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CPEA Reports 

Current and past reports of the CPEA, including special reports, can be found here. Our plain-English reports cover accounting, financial reporting, audit, compilation, review, and other A&A topics that our CPEA members need to know about. Moreover, detailed analyses of new professional standards are addressed in the CPEA reports.

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Common Questions About Special Purpose Frameworks

Report ASU 2014-15 is now effective. This report examines recent disclosures in situations when substantial doubt about an entity’s ability to continue as a going concern is alleviated, and assists members in crafting and evaluating such disclosures.
Published on April 19, 2017

Sale-Leaseback Transactions Involving Real Estate Navigating the Twists and Turns

Report We often receive inquiries from our members related to the proper application of the authoritative guidance associated with sale-leaseback transactions. This report covers the current guidance for sale-leasebacks that involve real estate.
Published on April 19, 2017

CPEA IN-DEPTH -- New Going Concern Disclosures Substantial Doubt Alleviated (or Reinforced)

Report ASU 2014-15 is now effective. This report examines recent disclosures in situations when substantial doubt about an entity’s ability to continue as a going concern is alleviated, and assists members in crafting and evaluating such disclosures.
Published on April 19, 2017

Sale Leaseback for Real Estate Workbook

Sample Report FASB ASC 840-40-55 includes example journal entries to account for transactions using both the financing and deposit methods; however, the implementation guidance does not provide all supporting calculations. In order to provide additional clarity in understanding how the amounts in those entries are determined, the CPEA has prepared an Excel
Published on April 14, 2017

Accounting for Sale-Leaseback Transactions

Report The CPEA often receives member inquiries related to the proper application of the authoritative guidance associated with sale-leaseback transactions. So, in this report, we cover the current guidance for sale-leasebacks that do not involve real estate.
Published on March 20, 2017

Fraud Procedures Common Peer Review Issues

Report As you perform your current engagements, don’t make these mistakes related to consideration of fraud in an audit (AU-C 240). This report provides helpful tools and suggestions to avoid some common errors identified in peer review.
Published on March 16, 2017

Private Company Goodwill Alternative Peer Review Issues

Report Numerous errors have been made by some in adopting the private company goodwill alternative (ASU 2014-02). In this report, we caution members about common issues and areas of risk related to adoption of the alternative.
Published on March 16, 2017

The Current Expected Credit Loss Model (CECL) Are You Ready

Report Since many of our CPEA members have financial institution clients, in this report, we focus on the current expected credit loss model presented in ASU 2016-13 and its impact on accounting for loan losses by financial institutions.
Published on February 23, 2017

ASU 2017-01 Clarifying the Definition of a Business

Report ASU 2017-01 revises the definition of a business and includes two related material changes as to how an integrated set of activities and assets should be evaluated to determine if it is a business.  In this report, we look at those changes.
Published on February 17, 2017

ASU 2017-04 Goodwill Simplifications Implementation Considerations for 2017 Year Ends and Beyond

Report ASU 2017-04 eliminates Step 2 from the goodwill impairment test currently prescribed in U.S. GAAP. It also has some significant nuances and implementation considerations that should not be overlooked.
Published on February 16, 2017

The CPEA Revenue Recognition Series NFP Entities Part I

Report This report addresses implementation issues related to the new revenue recognition standard within the not-for-profit sector.
Published on February 01, 2017

Ensuring Your Current Engagements Will Be Ready for Peer Review Avoiding Common Deficiencies and Practice Tips

Report Recent changes to the peer review process will make peer reviews tougher. In this report, we discuss those changes, offer advice on how to be ready, and address how to avoid common peer review deficiencies in your engagements.
Published on January 13, 2017

Center for Plain English Accounting Resources - 2017

Overview The Plain-English reports from 2017 cover accounting, financial reporting, audit, compilation, review, and other A&A topics.
Published on January 12, 2017

ASU 2016-20 FASB ASC 606 Technical Corrections & Improvements Implementation Issues on New Revenue Recognition Standard

Report ASU 2016-20 amends the new revenue recognition standard (ASU 2014-09). In this report, we focus on some issues that are likely to be relevant to many private companies beginning implementation of ASU 2014-09.
Published on January 12, 2017

Auditing Accounting Estimates

Report Auditing accounting estimates is an area where engagement deficiencies are common.  In this report, we focus on several areas where some auditors are not completing sufficient procedures.  We also provide illustrative practical advice.
Published on January 12, 2017

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