Digital assets practice aid
During January 2022, the AICPA and CIMA released a practice aid addressing accounting for and auditing of digital assets. The practice aid provides nonauthoritative guidance that is specific to U.S. generally accepted accounting principles and generally accepted auditing standards and is based on existing professional literature and the experience of members of the Digital Assets Working Group.
ESG-related matters practice aid
On Dec. 5, 2021, the AICPA and CIMA released a new practice aid, “Considerations of ESG-Related Matters in an Audit of Financial Statements.” The practice aid addresses the responsibilities of management, those charged with governance, and the auditor when considering climate-related matters in an audit of financial statements.
Healthcare TQA
During February 2022, the AICPA issued new Technical Question and Answer (TQA) 6400.71, “Accounting by a Recipient Entity for Vaccines or Other Pharmaceuticals, Medical Supplies, or Equipment Received for Distribution to Specified Patients.” The TQA provides nonauthorative accounting guidance about whether nongovernmental healthcare entities that receive vaccines or other pharmaceuticals, medical supplies, or equipment free of charge to dispense to specific patients can record contributed nonfinancial assets at the fair value for the items received. The TQA also provides a framework to consider for each program.