Pittsburgh, USA

Going Concern Considerations in a COVID World

By Jeffrey A. Ford, Grossman Yanak & Ford LLP

Assessing an entity’s ability to continue as a going concern can be challenging even in the best of times. Assessing this in the midst of the COVID pandemic may present additional uncertainties. Nevertheless, auditors and management are required to assess if substantial doubt exists regarding a company’s ability to continue as a going concern for at least twelve months past issuance of financial statements.

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Sao Paulo, Brazil

Accounting-Audit New Opportunities Amid COVID-19 Crisis

By Seres Baum, WGI – Work Group International

The COVID-19 pandemic has transformed the ways and behaviours of people all around the world. The social distancing measures that were implemented to prevent the contagion of the disease, or to modify the timeline of the contagion curve, enhanced some trends that did not seem so obvious.

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Impairment of Assets under COVID-19: Mind the GAAP

By Tanvi Gupta, Ashwani & Associates, Chartered Accountants

We are living through one of the most challenging times in recent history with the COVID-19 pandemic impacting businesses globally and causing turbulence of an unimaginable scale. The resultant effect, worldwide, has led to many entities experiencing significant shifts in demand and supply curves and decline in their market capitalisation. Given the forceful impact of the pandemic, entities need to address whether a triggering event necessitating testing for impairment of its assets has arisen for financial reporting.

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Audit Risks in a COVID-19 Environment

By Tom Parry, Navolio & Tallman LLP

As auditors plan audits of clients with 2020 fiscal year-ends, they will need to consider how the clients have been affected by the pandemic. The US Auditing Standards Board has identified four areas that may present heightened risks for auditors:

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Statue in Paris wearing a surgical face mask

Tax and Fiscal Policy in Response to the Economic Crisis in France after the Lockdown

By Carole Hong Tran, FIDAG SARL

In a post-crisis environment, businesses are increasingly exposed to solvency risks, in addition to liquidity risks, as the crisis continues. Through many immediate decisions, the French government is trying to limit the adverse impacts on the economy and to help businesses stay afloat. Maintaining business cashflow has been a core goal of the fiscal policy measures which have included:

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Pittsburgh, USA

US GAAP Simplification of Accounting for Stock Compensation

By Jeffrey A. Ford, Grossman Yanak & Ford LLP

The FASB ASU 2016-09, Improvements to Share-Based Payment Accounting, simplified several aspects of accounting for share-based payment awards (SPAs) to employees. Here, we focus on those simplifications related to forfeitures, excess tax benefits and tax deficiencies, statement of cash flows classification, and practical expedients for non-public companies. This guidance does not apply to awards to nonemployees.

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Determining Risk Assessment in a Financial Statement Audit

By Ira M. Talbi, Prager Metis International LLC

The American Institute of Certified Public Accountants (AICPA) issues, as necessary, Statements on Auditing Standards (“SAS”). Of the current total of 130+ SAS, numbers 104 to 111 are collectively referred to as the Risk Assessment Standards (“RAS”) and have been in effect since December 2006.

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Brussels, Belgium

New ISA 315: Be Prepared for a Still More Complex Audit Model

By Prof Dr Michel De Wolf, DGST Réviseurs d’entreprises

With the consent of the Public Interest Oversight Board, the International Auditing and Assurance Standards Board (IAASB), at the end of 2019, approved a revised International Standard on Auditing: “Identifying and assessing the risks of material misstatement”. Remarkably, only 15 of its 18 present members carried an affirmative vote in favour of the new standard 1 (see footnote below).

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Arc de Triomphe - Paris, France

New Audit Thresholds Leading to New Audit Standards Applied to SMEs in France

By Carole Hong Tran and Dominique Le Roi, FIDAG SARL

In France, since the introduction of the new law on audit thresholds adopted in May 2019, a number of SMEs are now exempt from statutory audit. A new audit mission has therefore been designed especially for those still wishing to have their annual accounts certified by an auditor, known as Audit Légal des Petites Entreprises (“ALPE”), which offers the following advantages:

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Lombard Street, San Francisco, California

AICPA Issues New Description of the Concept of Materiality

By Tom Parry, Navolio & Tallman LLP

The AICPA Auditing Standards Board (ASB) has issued a Statement on Auditing Standards (SAS) No. 138, Amendments to the Description of the Concept of Materiality. The ASB’s description of the concept of materiality has been consistent with the definition used by the International Accounting Standards Board (IASB) and the International Auditing and Assurance Standards Board (IAASB). Following the decision by the Financial Accounting Standards Board (FASB) in August 2018 to return to its original definition of materiality, which was in effect from 1980 until 2010, this amendment aligns the definition with the description of materiality used by the US judicial system, the Public Company Accounting Oversight Board, the US Securities and Exchange Commission, and the FASB.

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