Financial Reporting Alerts 


    The AICPA produces a number of Alerts that provide auditors of financial statements with an overview of recent economic, industry, technical, regulatory, and professional developments that may affect the audits and other engagements they perform. Updated annually, alerts also help identify the significant business risks that may result in the material misstatement of a client's financial statements. Audit Risk Alerts also can be used by an entity’s internal management to address areas of audit concern.

    Financial Reporting Alerts are designed to be used by members of an entity’s financial management and audit committee to identify and understand current accounting and regulatory developments affecting the entity’s financial reporting, especially those that are the result of recent economic developments. They are intended to help you achieve a more robust understanding of the current economic environment in which your entity is operating and are an important tool to help you identify the significant risks that may result in the material misstatement of your entity’s financial statements.

    Auditing Guidance in AICPA Alerts are authoritative with respect to:
    • Audit Guidance in accordance with AU-C section 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards
    • Compilation and Review Guidance in accordance with AR section 60, Framework for Performing and Reporting on Compilation and Review Engagements
    • Attestation Guidance in accordance with AT section 50, SSAE Hierarchy
    Select a specific AICPA alert family, for more information.


    Audit Risk Alerts Compilation and Review Alerts Other Alerts Financial Reporting Alerts

    General Accounting and Auditing Developments

    Employee Benefit Plans Industry Developments

    Financial Institutions Industry Developments: Including Depository and Lending Institutions and Brokers and Dealers in Securities

    Government Auditing Standards and Circular A-133 Developments

    Health Care Industry Developments

    Insurance Industry Developments (including Life and Health Entities and Property and Liability Entities)

    Investment Companies Industry Developments

    Not-for-Profit Entities Industry Developments

    Real Estate and Construction Industry Developments

    State and Local Governmental Developments

    Understanding the Clarified Auditing Standards

    Understanding the Responsibilities of Auditors for Audits of Group Financial Statements

     

    Compilation and Review Developments

    Independence and Ethics Developments


    Current Accounting Issues and Risks for Financial Management and Reporting—2012/13 Financial Reporting Alert

    Not-for-Profit Entities—Accounting Issues and Risks



     


    Financial Reporting Alerts

    Current Accounting Issues and Risks for Financial Management and Reporting


    The Financial Reporting Alert, Current Accounting Issues and Risks for Financial Management and Reporting—2012/13, is intended to help you achieve a more robust understanding of the economic and business environment in which your entity operates and is also an important tool in helping you identify the significant risks that may result in the material misstatement of your entity’s financial statements.

    New accounting guidance and exposure drafts that are particularly significant to this alert include:

    • Fair Value Measurements
    • Comprehensive Income
    • Intangibles—Goodwill and Other
    • Property, Plant, and Equipment
    • Multiemployer Pension Plans

    This alert also includes information on issues such as:

    • Recent Economic Trends
    • Recent Legislative and SEC Developments
    • Reporting on Sustainability Efforts
    • Internal Control and Recent COSO Activity
    • The Role of the Audit Committee
    • Enterprise Risk Management

    The information presented in this alert will help you to understand and prepare for external developments and trends that can affect your entity and its environment and how they may be a source of risk. You’ll not only find targeted discussion of new developments and considerations, but also a look at what’s in the pipeline that may affect your entity.

    Paperback

    Product# AFACAI12P

    eBook

    Product# AFACAI12E

    Not-for-Profit Entities—Accounting Issues and Risks


    Find out about important issues and current developments affecting not-for-profit (NFP) entities. This Financial Reporting Alert is intended to be used by members of a NFP entity’s financial management, board members and audit committee to identify and understand current accounting and regulatory developments affecting the entity’s financial reporting including higher education and religious organizations and recent trends that could affect your NFP. This alert is intended to help you achieve a more robust understanding of the economic and business environment in which your entity operates and is also an important tool in helping you identify the significant risks that may result in the material misstatement of your entity’s financial statements.

    New accounting guidance that is particularly significant to this alert and covered in just the right amount of detail includes:

    • FASB ASU No. 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses
    • FASB ASU No. 2011-09, Compensation—Retirement Benefits—Multiemployer Plans (Subtopic 715-80): Disclosures about an Employer’s Participation in a Multiemployer Plan

    This alert also includes information on emerging issues such as:

    • Fair Value Considerations, including Gifts-in-Kind
    • IRS Exempt Organizations Activities
    • New Market Tax Credit Program Considerations
    • The FASB Not-for-Profit Advisory Committee Activity
    • Private Company Financial Reporting Update
    • Internal Control and Processes
    You’ll not only find targeted discussion of new developments and considerations, but also a look at what’s in the pipeline that may affect your entity.

     

    Paperback

    Product# AFANFP12P

    eBook

    Product# AFANFP12E




    Copyright © 2006-2014 American Institute of CPAs.