPA) Auditing Standards Board (ASB) issued
an auditing interpretation that permits an auditor to report on the basic financial statements of the U.S.
government in accordance with generally accepted auditing standards. read more
- Journal of Accountancy
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