Recently Issued Technical Questions and Answers 


Below, the AICPA will post recent questions and answers issued since June 2017. The questions and answers in this section are not sources of established authoritative principles. This material is based on selected practice matters identified by the staff of the AICPA's Technical Hotline and various other bodies within the AICPA and has not been approved, disapproved, or otherwise acted upon by any senior committee of the AICPA. Consult AICPA Technical Questions and Answers for all technical staff questions and answers issued by the AICPA.

If you have specific questions about information contained here, contact the AICPA's Technical Hotline.

Auditing Questions and Answers

Section Title Issue Date
9160.31
Following Accounting Standards as Promulgated by FASB by a State or Local Governmental Entity
July 2017
9160.32
Reporting on Accounting Standards as Promulgated by FASB by a State or Local Government
July 2017
9160.33
Engagement Acceptance When a State or Local Government Elects to Follow a Special Purpose Framework
July 2017
9160.34
Accounting Standards as Promulgated by FASB as a Special Purpose Framework
July 2017
9160.35
Reporting on Indian Tribe Financial Statements Prepared in Accordance With Accounting Standards as Promulgated by FASB
July 2017

Accounting Questions and Answers


No accounting technical questions and answers have been issued since June 2017.

Auditing Questions and Answers

Section 9160.31, "Following Accounting Standards as Promulgated by FASB by a State or Local Governmental Entity" (Issue Date: July 2017)

Inquiry — How should an auditor determine whether an entity (or component thereof, such as a component unit) is a state or local government for purposes of determining whether the entity is following the appropriate accounting standards?

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Section 9160.32, "Reporting on Accounting Standards as Promulgated by FASB by a State or Local Government" (Issue Date: July 2017)

Inquiry — An entity (or a component thereof, such as a component unit) that meets the definition of a state or local government prepares its financial statements in accordance with accounting standards as promulgated by FASB. How should an auditor report on such financial statements?

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Section 9160.33, "Engagement Acceptance When a State or Local Government Elects to Follow a Special Purpose Framework" (Issue Date: July 2017)

Inquiry — An entity (or a component thereof) that meets the definition of a state or local government elects to prepare its financial statements in accordance with a special purpose framework (SPF). What are the auditor’s responsibilities concerning the acceptability of the SPF used by management?

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Section 9160.34, "Accounting Standards as Promulgated by FASB as a Special Purpose Framework" (Issue Date: July 2017)

Inquiry — An entity (or a component thereof) that meets the definition of a state or local government elects to prepare its financial statements in accordance with accounting standards as promulgated by FASB. Because the appropriate accounting standards are those promulgated by GASB, can the accounting standards as promulgated by FASB be considered a special purpose framework?

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Section 9160.35, "Reporting on Indian Tribe Financial Statements Prepared in Accordance With Accounting Standards as Promulgated by FASB" (Issue Date: July 2017)

Inquiry — An Indian tribe (or a component thereof, such as a business component functioning like a commercial entity) that meets the GAAP definition of a state or local government prepares its financial statements in accordance with accounting standards as promulgated by FASB. In such situations, may an auditor report on whether the entity’s financial statements are presented, in all material respects, in accordance with both the appropriate GAAP framework (that is, accounting standards as promulgated by GASB) and accounting standards as promulgated by FASB?

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