2014

    Center for Plain English Accounting Resources - 2014 

    The Plain-English reports from 2014 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 ASU 2014-02 [FASB ASC 350] Implementation Issues

    Report FASB ASU 2014-02 amends the guidance in FASB ASC 350 to provide private companies with a simplified amortization alternative that can be used in accounting for post-acquisition goodwill.
    Published on September 22, 2014

    New Technical Practice Aid Guidance Employee Benefit Plans

    Report This special report provides an overview of several new technical practice aids related to employee benefit plan financial statements prepared using the liquidation basis of accounting.
    Published on September 22, 2014

    New Employee Benefit Plan Audit Risk Areas Disclosures of Offsetting Assets and Liabilities

    Report In response to significant broad scope concerns of ASU 2011-11, the FASB issued ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This update limits the scope of the disclosure requirement within ASU 2011-01 to derivatives, repurchase and reverse repurchase agreements, and securities
    Published on September 17, 2014

    Not For Profit Entities Recent Peer Review Findings

    Report The AICPA Peer Review team recently released examples of matters identified in peer reviews related to not-for-profit entities. This report covers some of the more commonly identified issues, including tax disclosures, net assets classification and disclosure, donated goods and services, and the statement of functional expenses.
    Published on September 17, 2014

    Going Concern Codified Into U.S. GAAP New Challenges for a Delicate Process

    Report On August 27, 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This report provides a summary of this new standard as well as some potential implications for the attest literature.
    Published on September 17, 2014

    Error Corrections Accounting and Reporting Issues

    Report This report covers both the accounting and reporting issues when dealing with error corrections in a compilation, review, or audit engagement.
    Published on September 17, 2014

    CPEA Special Report Considering PCC Accounting Alternatives

    Report After release of the first two private company accounting alternatives, questions have been raised as to whether certain reporting entities would fall under the FASB definition of PBEs, how the alternatives should be implemented initially, and whether use of the alternatives would be appropriate in certain circumstances.
    Published on September 03, 2014

    OMB Circular A-133 Audits Common Findings and Deficiencies

    Report Recently, the AICPA Ethics Division compiled a list of deficiencies frequently identified in investigations of the Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments and Non-Profit Organizations audits over the last 2 years. The focus of this report will be on the more common findings
    Published on August 20, 2014

    Private Company Financial Reporting Detente At The NAAATS Town Hall

    Report At the July 2012 National Advanced Accounting and Auditing Technical Symposium (NAAATS), then Financial Accounting Standards Board (FASB) chair Leslie Seidman spoke about the formation of the Private Company Council (PCC). Two years later, at the July 2014 NAAATS conference, three FASB members and three PCC members held a Town
    Published on August 20, 2014

    The CPEA Revenue Recognition Series Fortune Favors the Prepared

    Report The effective date of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, may still be a few years away. However, we feel that the magnitude of the changes in financial reporting and, more significantly, the conduct of business in the economy necessitate advance planning. In this report we
    Published on August 20, 2014

    Revenue Recognition Transition Resource Group Meeting Update

    Report On June 3, 2014, the International Accounting Standards Board (IASB) and the FASB (the Boards) announced the formation of the Transition Resource Group (TRG) for Revenue Recognition. On July 18, 2014, the TRG held their first meeting, where four main issues were discussed. In this report, we highlight some of
    Published on August 20, 2014

    Revenue Recognition Convergence is Achieved What is Next

    Report On May 28, 2014, the FASB and IASB issued a final, substantially converged revenue recognition standard.  The revenue recognition standard, Accounting Standards Update [ASU] 2014-09, Revenue from Contracts with Customers, will substantially replace the numerous industry based accounting and audit guides, which have been codified in the FASB Accounting Standard
    Published on August 14, 2014

    ASU 2014-10 (FASB ASC 915) Development Stage Entities

    Report On June 10, 2014, the FASB issued Accounting Standards Update (ASU) 2014-10, Development Stage Entities.  The guidance in ASU 2014-10 amends the guidance in FASB Accounting Standards Codification (FASB ASC) Topic 915, Development Stage Entities, to eliminate certain incremental financial reporting requirements for development stage entities.
    Published on August 04, 2014

    Employee Stock Ownership Plans Unique Accounting and Reporting Issues for Employers

    Report An employee stock ownership plan (ESOP) is a specific way to share ownership with employees and a way to provide tax benefits to the company, those who sell stock to the ESOP, and employees. Employers’ accounting for ESOPs is governed by FASB Accounting Standards Codification (FASB ASC) Topic 718, Compensation—Stock
    Published on August 04, 2014

    NFP Entities Joint Cost Allocation

    Report Over the past few years, some of the largest charity raters in the United States have taken the position that they will disregard joint costs as program expense and will include those costs as 100% fundraising expense when calculating ratings for NFP entities. However, FASB Accounting Standards Codification (FASB ASC)
    Published on August 04, 2014

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