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    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

    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

    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

    AU-C Section 450 Evaluation of Misstatements Identified

    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 misstatements identified during audit engagements need to be evaluated.
    Published on August 03, 2014

    Reviews of Interim Financial Information

    Report In February 2009, the ASB and the ARSC simultaneously released a new SAS [ASB] and a new SSARS [ARSC], that clearly-stipulate how reviews of interim financial information should be performed, where the applicable technical literature could be in the SASs or could be in the SSARSs, depending on whether certain
    Published on August 03, 2014

    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 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 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 August 03, 2014

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