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

Get your clients ready for tax season

Upon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.