Compilation and Review Engagements Focusing on Some Documentation Miscues
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 December 18, 2013
AU-C Section 806 Reporting on Compliance
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 February 27, 2013
Implementing SFAS No. 160 Noncontrolling Interests
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
AU-C Section 520 Analytical Procedures
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 November 07, 2012
Reviews of Interim Financial Information
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 February 04, 2009
Special Issues Related to Accounting for Debt
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
SSARS No. 19 Some Implementation Questions and Answers
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 January 06, 2010
Current Economic Environment Some Accounting & Reporting Issues
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
FASB ASC 470 Debt Modifications Extinguishments and Compliance
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 December 18, 2013
Performing Review Engagements A Reminder About Some Practice Issues
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 14, 2013