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    403[b] Plans An Overview of Some Recent Issues

    Report Effective with 2009 plan year Form 5500 filings, ERISA-covered 403[b] plans that are considered to be “large” plans, became subject to Department of Labor [DOL] requirements to have annual audits of their financial statements.
    Published on August 03, 2014

    ASU 2009-12 [FASB ASC 820] Fair Value of Investments in Investment Companies

    Report FASB ASU 2009-12 amends ASC 820 when investors have investments in investee entities having characteristics of investment companies, and net asset values [or equivalent values] are calculated in a manner that is consistent with the AICPA Audit and Accounting Guide, entitled Investment Companies, there now is a practical expedient provided
    Published on August 03, 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

    Comfort Letters & Other Verification Documents Risks & Professional Requirements

    Report It is not uncommon for practitioners to receive request from clients, lenders, loan brokers, health insurance providers, adoption agencies, regulators, and a variety of other agencies to confirm client information.
    Published on August 03, 2014

    Lender Comfort Letters Confirmation of Client Information

    Report Since no-documentation and low-documentation loans continue in popularity within the lending community, especially when loans are being made to self-employed persons, it is not uncommon for practitioners to receive requests from their clients, lenders, or loan brokers to confirm client information related to the pending loan application.
    Published on August 03, 2014

    AU-C Section 320 Planning and Performance Materiality Issues

    Report In implementing the clarified auditing technical literature guidance, auditors will notice some modifications associated with requirements that need to be addressed when understanding how materiality considerations should be addressed in planning and performing audit engagements.
    Published on August 03, 2014

    Independence & Ethics Alert Addressing Some Current Issues

    Report On an annual basis, the AICPA releases a variety of audit risk alerts that address specific issues that need to be addressed by practitioners when they are performing financial statement audits.
    Published on August 03, 2014

    Proposed AICPA Framework Accounting By Small & Medium-Sized Entities

    Report December 5, 2012 On November 1, 2012, the AICPA released an exposure draft of the much-anticipated private company financial reporting framework, entitled Financial Reporting Framework for Small and Medium-Sized Entities [FRF-SMEs].  As proposed, the F
    Published on August 03, 2014

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