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    Compilation and Review Engagements Focusing on Some Documentation Miscues

    Article 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 May 28, 2014

    AU-C Section 806 Reporting on Compliance

    Article 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 May 28, 2014

    Implementing SFAS No. 160 Noncontrolling Interests

    Article 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 May 28, 2014

    AU-C Section 520 Analytical Procedures

    Article 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 May 28, 2014

    FASB ASC 470 Debt Modifications Extinguishments and Compliance

    Article 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 May 28, 2014

    SSARS No. 19 Some Implementation Questions and Answers

    Article 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 May 28, 2014

    Special Issues Related to Commitments and Contingencies

    Article FASB ASC 440 provides an overall accounting and disclosure model for unconditional purchase obligations, as well as reference to other types of commitments. FASB ASC 450 addresses accounting for contingencies.
    Published on May 28, 2014

    Current Economic Environment Some Accounting & Reporting Issues

    Article 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 May 28, 2014

    Special Issues Related to Accounting for Debt

    Article 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 May 28, 2014

    Special Issues Related to Financial Statement Presentation

    Article 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 28, 2014

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