6 key areas of change for accountants and auditors

Other challenges include: * FASB's new credit loss standard, which is one of the most demanding implementation efforts that financial institutions have ever faced. * New GASB rules related to accounting for other postemployment benefits (OPEB), which primarily consist of employee health care. *The PCAOB's new auditor's reporting model requirements. * A new standard on going concern for nonpublic audits, issued by the AICPA Auditing Standards Board (ASB). [...]if it results in boilerplate, I'll be really bummed out." Because this is such an important evolution, the Center for Audit Quality recommends that audit committees ask audit firms about their plans to develop a firm methodology for identifying and communicating critical audit matters. GOING CONCERN In recent years, FASB and GASB have issued standards addressing management's responsibilities for assessing going concern, and the International Auditing and Assurance Standards Board has revised its going concern standard as part of its revised auditor reporting standards. Tysiac@aicpa-cima.com or 919402-2112. * RESOURCES Webpages AICPA Accounting for Credit Losses webpage, aicpa.org/creditlosses AICPA Accounting for Leases webpage, aicpa.org/leases AICPA Governmental Audit Quality Center, aicpa.org/gaqc AICPA Revenue Recognition webpage, aicpa.org/revenuerecognition Center for Audit Quality webpage, "The Auditor's Report: Considerations for Audit Committees," thecaq. org/auditors-report-considerations-audit-committees FASB Transition Resource Group for Credit Losses webpage, tinyurl.com/ydxmldzg