FASB Members Favor Convergence with IAS 1, IAS 10


FASB members favor shifting to international rules for an auditor’s evaluation of an entity’s ability to function as a going concern. The rules under U.S. GAAP would converge with the International Accounting Standards Board’s International Accounting Standard (IAS) 1, Presentation of Financial Statements, and IAS 10, Events after the Balance Sheet Date, supplemented by the disclosure requirements in Statement on Auditing Standards no. 1, Codification of Auditing Standards and Procedures, and AU section 341, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern.

The board also decided that the guidance should converge with IAS literature with respect to the time horizon for the going concern assessment. FASB will issue exposure drafts of the new guidance with a 60-day comment period. For information, visit www.fasb.org.

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

QUIZ

News quiz: Senate health care bill in the spotlight

Reports related to the Republican bill to repeal many provisions of the PPACA, other tax issues, and the giant AICPA ENGAGE Conference offered a diverse reading list for June. See how much you know about recent news with this short quiz.