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2021 Compliance Supplement | OMB | COVID Relief

https://www.schneiderdowns.com/our-thoughts-on/omb-2021-compliance-supplement
The 2021 Compliance Supplement is effective for audits of fiscal years beginning after June 30, 2020. This Supplement has been updated for funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Coronavirus Response and Relief Supplemental Appropriations (CRRSAA) Act, along with part of the Compliance Supplement for ...

IRS | Notice 2017-73 | Donor Advised Funds

https://www.schneiderdowns.com/our-thoughts-on/internal-revenue-service-seeking...
Internal Revenue Service Seeking Comments on Proposed Changes to Donor Advised Funds. On December 4, 2017, the Internal Revenue Service (IRS) issued Notice 2017-73, wherein the agency describes the approaches its considering in addressing certain issues regarding donor advised funds (DAFs). The notice discusses three specific situations:

Blockchain | Internal Audit - Schneider Downs

https://www.schneiderdowns.com/our-thoughts-on/managing-risks-of-tech-emerging-as...
Risk Advisory/Internal Audit, Technology. by Greg Poynton. share with a colleague Download PDF. Blockchain, the latest buzzword thats made its way into mainstream media and executive boardrooms alike, is providing real solutions to real world problems. A digital, distributed (decentralized) and immutable database with seemingly endless ...

ASU 2014-02 | Goodwill Amortization | Not-for-Profit ...

https://www.schneiderdowns.com/our-thoughts-on/for-profit-elect-amortize-goodwill-not...
In January 2015, the AICPA Not-for-Profit Entities Expert Panel issued nonauthoritative guidance to assist for-profit subsidiaries of not-for-profit entities in determining whether they are permitted to elect to amortize goodwill as permitted by FASB ASU No. 2014-02, Intangibles Goodwill and Other. The guidance contained in Q&A Section 6140 ...

Apache Log4j | Log4Shell | Cybersecurity

https://www.schneiderdowns.com/our-thoughts-on/apache-log4j-update
Apache released Log4j version 2.15.0 in a security update to address this vulnerability. However, in order for the vulnerability to be remediated in products and services that use affected versions of Log4j, the maintainers of those products and services must implement this security update. Users should refer to vendors for security updates.

Revenue Recognition Standard Disclosure | Pittsburgh CPA Firm

https://www.schneiderdowns.com/our-thoughts-on/revenue-recognition-disclosure-construction
Topic 606 provides a five-step model for recognizing revenue from contracts: Identify the contract with the customer. Identify the performance obligations within the contract. Determine the transaction price. Allocate the transaction price to the performance obligations. Recognize revenue when (or as) the performance obligations are satisfied.

Revenue Recognition ASU 2014-09 | Pittsburgh Audit Firm

https://www.schneiderdowns.com/our-thoughts-on/recognizing-revenue-asu-201409-software...
ASU 2014-09, Revenue from Contracts with Customers, will have a significant effect across all industries; however, the software industry is likely to see situations in which revenue may be recognized earlier upon implementation of the new standard. The following example of a software license sale illustrates this situation.

PCAOB | Audit Standard Update - Tax | Accounting | Audit

https://www.schneiderdowns.com/our-thoughts-on/pcaob-adopts-new-standard-on-auditing...
The Public Company Accounting Oversight Board (PCAOB) adopted a new standard on auditing accounting estimates. The standard is in response to the increasing use and significance of accounting estimates in the preparation of financial statements. The new changes enhance existing audit approaches and are intended to promote consistency in ...

PCAOB Form AP | Release Number 2015-004 | Public Companies ...

https://www.schneiderdowns.com/our-thoughts-on/pcaob-form-ap-auditor-reporting
The PCAOB is considered a filing deadline of 30 days after the date of the auditors report for the Form AP, and a 10-day deadline for initial public offerings. Form AP would not be required to be filed in conjunction with quarterly reviews, only completed audits. Comments on the proposed rule are due to the PCAOB by August 31, 2015.

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