The Journal of Accountancy reported today that FASB at its meeting asked the staff to prepare exposure drafts to push back effective dates for private companies of certain upcoming standards. The story is at:

https://www.journalofaccountancy.com/news/2019/jul/fasb-proposal-delay-for-major-standards-201921627.html?utm_source=mnl:alerts&utm_medium=email&utm_campaign=17Jul2019&utm_content=button

The Auditing Standards Board has issued an exposure draft for both a proposed Statement on Auditing Standards (SAS) and Statement on Standards for Attestation Engagements (SASE) which would modify the definition of materiality.

The Financial Accounting Standards Board has released ASU 2019-06 that looks to extend relief similar to that offered to private companies for goodwill and other intangible assets to not-for-profit entities.

The Financial Accounting Standards Board has released ASU 2019-05, Topic 326, Financial Instruments-Credit Losses, Targeted Transition Relief.

In the summary the Board outlines the main provisions as follows:

The amendments in this Update provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments—Credit Losses— Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments—Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement—Overall, and 825-10.

The AICPA’s Center for Audit Quality has published a document outlining considerations for auditors regarding emerging technologies and audit risk.

Emerging Technologies, Risk and the Auditor’s Focus: A Resource for Auditors, Audit Committees and Management outlines considerations that should be taken into account due to changing technology, including the growth in the use of artificial intelligence and the impact of the internet of things.