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    AU-C Section 806 Reporting on Compliance

    Report In implementing the clarified auditing technical literature guidance, auditors will notice some new requirements and guidance associated with reporting on compliance with contractual agreements or regulatory requirements.
    Published on August 03, 2014

    Compilation and Review Engagements Focusing on Some Documentation Miscues

    Report As practitioners are planning to perform calendar-year 2013 compilation and review engagements, it might be helpful to focus on some frequently-encountered documentation deficiencies that are noted in these type engagements.
    Published on August 03, 2014

    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 August 03, 2014

    AU-C Section 520 Analytical Procedures

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

    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 August 03, 2014

    SSARS No. 19 Some Implementation Questions and Answers

    Report While many of the planned changes to the technical literature never made it to the final document, the guidance in SSARS No. 19 does include a significant number of changes that impact the performance of compilation and review engagements, along with how practitioners should report at the conclusion of those
    Published on August 03, 2014

    Special Issues Related to Accounting for Inventories

    Report The primary authoritative guidance related to inventory is FASB ASC 330.
    Published on August 03, 2014

    FASB ASC 470 Debt Modifications Extinguishments and Compliance

    Report Due to the current economic environment and interest rates remaining near all-time lows, over the past few years, many reporting entities have and currently are in the process of renegotiating long term debt arrangements.
    Published on August 03, 2014

    Performing Review Engagements A Reminder About Some Practice Issues

    Report It sometimes is noticed that practitioners face greater challenges in complying with review engagement technical literature when compared to compilation and audit engagement technical literature requirements.
    Published on August 03, 2014

    Designing Analytical Procedures in a Review Engagement

    Report In performing the inquiry and analytical procedures for a review engagement, it is important to understand that these performance requirements are not to be performed in a “mechanical” manner.
    Published on August 03, 2014

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