AUDIT G ACCOUNTING DELAYS EVERYWHERE.

In case you missed it, several effective dates were delayed due to the pandemic. Here's a quick summary:

* Revenue Recognition: ASC 606 was to be implemented for calendar 2019 for non-public clients. After the national emergency was declared, FASB provided an election for entities that had not yet issued their 2019 financial statements to delay the implementation of ASC 606 until 2020. However, if the 2019 financial statements had been issued, there was no going back.

* Leases: ASC 842 (for non-public companies) requiring capitalization of most leases was delayed to accounting years beginning after Dec. 15 unless it was early implemented. In other words, entities must implement ASC 842 for their calendar 2022 financial statements.

* Credit losses rules: ASC 326 is now delayed to years beginning after Dec. 15, 2022. In other words, calendar 2023 financial statements.

* New Audit Report Standards: SAS 134-140 is becoming effective this year. If you perform audits, then you will need to get to a class to understand the reasoning and implementation, These SAS are effective for all audit reports issued after Dec. 15. In other words, calendar 2021 financial statements.

* New ERISA Audit report and procedures: SAS 136. The ERISA audit report will be completely different for calendar 2021 audits. While ERISA still uses the term "Limited-Scope audit," our professional literature is changing the nomenclature to "ERISA Sec. 103(a)(3)(C) audit." If you audit ERISA financial statements, get to a CPE class, stat!

For more updates from CalCPA's Accounting Principles and Auditing Standards Committee, see Page 12.

--CalCPA AP&AS Committee Member Mark F, Wille

ACCOMPLISHMENTS

Francisco Martinez Jr. (BPM, Inc.; California State University) is a recipient of the 2021 George Willie Ethnically Diverse Student Scholarship and Internship Program.

MEMBERS INTHE NEWS

The July 17 San Diego Union-Tribune published Stuart R.Josephs' letter to the editor objecting to the San Diego League of Women Voters urging the City Council to propose the repeal of the 1919 People's Ordinance ... An Aug. 23 AccountingToday article on IRS delays quoted Rob Seltzer and Brian Stoner ... AccountingToday quoted Suzanne Holl in an Aug. 26 article about new risks piling up for accountants ... CNN quoted Mary Geong in an Aug. 27 article about financial aspects of becoming a landlord.

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