ASB Issues Proposed Standard on Subsequent Events


The Auditing Standards Board has issued Proposed Statement on Auditing Standards, Subsequent Events and Subsequently Discovered Facts. The proposal would supersede AU sections 530, Dating of the Independent Auditor’s Report, 560, Subsequent Events, 561, Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report, and paragraphs .71–.73 of AU section 508, Reports on Audited Financial Statements.

 

The proposed SAS represents the redrafting of the superseded SASs to apply the ASB’s clarity drafting conventions and to converge with International Standard on Auditing (ISA) 560, Subsequent Events. Comments are due July 15.

Where to find January’s flipbook issue

Starting this month, all Association magazines — the Journal of Accountancy, The Tax Adviser, and FM magazine (coming in February) — are completely digital. Read more about the change and get tips on how to access the new flipbook digital issues.

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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.