How To Develop Your Skill For Great Success And Happiness Including Become CPA? | Additional special tips From Admin
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ASB formally issues deferral of effective dates
The AICPA Auditing Standards Board (ASB) formally extended the effective dates of seven new auditing standards Friday with the issuance of Statement on Auditing Standards No. 141, Amendment to the Effective Dates of SAS Nos. 134–140.
The ASB concluded that audit firms will be able to proceed with a more thorough and orderly implementation when their challenges with operating during the coronavirus pandemic subside.
The standards primarily relate to significant changes the ASB has made to the auditor’s report to enable enhanced communication to users of the financial statements. The ASB voted on April 20 to defer the effective dates out of a belief that it is in the public interest to:
SAS No. 141 became effective upon issuance.
“Effective implementation of auditing standards, especially these involving significant changes to the auditor’s report, is of paramount importance to the public interest,” AICPA Chief Auditor Bob Dohrer, CPA, CGMA, said. “The deferral of the effective dates of these SASs by one year will allow those firms facing the challenges of dealing with COVID-19 pandemic after-effects to focus on effective implementation next year when hopefully the distractions caused by the pandemic will have lessened.”
For more news and reporting on the coronavirus and how CPAs can handle challenges related to the pandemic, visit the JofA’s coronavirus resources page.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.
Research & References of ASB formally issues deferral of effective dates|A&C Accounting And Tax Services
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A note for you if you pursue CPA licence, KEEP PRACTICE with the MANY WONDER HELPS I showed you. Make sure to check your works after solving simulations. If a Cashflow statement or your consolidation statement is balanced, you know you pass right after sitting for the exams. I hope my information are great and helpful. Implement them. They worked for me. Hey.... turn gray hair to black also guys. Do not forget HEALTH?
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