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June 26th release notes
What's new
- Expanded CECL Guidance. YourPractice Aidsexpand the guidance on ASU 2016-13,Financial Instruments—Credit Losses (Topic 326):Measurement of Credit Losses on Financial Instruments (CECL). ASU 2016-13, as deferred, was effective for entities that are not public business entities for years beginning after December 15, 2022, including interim periods within those fiscal years.
- Enhanced Practical Guidance. YourPractice Aidsprovide enhanced practical guidance to aid in your risk assessment process performed following the requirements of SAS No. 145,Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. This edition of your practice aids build upon the guidance provided last year to identify significant classes of transactions, account balances, or disclosures, as well as understand the entity’s system of internal control under SAS No. 145, and incorporates additional guidance based on feedback from practitioners implementing SAS No. 145.
- Focus on Audit Quality. Improving audit quality continues to be of interest to standard setters and practitioners. Recent auditing standards, such as SAS No. 145 and SAS No. 143,Auditing Accounting Estimates and Related Disclosures, place particular focus on executing quality audit procedures through all phases of the audit to perform an audit that appropriately assesses and addresses the risks of material misstatement. YourPractice Aidsequip you with the best available practical guidance and tools to comply with relevant standards.
- Comprehensive Up-to-date Disclosure Checklist. The most effective way to ensure the entity’s financial statements properly disclose all the required information is to use our comprehensive disclosure checklist. The disclosure checklist for financial institutions has been completely updated for the many ASUs issued since the last edition of your practice aids.
This article applies to:
- PRODUCT: Guided Assurance