Auditing Standards Board Voting to Defer New Auditing Standards

The AICPA Auditing Standards Board will be holding a special open meeting on April 20 to discuss and vote on balloting for issuance of a final standard that would defer the effective date of Statements on Auditing Standards (SAS) Nos. 134-140. These standards include SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA.

The current effective dates of these SASs are for audits of financial statements for periods ending on or after December 15, 2020. The proposal to defer the effective date would be for audits of financial statements for periods ending on or after December 15, 2021. Earlier implementation would be permitted.

The AICPA Auditing Standards Board is considering to defer such SASs to help auditors and their clients focus on the many accounting and auditing challenges expected related to COVID-19 Financial Reporting Considerations and the implementation of the Benefit Plan Provisions of CARES Act.