• Credit unions, community banks to get more time to implement credit loss standard

    The FASB agreed to clarify its new accounting standard requiring earlier recognition of credit losses to ensure that community banks and credit unions have extra time to comply with it compared to larger financial institutions. The proposed change to the effective date is intended to match what the FASB wanted when it published the standard in 2016.
  • Latest set of codification improvements are released

    The FASB issued technical corrections to U.S. GAAP that it said will make its guidance easier to understand and apply. The changes address a number of topics, such as the reporting requirements for comprehensive income, the guidance for debt modifications and the accounting requirements for distinguishing liabilities from equity.
  • Auditing Standards Board prepares to amend guidance for ERISA plan audits

    The AICPA’s Auditing Standards Board (ASB) is expected to vote on issuing a final standard for audits of benefit plan financial statements covered by the Employee Retirement Income Security Act of 1974 (ERISA) at its next meeting. The planned standard is intended to help auditors better understand their responsibilities and provide plan sponsors and participants, Department of Labor (DOL) officials, and others with more information about what auditors do in examining the financial statements of benefit plans governed by ERISA.