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On the Horizon: AICPA issues amended Q&A section

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On the Horizon newsletter AICPA Technical Q&A for prior period audits amended The AICPA has issued amended AICPA Technical Questions and Answers (Q&A) Section 8100.03, “Using Current Auditing Standards for Audits of Prior Periods.” The Q&A clarifies which auditing standards the auditor should apply when auditing financial statements that are as of or for a period ended prior to the effective date of auditing standards currently in effect, in accordance with AU-C Section 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards. The Q&A provides an illustrative example and deletes the prior guidance under Section 8100.03.

Audit and Accounting Guides issued The AICPA issued updated versions of the following Audit and Accounting Guides:

  • Credit Losses (the update includes implementation issues on certain accounting topics)
  • Employee Benefit Plans
  • Not-for-Profit Entities

PCAOB Webinars on critical audit matters announced The PCAOB announced two webinars to take place on April 25 and May 8 for auditors on the implementation of the new critical audit matter (CAM) requirements. Both webinars will cover the same material, which will include CAM determination, communication, and documentation requirements. Registration is required by April 23 and May 6, respectively.

IASB New taxonomy available The IFRS Foundation has published the IFRS Taxonomy 2019, which includes changes resulting from updates made to the 2018 publication.

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This Grant Thornton LLP publication provides information and comments on current accounting, SEC reporting, and audit issues and developments. It is not a comprehensive analysis of the subject matter covered and is not intended to provide accounting or other advice or guidance with respect to the matters addressed in the publication. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this publication.