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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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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 22, 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

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

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

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

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 15, 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 14, 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

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 11, 2016

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