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    FSP Guidance Related to Accounting for Investment Companies

    Report On December 29, 2005, the FASB Staff issued FASB Staff Position [FSP] Nos. AAG INV-1 and SOP 94-4-1 [combined]. This FSP guidance includes a description of the limited circumstances where the net assets of an investment company [or a fund] must reflect the contract...
    Published on August 03, 2014

    FASB Staff Guidance Not-for-Profit Organizations

    Report In May 2008, the FASB Staff issued new Staff-Position [FSP] guidance that has the potential to significantly-impact financial statements of certain not-for-profit organizations.
    Published on August 03, 2014

    FASB ASC 275 Disclosing Risks and Uncertainties

    Report While the currently-applicable disclosure requirements associated with risks and uncertainties are not new, especially given the current economic environment, certain of those disclosures might be considered to be of enhanced significance.
    Published on August 03, 2014

    Personal Financial Statements

    Report Personal financial statements are prepared for individuals either to formally organize and plan their financial affairs in general or for specific purposes, such as obtaining credit, income tax planning, retirement planning, gift and estate planning, or public disclosure of their financial affairs.
    Published on August 03, 2014

    Disclosure of Advertising & Shipping & Handling Costs

    Report In using the FASB ASC, some have questioned whether some previously-required disclosures still are applicable.  In these materials, disclosure issues associated with advertising costs and shipping and handling costs are addressed.
    Published on August 03, 2014

    Personal Financial Statements Exhibit to the Compilation and Review Guide

    Report December 8, 2010 In October 2010, the AICPA released an Exhibit that will be included in the 2011 Edition of the AICPA Guide, entitled Compilation and Review Engagements.  Since neither SSARS No. 19, entitled Compilation and Review Engagements, no
    Published on August 03, 2014

    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 August 03, 2014

    SSARS No. 19 Reporting on Personal Financial Statements

    Report In developing SSARS No. 19 and the related AICPA Guide, special issues associated with compiling and reviewing personal financial statements [PFS] are not addressed.
    Published on August 03, 2014

    Compiling and Reviewing Personal Financial Statements

    Report Very commonly, when practitioners are completing individual tax returns for clients, they also are engaged to prepare personal financial statements for the clients.  While these statements can be audited, reviewed, or compiled, it is a very rare circumstance when the attest engagement on these type statements is other than a
    Published on August 03, 2014

    Not-For-Profit Organizations Financially-Interrelated Entities

    Report FASB ASC 958 now includes guidance for NFP entities that was widely-dispersed between and among a variety of different accounting technical literature source documents.
    Published on August 03, 2014

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