Audit & Accounting

The Governmental Accounting Standards Board has released finalized guidance on accounting and financial reporting issues related to fair value measurements, primarily applying to investments made by state and local governments.

To help professionals assess their options, the AICPA will hold a March 5 webcast, Understanding the Impact of Legalized Marijuana on the CPA Profession. A panel of experts from the AICPA, as well as representative from Aon Corp., will discuss implications from an ethics, tax, auditing and attest services, and insurance standpoint.

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The American Institute of CPAs’ Auditing Standards Board has issued a new attestation standard for agreed-upon procedures engagements related to asset-backed securitizations.

KPMG has received a U.S. President's Volunteer Service Award from Junior Achievement USA (JA), achieving a 'Gold Level' status for providing over 15,000 hours of volunteer service globally for the 2013-2014 year.

The Financial Accounting Foundation’s board of trustees is reaching out for comments on how well the Private Company Council has been performing.

Barry MacQuarrie of Cloud Accounting Connects and SocialCPAs is surveying accountants about their use of cloud technology.

Stavros Thomadakis became chair of the International Ethics Standards Board for Accountants in January, leading a board under the auspices of the International Federation of Accountants that oversees a global ethics code for the accounting profession.

The determination of fair value of machinery and equipment assets for financial reporting purposes should include the consideration of three forms of depreciation: physical, economic and functional.

The American Institute of CPAs is expressing support for a proposed accounting standards update that would require investment companies that act as “feeder funds” for other investment companies to provide better disclosures of those investments on their financial statements.