Audit Risk Alert: General Accounting and Auditing Developments 2019/2020

✍ Scribed by AICPA

• Publisher: John Wiley & Sons
• Year: 2020
• Tongue: English
• Leaves: 93
• Category: Library

✦ Synopsis

This alert provides auditors with an overview of recent economic, industry, technical, regulatory, and professional developments that may affect how auditors conduct audits and other engagements. An entity’s internal management can also use this alert to address areas of audit concern. Updates include: Economic and Industry Developments Legislative and Regulatory Developments Audit and Attestation Issues and Developments Revenue Recognition New Lease Standard Accounting for Financial Instruments Recent AICPA Independence and Developments

✦ Table of Contents

Audit Risk Alert: 2019/20 | General Accounting and Auditing Developments
Notice to Readers
Recognition
Feedback
Table of Contents
How This Alert Helps You
Economic and Industry Developments
The Current Economy
Key Economic Indicators
Executive Review of Top Risks for 2019
Legislative and Regulatory Developments
Tax Cuts & Jobs Act
Inspections of Broker-Dealers
Audit and Attestation Issues and Developments
The AICPA Enhancing Audit Quality Areas of Focus
Emerging Technologies: What Practitioners Need to Know
Auditing Standards Board
Accounting and Review Services Committee
Select Matters Identified in Peer Reviews
Revenue Recognition
Overview
Effective or Applicability Date
Overview of the New Guidance
Understanding the Five-Step Process
Additional Guidance Under the Standard
Latest Developments
Conclusion
Reporting Under the New Leases Standard
Issuance and Objective
Applicability and Effective Dates
Main Provisions
Lessee
Lessor
Sale and Leaseback Transactions
Leveraged Lease Arrangements
Subsequent Developments
Accounting for Financial Instruments
Overview
Applicability and Effective Date
Latest Developments
Impairment
Hedge Accounting
Other Accounting Issues and Developments
ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities
ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606
Recent AICPA Independence and Ethics Developments
AICPA Professional Ethics Division: Information System Services
AICPA Professional Ethics Division: State and Local Government Client Affiliates
Independence Interpretation on Hosting Services
Recent Pronouncements at a Glance
Recent Auditing and Attestation Pronouncements and Guidance
Recent Accounting and Financial Reporting Guidance
Recently Issued Technical Questions and Answers
On the Horizon
Auditing and Attestation Pipeline — Nonissuers
Auditing and Attestation Pipeline — Issuers
Accounting and Financial Reporting Pipeline
Independence and Ethics Pipeline
Resource Central
Publications
Continuing Professional Education
Webcasts
Member Service Center
Hotlines
Industry Websites
EULA