Accounting and Audit Updates: Standards, Estimates, AI Impact

Accounting and finance teams continue to manage evolving accounting standards, audit expectations, documentation requirements, employee benefit plan rules, and new AI use cases. In this episode of The Bottom Line, PYA's Kathryn Good and Tim Partridge discuss practical considerations related to lease accounting, auditor risk assessment, credit loss estimates, revenue recognition, controls over accounting estimates, Secure 2.0 provisions, and the responsible use of AI in accounting workflows. The discussion covers ASC 842 lease accounting, SAS 145 risk assessment and IT general controls, ASC 326 current expected credit losses, ASC 606 revenue recognition, internal controls over estimates, and selected Secure 2.0 implementation considerations. The presenters also explain how AI can support contract review, general ledger analysis, model documentation, and data review while emphasizing the need for human validation, data privacy, and appropriate IT controls.