Accounting and Financial Reporting 



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    CPAs are facing unprecedented changes in financial reporting. Economic, regulatory, and global forces are demanding higher-quality reporting while standards are in continual flux. While the Financial Accounting Standards Board (FASB) is proposing significant changes to U.S. generally accepted accounting principles there is an ever-increasing pressure for differentiation between public and private entity standards. The information and resources here will help you stay informed of changes to accounting standards and provide you guidance to ensure high quality financial reporting.

    FASB ASU No. 2014-09, Revenue from Contracts with Customers Released

    On May 28, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. This standard has the potential to affect every entity’s day-to-day accounting and, possibly, the way business is executed through contracts with customers.

    More information is available in the AICPA's Revenue Recognition area of the Financial Reporting Center.

    Clarified Auditing Standards and PCAOB Standards

    The AICPA has developed a member benefit resource, included with AICPA Guide publications, which identifies PCAOB standards, or sections of PCAOB standards, that broadly correspond with the clarified auditing standards promulgated by the Auditing Standards Board of the AICPA and contained in Professional Standards. Although, the underlying content within the clarified standards and PCAOB standards may not be analogous, this document should be helpful to practitioners as a general comparison tool. In using this resource, the AICPA encourages users to review the full text of the corresponding PCAOB standards, review the related releases (available in the AICPA’s publication PCAOB Standards and Related Rules or at www.pcaobus.org) and use professional judgment to identify all guidance applicable to their engagements.

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    Financial Reporting Framework for Small- and Medium-Sized Entities and FRF for SMEs™ Toolkits Released

    The AICPA has released the Financial Reporting Framework for Small- and Medium-Sized Entities and FRF for SMEs™ Toolkits for CPAs, financial statement users, and small businesses.

    The FRF for SMEs™ accounting framework is designed for America's small business community. It delivers financial statements that provide useful, relevant information in a simplified, consistent, cost-effective way.

    Thoughts on Professional Judgment

    With the increasingly complex nature of global business, the need for reliable, transparent financial information is more pronounced today than ever before. We expect financial statement preparers to apply judgment in the preparation and auditors to apply judgment in the audit of financial statements in a professional manner.

    Find out more about professional judgment.


    FASB Accounting Standards Codification

    The FASB Accounting Standards Codification™ (ASC) was a major restructuring of accounting and reporting standards designed to simplify user access to all authoritative U.S. GAAP. The AICPA's FASB Accounting Standards Codification page provides an overview of FASB ASC.
    Standards Tracker


    In an effort to keep its members informed, the AICPA has created a Standards Tracker. This tool will keep members up to date regarding the most recent guidance made available by standard setters, filtered in order to give you only what you need to know.

      AICPA Financial Reporting Executive Committee

    Financial Reporting Executive Committee (FinREC) is an AICPA technical committee for financial reporting. Its mission is to determine the AICPA’s technical policies regarding financial reporting standards and to be the AICPA’s spokesbody on those matters, with the ultimate purpose of serving the public interest by improving financial reporting.

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