Recent articles
SAS 136: What Plan Sponsors Need to Know about Upcoming Changes to ERISA Plan Audits
Employee benefit plan sponsors and their auditing firms need to begin preparing for the adoption of Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (Employee...
Audit Communications to Plan Sponsors More Robust Under SAS 136
The AICPA’s Statement on Accounting Standards No. 136 (SAS 136) will meaningfully change the audit process for defined contribution plan sponsors – whether adopting this year or next. The AICPA issued SAS 136 in July 2019 with the goal of giving readers of the audit...
FASB Addresses Lessor Day-One Loss Issue for Certain Leases with Variable Payments
Summary The FASB issued ASU 2021-05[1] (“Update”) to address the day-one loss issue related to a lessor’s accounting for certain leases with variable lease payments. The Update is effective for all entities in fiscal years starting after December 15, 2021. Early...
Digital Tools Ease the Audit Process
This article was originally published on the Inflo blog.Many people will remember having braces fitted as teenagers, and the dentist who struggled to twist and turn combinations of metal parts in their mouth with perhaps only modest outcomes anticipated.Today, clear...
GASB 87 Lessor Accounting Example with Journal Entries
An overview of the accounting treatment of leases for lessors under GASB 87.
Lease Accounting Implementation Trends in 2021
Read about major lease accounting standard trends in 2021.