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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    FASB Changes Effective for Fiscal 2014

    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, 2014.
    Published on December 17, 2014

    Changes to the Auditors Risk Assessment in Light of the Updated COSO Internal Control Framework

    Report Many auditors will need to reconsider or change their risk assessment procedures in light of the updated COSO Internal Control Framework.
    Published on December 17, 2014

    ASU 2014-17 (FASB ASC 805) Pushdown Accounting

    Report On November 18, 2014, the FASB released Accounting Standards Update (ASU) 2014-17, Business Combinations (Topic 805): Pushdown Accounting, a consensus of the FASB Emerging Issues Task Force (EITF).
    Published on December 17, 2014

    The CPEA Revenue Recognition Series- Part III Fortune Favors the Prepared

    Report This report is the third in our series on adoption of ASU 2014-09, Revenue from Contracts with Customers.
    Published on December 17, 2014

    The CPEA Revenue Recognition Series- Part II Fortune Favors the Prepared

    Report This report is the second in our series on adoption of ASU 2014-09, Revenue from Contracts with Customers
    Published on November 19, 2014

    SSARS No. 21 Changes in the Landscape for Accountants in Public Practice Who Prepare Financial Statements

    Report SSARS No. 21 represents the most significant changes to the compilation and review literature in decades, and draws a bright line between accounting and reporting services.
    Published on November 19, 2014

    Restricted Use Reporting Common Practice Issues and Examples

    Report This report discusses considerations when accountants determine they need to restrict use of their compilation, review, or audit reports.
    Published on November 19, 2014

    Revenue Recognition Transition Resource Group Meeting Update

    Report This report provides an update from the October 31, 2014 meeting of the Transition Resource Group on revenue recognition.
    Published on November 19, 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 November 11, 2014

    PCC Finalizes Issue 13-01a Identifiable Assets in a Business Combination

    Report This report discusses a recently approved accounting alternative for private companies that have identifiable assets in a business combination.
    Published on October 22, 2014

    Statement of Cash Flows Guidance on Some Common Issues

    Report This report provides guidance on some common issues with the statement of cash flows that financial statement preparers and practitioners encounter.
    Published on October 22, 2014

    New TPA Guidance Management Representations

    Report The AICPA recently issued a new TPA that addresses whether management representations on prior period are required when only single year financial statements are presented.
    Published on October 22, 2014

    Statements on Quality Control Recent Peer Review Findings

    Report This report focuses on peer review issues identified with implementation of the AICPA’s statements on quality control, and more specifically Statement on Quality Control Standards (SQCS) No. 8, A Firm’s System of Quality Control.
    Published on October 22, 2014

    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 23, 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

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