Accounting
On the move: Whitley Penn names next CEO
Jean Bouquot, previously deputy president, was elected president of the International Federation of Accountants to serve a two-year term through November 2026, and Taryn Rulton was elected deputy president. The IFAC also appointed to the board: Josephine Su Han Phan, Michael Niehues, Patricia Stock, Mark Vaessen, Lei Yan and Ahmad Almeghames. (Read the
Comedian Lil Wenker announced she is touring her solo show, “Bangtail,” a clown western about a cowboy-turned-accountant searching for his purpose, based on her accountant father, which includes a performance Nov. 22 in New York.
The Public Company Accounting Oversight Board posted a new “
AS 2310, The Auditor’s Use of Confirmation, and Other Amendments to PCAOB, replaces an interim standard, AS 2310, The Confirmation Process, and is effective for audits of financial statements for fiscal years ending on or after June 15, 2025. The results of the knowledge checks are anonymous, and the PCAOB staff will not publicize results or use them in its oversight activities.
This knowledge check is the latest in a series of resources, including staff presentations, to help auditors prepare for implementation. Earlier this month, the PCAOB posted another
More implementation resources on AS 2310 and other PCAOB standards and rules can be found at the
The International Accounting Standards Board issued an update Thursday to the International Financial Reporting Standard for Small and Medium-sized Entities Accounting Standard which aims to balance the needs of leaders and users of SMEs’ financial statements with resources available to SMEs.
The standard, currently required or permitted in 85 jurisdictions, defines SMEs as entities without public accountability that prepare general purpose financial statements.
A result of a periodic and comprehensive review of the standard, the update includes:
- a revised model for revenue recognition;
- bringing together the requirements for fair value measurement in a single location; and,
- updating the requirements for business combinations, consolidations and financial instruments.
“The update to the IFRS for SMEs Accounting Standard will improve the information provided to users of SMEs’ financial statements while maintaining the simplicity of the standard,” said IASB chair Andreas Barckow in a statement.
This update is effective for annual periods beginning on or after Jan. 1, 2027, with early application permitted.
The update aims to balance the needs of users of SMEs’ financial statements with resources available to SMEs.
PCAOB quizzes auditors on new confirmation standard
IASB updates IFRS for SMEs Accounting Standard
IASB updates IFRS for SMEs Accounting Standard
New 2023 K-1 instructions stir the CAMT pot for partnerships and corporations
The Essential Practice of Bank and Credit Card Statement Reconciliation
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