Professional Standards
The Professional Standards Committee responds to exposure drafts issued by accounting and auditing standard setting bodies. The Professional Standards Committee invites members to submit comments to the committee in its deliberations on exposure drafts of accounting or reporting standards.
Objective: The objective of the committee is to respond to exposure drafts of the GASB, the FASB, the SEC, the AICPA, and any other accounting and auditing standard setting body that has an impact on the practice of accountancy in Texas. It is responsible for all phases of the response process including identifying exposure drafts assigning responsibility to draft comment letters, monitoring the progress of projects, establishing standard of quality and clearance and assuring that those standards are met.
Staff liaison: Jerry Cross, CPA
Exposure draft responses
- AICPA PEEC ED, Proposed revised interpretations and definition: Loans, acquisitions, and other transactions
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PCAOB Rulemaking Docket Matter No. 042 (Release No. 2021-005)
Second Supplemental Request for Comment: Proposed Amendments Relating to the Supervision of Audits Involving Other Auditors and Proposed Auditing Standard
View proposal | View TXCPA comment letter
- AICPA PEEC Proposed Revised Interpretation, Unpaid Fees
- AICPA PEEC ED, Accounting Standards Implementation Services
- AICPA ASB - Quality Management Standards
- GASB - Accounting Changes and Error Corrections
- AICPA Auditing Standards - Inquiries of the Predecessor Auditor Regarding Fraud and Noncompliance With Laws and Regulations
- AICPA Professional Ethics - Responding to Noncompliance With Laws and Regulations
- GASB - Recognition of Elements of Financial Statements
- GASB - Financial Reporting Model Improvements
- FASB Proposed Accounting Standards Update, Intangibles-Goodwill and Other (Topic 350); Accounting Alternative for Evaluating Triggering Events
- GASB Proposed Implementation Guidance Update 2021
- FASB - Proposed Accounting Standards Update, Leases (Topic 842), Targeted Improvement
- AICPA ASB Exposure Draft - Proposed Statement on Auditing Standards Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
- FASB - EDs, Franchisors — Revenue from Contracts with Customers (Subtopic 952-606)
- FASB - Conceptual Framework for Financial Reporting
- Proposed Revised Interpretation: Records Requests
- GASB - Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements: Notes to Financial Statements
- GASB - Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and Coronavirus
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AICPA ASB Proposed Statement on Auditing Standards, Amendments to AU-C Sections 725, 730, 930, 935, AND 940
Proposal no longer available | View TXCPA comment letter
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AICPA ASB - Proposed Statement on Auditing Standards- Auditing Accounting Estimates and Related Disclosures
Draft no longer available. | View TXCPA comment letter
- FASB - Proposed Accounting Standards Update, Debt (Topic 470), Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent)
- AICPA Auditing Standards Board - Proposed Statement on Auditing Standards: Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes from SAS No. 134
- FASB - Proposed Accounting Standards Update, Reference Rate Reform (Topic 848)
- GASB Public-Private and Public-Public Partnerships and Availability Payment Arrangements
- GASB - Internal Revenue Code Section 457 Deferred Compensation Plans That Meet the Definition of a Pension Plan and Supersession of GASB Statement 32
- GASB - No. 38 Subscription-Based Information Technology Arrangements
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AICPA ASB - Supersedes Statement on Auditing Standards [SAS] No. 122, Statements on Auditing Standards: Clarification and Recodification
Draft no longer available | View TXCPA comment letter
- AICPA Auditing Standards Board - Amendments to The Description Of The Concept Of Materiality
- FASB - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative
- FASB - Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes
- FASB - Accounting Standards Update, Income Taxes (Topic 740)
- GASB - Proposed Implementation Guide - Leases
- FASB - Proposed Accounting Standards Update on Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606)
- FASB Exposure draft Proposed Accounting Standards Update, Intangibles- Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities (Topic 958)