87: A&A Update with Brad Muniz – 10/19/21

Take 10 minutes to get an update on the latest accounting and auditing news from the FASB, AICPA and PCAOB. FASB updates are related to revenue recognition, fair value and equity security sale restrictions, the 2022 GAAP financial reporting taxonomy and the results of a recent Private Company Council meeting. Other topics include the AICPA’s proposed changes to peer review, PCAOB staff guidance on audit evidence and PCAOB’s move to strengthen the lead auditor’s oversight of other auditors. FASB Proposes Improvement to Fair Value Guidance for Equity Securities - https://www.fasb.org/cs/Satellite?c=FASBContent_C&cid=1176177298509&pagename=FASB%2FFASBContent_C%2FNewsPageProposed Technical and Other Conforming Improvements for the 2022 GAAP Financial Reporting Taxonomy - https://www.fasb.org/cs/ContentServer?c=Document_C&cid=1176177632103&d=&pagename=FASB%2FDocument_C%2FDocumentPageProposed Changes to AICPA Standards for Performing and Reporting on Peer Reviews - https://www.aicpa.org/content/dam/aicpa/research/exposuredrafts/peerreview/downloadabledocuments/pr-clarified-standards-ed.pdfEvaluating Relevance and Reliability of Audit Evidence Obtained from External Sources - https://pcaob-assets.azureedge.net/pcaob-dev/docs/default-source/standards/documents/evaluating-relevance-and-reliability-of-audit-evidence-obtained-from-external-sources.pdf?sfvrsn=48b638b_6PCAOB Solicits Additional Public Comment on Proposed New Requirements for Lead Auditor’s Use of Other Auditors - https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-solicits-additional-public-comment-on-proposed-new-requirements-for-lead-auditor-s-use-of-other-auditorsAttend the Accounting & Auditing Conference, Nov. 9 - https://njcpa.org/conferencesJoin the Accounting & Auditing Standards Interest Group – https://njcpa.org/groups