To help auditors in the CPA community, the AIPCA peer review staff publishes PR Prompts, a newsletter with information for firms providing audits, review, compilations, and other attestation services.
The newsletter is unbranded and AICPA gives explicit permission to peer reviewers to put their logo and branding information on the newsletter. Those of us who are peer reviewers have specific permission to send it to our clients.
The following comments are provided to you courtesy of the AICPA. I gratefully acknowledge their work in preparing this info and gladly share it with you.
For ease of reading, I will not put all the following material in quotations.
One section of the newsletter provides background on new accounting rules that will be required in the near term:
PR Prompts – Fall 2021:
Upcoming accounting standards updates (ASUs) not-for-profits (NFPs) should be familiar with at the end of 2021
The following is a summary of FASB ASUs with initial effective dates for most NFPs beginning in calendar-year 2021 and for 2020-2021 fiscal year-ends, or with effective dates that were deferred to 2021. Also, summarized are ASUs on the horizon with effective dates for most NFPs in 2022 and later. Additional information and guidance related to a number of these ASUs can be found in this AICPA article.…