Center for Plain English Accounting Resources - 2016 

The Plain-English reports from 2016 cover accounting, financial reporting, audit, compilation, review, and other A&A topics that our CPEA members need to know about.

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Restricted Cash Statement of Cash Flows Presentation

Report In this report, we address specific guidance on the cash flow classification and presentation of changes in restricted cash and restricted cash equivalents. This topic was recently addressed in ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash.
Published on December 21, 2016

FASB Changes Effective for Calendar Year 2016

Report With many practitioners planning their 2016 preparation, compilation, review, audit, and other attest engagements, we prepared this report to include a listing by topic of the significant ASUs that are now effective for the first time for nonpublic entities with periods ending December 31, 2016.
Published on December 21, 2016

Consolidation of Not-for-Profit Entities

Report In order to assist our members in understanding the authoritative guidance in FASB ASC 958, our report addresses two general scenarios involving NFP consolidation as they relate to relationships with another NFP and relationships with a for-profit entity.
Published on December 21, 2016

Auditor Reporting Possible Trouble Spot Complying with U.S. GAAS when Using PCAOB Standards

Report In this report, we discuss a possible trouble spot for auditors when conducting audits of entities that are not under the jurisdiction of the PCAOB but are being conducted in accordance with PCAOB standards.
Published on November 16, 2016

Debt Issuance Costs Presentation and Disclosure Issues under ASU 2015-03

Report ASU 2015-03 is effective for 2016 calendar year end so, in this report, we discuss presentation and disclosure options related to debt issuance costs that are available to entities. In addition, we provide illustrative examples.
Published on November 16, 2016

Asset Retirement and Environmental Obligations

Report Many practitioners are unclear about the accounting for costs associated with asset retirements, environmental remediation, and other PP&E-related costs like repairs and maintenance. This report sorts out the proper guidance for these items.
Published on November 16, 2016

Compilation & Review Changes Effective Now SSARS No. 23 Amendments Requiring Your Attention

Report In this special report, we discuss the amendments to the recently issued SSARS No. 23 and how those amendments to the accountant’s review report and compilation report, related to supplementary information that accompanies the financial statements, are effective now and should be reflected in reports if applicable.
Published on November 14, 2016

Revenue Recognition, Leases, Financial InstrumentsCredit Losses Non-SEC Registrant Disclosure of Impact

Report In this report, we discuss our recommendation that non-SEC registrants need to consider making disclosures about the impact of the Big Three new accounting standards and provide sample disclosures for each
Published on October 19, 2016

Attest Clients with Nonattest Services Does the Client Designee Have Skill, Knowledge, Experience

Report This report discusses and reminds CPEA members about the important requirement to assess the skill, knowledge, and/or experience of the client-designated individual that reviews, accepts, and takes responsibility for nonattest work.
Published on October 19, 2016

ASU 2016-14 The FASBs New NFP Standard

Report ASU 2016-14 will affect substantially all NFPs requiring improvement in presentation and disclosures to provide more relevant information about resources (and changes in those resources) to donors, grantors, creditors, and other users.
Published on October 19, 2016

New Going Concern Requirements for Clients Effective Soon

Report In this report, we look at guidance for management in ASU 2014-15 related to evaluating whether there is substantial doubt about a reporting entity’s ability to continue as a going concern and the related financial statement note disclosures.
Published on September 21, 2016

The New Lease Standard CPEA Implementation Series -- Part II

Report Continuing our series on the new lease standard, in this report, we focus on the definition of a lease in that the determination of what constitutes a lease will take on much greater significance once ASU 2016-02 is effective.
Published on September 21, 2016

Employee Benefit Plan Audit & Financial Statement Deficiencies Avoid These Mistakes on Your Engagements

Report The AICPA Ethics Division has compiled a list of quality issues found in its investigations of EBP audits during the last two years.  We present that list of quality issues for practitioners to consider as they perform EBP engagements.
Published on September 21, 2016

Readily Determinable Fair Value Technical Corrections Raises Questions

Report Recent changes by the FASB to the definition of readily determinable fair value (RDFV) may preclude certain types of investments from using the fair value NAV practical expedient. This report discusses practice issues related to this change.
Published on August 17, 2016

The CPEA Revenue Recognition Series Part V Principal Versus Agent Considerations

Report Continuing our series on revenue recognition, we provide in-depth implementation guidance on principal versus agent considerations. This is a challenging area for many firms, and those serving start-up clients should pay particular attention.
Published on August 17, 2016

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