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

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