Keeping Up With Accounting and Auditing Standards
Standards: Finding the time to stay on top of new standards can be difficult. The PCPS team works to provide you with quick access to new standards relevant to your firm, along with materials to assist you in their implementation and communication.
Advocacy: The PCPS Technical Issues Committee works diligently to provide the small-medium size firm perspective in the standard-setting process. If you have questions, local firm advocacy issues or suggestions for TIC, let us hear your voice and email us.
PCPS Technical Toolkits
These toolkits were developed as resources to support you in the implementation of newer standards and the communication of these standards within your firm and to your clients.
Center for Plain English Accounting
CPEA is the AICPA’s national A&A resource center, available exclusively to members of the Private Companies Practice Section. The CPEA’s team of experts assists member firms in understanding and implementing accounting, auditing, review, compilation, and quality control standards by sharing technical advice and guidance in a straight-forward manner. CPEA professional staff provide A&A support by describing “how to do” what you “need to do” in implementing the authoritative literature.
Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs)
The AICPA has issued its Financial Reporting Framework for Small- and Medium-Sized Entities. The FRF for SMEs™ accounting framework is designed for America's small business community. It delivers financial statements that provide useful, relevant information in a simplified, consistent, cost-effective way. The FRF for SMEs™ framework may be used when GAAP financial statements are not required.
FASB Revenue Recognition Standard
FASB ASU 2014-09, Revenue from Contracts with Customers, was issued in May 2014 with numerous subsequent updates. ASU 2014-09 will affect the financial reporting of a significant number of entities as it replaces current GAAP revenue recognition with a principle-based approach. Public entities are required to adopt the new standard for reporting periods beginning after December 15, 2017. Nonpublic entities have an extra year to adopt. Early adoption is permitted for annual reporting period beginning after December 15, 2016.
FASB Leases Standard
On November 11, 2015, the FASB voted to proceed with finalizing a new lease accounting standard. The final Accounting Standards Update (ASU) was published in February 2016. The standard has the potential to affect every entity’s financial reporting. The core principle of the new leases standard is that lessees should recognize assets and liabilities arising from all leases, except for leases with a lease term of 12 months or less. This will significantly gross-up many entities balance sheets. Public entities are required to adopt the new leases standard for reporting periods beginning after December 15, 2018. Nonpublic entities have an extra year to adopt. Early adoption is permitted.
Technical & Advocacy Resources
PCPS Technical Issues Committee (TIC) Advocacy
TIC monitors technical developments that could significantly affect private companies and the firms that serve them. When standards are written, TIC submits informed comments and recommendations in support of small-medium size firms.
Standards
One central location to access the standards and statements that the AICPA develops, issues and enforces including (but not limited to) Audit and Attest Standards, Code of Professional Conduct, Compilation and Review Standards.
Other Helpful Resources
Compilation and Review Services
The resources and information in the this area will be helpful tools in providing compilation and review services and will help you understand and stay informed of new developments.
Recently Issued Technical Questions and Answers
Recently issued technical staff questions and answers can be found here.
AICPA Technical Hotline
If you’re looking for a place to turn when it comes to matters involving professional judgment, then contact the Technical Hotline where a team of experts will help answer your questions by phone. From accounting and financial reporting issues, audit and attest engagements, and everything in between, the team answers thousands of calls each year.
