2013

Center for Plain English Accounting Resources - 2013 

The Plain-English reports from 2013 cover accounting, financial reporting, audit, compilation, review, and other A&A topics that our CPEA members need to know about.

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CPEA Special Report Considering PCC Alternatives Within U.S. GAAP

Report As the FASB moves forward in finalizing Private Company Council [PCC] alternatives within U.S. GAAP that may be elected for use in efforts to simplify private company financial reporting, preparers of financial statements need to consider whether the alternatives that will be available should be used in their financial statements.
Published on December 23, 2013

FASB ASC 470 Debt Modifications Extinguishments and Compliance

Report Due to the current economic environment and interest rates remaining near all-time lows, over the past few years, many reporting entities have and currently are in the process of renegotiating long term debt arrangements.
Published on December 18, 2013

The Clarified Auditing Standards Focusing on Some Initial Peer Review Findings

Report As auditors begin planning and performing calendar-year 2013 financial statement audits, they will be in the second cycle of using the new authoritative guidance that became effective for audits of financial statements for periods ending on or after December 15, 2012.
Published on December 18, 2013

Addressing Some Going Concern Issues Guidance for Audits, Reviews, and Compilations

Report Uncertainties about the ability of a reporting entity to continue as a going concern often pose challenges to practitioners during the performance of their audit, review, and compilation engagements. Some practitioners are unsure of their responsibilities related to going concern matters and raise questions about certain aspects of those responsibilities.
Published on December 18, 2013

Compilation and Review Engagements Focusing on Some Documentation Miscues

Report As practitioners are planning to perform calendar-year 2013 compilation and review engagements, it might be helpful to focus on some frequently-encountered documentation deficiencies that are noted in these type engagements.
Published on December 18, 2013

Compilation and Bookkeeping Services Determining the Appropriate Level of Service

Report Many times accountants struggle with whether a client is requesting a standard bookkeeping services engagement, or whether the engagement should be structured and reported on as a compilation service under the SSARSs.
Published on December 18, 2013

CPEA Special Report FASB Changes Effective For Fiscal 2013

Report At this time of the year, many practitioners are planning their 2013 compilation, review, audit, and other attest engagements. These materials include a listing by topic of the significant ASUs that are now effective for the first time for nonpublic entities with reporting periods ending December 31, 2013.
Published on December 05, 2013

Accounting and Financial Reporting Accounting at Formation of Joint Ventures

Report A question often arises as to how a joint venture should recognize and measure noncash assets received from the venturers at formation of the joint venture. Currently no authoritative guidance exists that provides a direct answer on this issue.
Published on November 20, 2013

Planning & Performing Audit Engagements Focusing on Some Frequently-Encountered Deficiencies

Report The Audit Risk Alert, General Accounting and Auditing Developments—2013/14, should prove to be a useful tool in helping auditors identify significant risks that may result in the material misstatement of financial statements.
Published on November 20, 2013

Preparing Compilation Reports Addressing Some Frequently Encountered Practice Issues

Report Practitioners often encounter situations in which standard compilation report wording is not appropriate. For example, practitioners often question how their reports might or should be modified in specific circumstances.
Published on November 20, 2013

NFP Entity Financial Reporting Issues Gifts Involving Conservation Easements

Report At times, some of the complexity of preparing NFP financial statements relates to the authoritative accounting literature not including specific guidance as to how certain transactions need to be reflected in the financial statements.
Published on November 20, 2013

NFP Entity Financial Reporting Issues Fair Value Measurements and Disclosures

Report Issues with fair value measurements and related disclosures are certainly not isolated to not-for-profit [NFP] entities. However, these issues can be more prevalent for NFP entities.
Published on November 20, 2013

Revenue Recognition Special Issues

Report Revenue usually is the largest single item in financial statements, and issues involving revenue recognition are among the most important and difficult issues that accountants face.
Published on October 23, 2013

Control Deficiency Communications Addressing Certain Communication Issues

Report In implementing the clarified auditing technical literature, questions have been raised as to how control deficiency communications should be developed to satisfy a new requirement to communicate the potential effects of significant deficiencies and material weaknesses in internal control.
Published on October 23, 2013

Not-for-Profit Entities A Look at Restricted vs. Conditional Contributions

Report In addition to being the recipient of unconditional promises to give, many NFP entities also often receive gifts with donor-imposed restrictions or donor-stipulated conditions.  As such, preparers of NFP financial statements need to carefully evaluate all contributions to ensure that they properly are reflected in the financial statements.
Published on October 23, 2013

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