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    Engagement Letter Indemnification Clauses

    Report Building on the requirements associated with audits of many types of regulatory entities, the Professional Ethics Executive Committee [PEEC] has issued new interpretive guidance associated with using [where use is prohibited] indemnification/limitation wording in agreements to perform audit and other attest services.
    Published on June 25, 2008

    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

    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

    Special Issues Related to Financial Statement Presentation

    Report How an entity presents information in its financial statements is vitally important because financial statements are a central feature of financial reporting—a principal means of communicating financial information to those outside an entity.
    Published on May 25, 2011

    ASU 2011-10 FASB ASC 360 Derecognition of in Substance Real Estate

    Report FASB ASU 2011-10 amends ASC 360 to address a practice inconsistency as to how financial statements have been reflecting circumstances when parent company reporting entities cease to have controlling financial interests in subsidiaries that are in substance real estate.
    Published on December 21, 2011

    Special Issues Related to Risks & Uncertainties

    Report Volatility and uncertainty in the business and economic environment result in the need to disclose information about the risks and uncertainties confronted by reporting entities. FASB ASC 275 requires disclosures that focus primarily on risks and uncertainties that could significantly affect the amounts reported in the financial statements in the
    Published on April 11, 2012

    Special Issues Related to Accounting for Debt

    Report Issues relating to recognition (when an item should be included in the financial statements) and measurement (at what amount the item should be reported) are not that difficult when it comes to long-term debt. On the other hand, issues relating to presentation and disclosure can be problematic.
    Published on March 09, 2009

    Current Economic Environment Some Accounting & Reporting Issues

    Report While some signs exist related to the economy stabilizing, many reporting entities still are facing significant challenges because of the economic downturn.  In some cases, the issues that existed in 2008 financial reporting have been exacerbated in 2009 because of the lingering effects associated with the downturn.
    Published on November 09, 2009

    Implementing SFAS No. 160 Noncontrolling Interests

    Report In December 2007, the FASB issued SFAS No. 160, entitled Noncontrolling Interests in Consolidated Financial Statements, where the guidance incorporates “significant amendments” to the guidance in Accounting Research Bulletin [ARB] No. 51, entitled Consolidated Financial Statements.
    Published on January 23, 2008

    Revisiting the Guidance Related to Variable Interest Entities

    Report In January 2003, the FASB issued FASB Interpretation (FIN) 46. Less than a year later, the FASB significantly revised the guidance and issued FASB Interpretation 46 (Revised 2003), Consolidation of Variable Interest Entities (FIN 46R).
    Published on June 08, 2011

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