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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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Construction Contractor Disclosures Common Peer Review Deficiencies

Report This report identifies common disclosure deficiencies in the financial statements of construction contractors and provides illustrative disclosures.
Published on April 27, 2016

ASU 2016-04 Recognition of Breakage for Certain Prepaid Stored-Value Products

Report ASU 2016-04 establishes that liabilities from the sale of prepaid stored-value products are financial liabilities and the unredeemed dollar value of those products should be accounted for in a manner similar to the breakage guidance in the new revenue recognition standard in FASB ASC 606.
Published on April 27, 2016

ASU 2016-05 Derivative Contract Novations Effect on Existing Hedge Accounting Relationships

Report ASU 2016-05 clarifies that a change in the counterparty to a derivative contract does not require the dedesignation of a hedging relationship.
Published on April 27, 2016

ASU 2016-03 PCC Removes Preferability Assessment for Accounting Alternatives

Report ASU 2016-03 provides favorable transition guidance to all private companies that fall within the scope of the previously issued PCC developed accounting alternatives, but had not elected the alternatives by their original effective dates.
Published on March 11, 2016

Subsequent Events Evaluation Dont Forget This Frequently Omitted Disclosure

Report Peer reviewers find that subsequent events related disclosures, in particular the date through which subsequent events have been evaluated by management, often are missed by practitioners.
Published on March 11, 2016

Risk Management Tips An A&A Perspective

Report In this report, we focus on some common malpractice issues and themes, as well as risk management tips and advice.
Published on March 11, 2016

SAS No. 131 Reporting on an Audit in Accordance with PCAOB Standards

Report This report provides additional information and practice tips on SAS No. 131, which clarifies the format of the auditor’s report that should be issued when the auditor conducts an audit in accordance with the standards of the PCAOB, but the audit is not under the jurisdiction of the PCAOB.
Published on February 17, 2016

SSARS No. 21 Key Changes to Review Engagements

Report In this report, we highlight changes to the professional literature related to review engagements made by SSARS No. 21.
Published on February 17, 2016

Multiemployer Plan Disclosures Peer Review Findings Indicate Potentially Significant Disclosure Omissions

Report This report discusses some common peer review issues associated with ASU 2011-09, Disclosures about an Employer’s Participation in a Multiemployer Plan.
Published on February 12, 2016

SSARS No. 21 Key Changes to Compilation Engagements

Report This report highlights some key changes to the compilation professional literature made by SSARS No. 21. In addition, this report includes a table comparing new engagement letter requirements to the pre-SSARS No. 21 requirements.
Published on January 15, 2016

ASU 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities Action Items for this Reporting S...

Report In this report, we discuss several provisions of ASU 2016-01 that have broad applicability for private companies.
Published on January 15, 2016

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 January 15, 2016

FASB Changes Effective for Fiscal 2015

Report This report includes a listing by topic of the significant ASUs that are now effective for the first time for nonpublic entities with periods ending December 31, 2015.
Published on December 16, 2015

Issues Related to the Use of Tax Depreciation Methods for U.S. GAAP

Report In this report, we review the financial reporting standards for depreciation and the appropriateness of common tax depreciation methods under U.S. GAAP.
Published on December 16, 2015

The CPEA Revenue Recognition Series Real Estate Industry

Report This report addresses implementation issues related to the new revenue recognition standard within the real estate sector.
Published on December 16, 2015

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