|FASB ASU No. 2016-02, Leases Released
On February 25, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-02, Leases. The standard will will require that lessees record nearly all leases on the balance sheet.
Lessors will see some changes too, largely made to align with the
revised lessee model and the FASB's new revenue recognition guidance
More information is available in the AICPA's Leases area of the Financial Reporting Center.
|Clarified Auditing Standards and PCAOB Standards
The AICPA has developed a member benefit resource, included with AICPA Guide publications, which identifies PCAOB standards, or sections of PCAOB standards, that broadly correspond with the clarified auditing standards promulgated by the Auditing Standards Board of the AICPA and contained in Professional Standards. Although, the underlying content within the clarified standards and PCAOB standards may not be analogous, this document should be helpful to practitioners as a general comparison tool. In using this resource, the AICPA encourages users to review the full text of the corresponding PCAOB standards, review the related releases (available in the AICPA’s publication PCAOB Standards and Related Rules or at www.pcaobus.org) and use professional judgment to identify all guidance applicable to their engagements.