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A&A news from around the web: Jan. 7 – 11, 2019

Written on May 1, 2020

AICPA finalizes omnibus statement on auditing standards
The AICPA’s Auditing Standards Board voted to issue a final version of its Statement on Auditing Standards, Omnibus Statement on Auditing Standards—2019, to align its guidance more closely with that of the PCAOB.

GAAP updates affecting credit documents: New revenue recognition and lease accounting standards
FASB recently implemented two new rules under GAAP that may affect credit agreements, including the way a company calculates EBITDA and total liabilities when determining compliance with financial covenants. Although these new rules had been outstanding for a while, they are just starting to take full effect.