FASB – mabstac

Big Changes to “Limited Scope” Audits

The Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) changed the audit standards applicable to audits of financial statements of employee benefit plans subject to ERISA. These standards impact what is currently known as “limited scope audits.” Now, the limited scope audit will no longer be an option, but will

FASB’s ASU No. 2016-14 Not-for-Profit Entities (Topic 958)

In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14) to make improvements to information presented on nonprofit (NFP) financial statements. FASB’s goal was to update the current nonprofit reporting model, by improving the readability and transparency of financial statements. The ASU was effective for fiscal years beginning after December 15,