This episode focuses on FASB ASU 2022-04 concerning disclosure of supplier finance program obligations and AICPA SAS No. 145 concerning risk assessment.
- FASB ASU – 2022-04, Liabilities – Supplier Finance Programs
- Addresses disclosure of supplier finance program obligations
- Effective for fiscal years beginning after Dec. 15, 2022
- AICPA SAS No. 145 — Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
- Provides guidance and revised definitions that enable auditors to improve the risk assessment process and their own audit quality
- Effective for financial statements periods ending on or after Dec. 15, 2023