AICPA News Update Vol. 13 No. 43 

    Published October 08, 2010

    AICPA

    AICPA News Update

    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession

    In This Update:

    October 8, 2010 - Volume 13 No. 43

    Critical Juncture for Private Company Financial Reporting: A Q&A with AICPA Chairman Robert R. Harris, CPA/CFF
    AICPA: Extensive Changes Needed to FASB Financial Instruments Proposal
    Attestation Interpretation Issued Regarding Insured Depository Institutions
    Additional Clarity SASs Finalized
    Explore Where the CPA Profession Can Take You
    Critical Juncture for Private Company Financial Reporting: A Q&A with AICPA Chairman Robert R. Harris, CPA/CFF

    The Blue Ribbon Panel on Private Company Financial Reporting is expected to finalize its recommendations and issue its report to the Financial Accounting Foundation prior to the end of this calendar year. In this Q&A, AICPA Chairman Robert R. Harris, CPA/CFF, describes the issues at stake regarding both the standards and the standard-setting structure.

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    AICPA: Extensive Changes Needed to FASB Financial Instruments Proposal

    The AICPA’s Financial Reporting Executive Committee issued a comment letter on September 30 expressing concerns about the fair value measurement and impairment models and numerous other provisions in the Financial Accounting Standards Board’s comprehensive proposal to revamp financial instruments accounting. Read the AICPA’s comment letter and this JournalofAccountancy.com article for more information.

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    Attestation Interpretation Issued Regarding Insured Depository Institutions

    For insured depository institutions (IDI) that require an examination of internal control at the IDI level, Interpretation No. 1, “Reporting Under Section 112 of the Federal Deposit Insurance Corporation Improvement Act,” of AT section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements (AICPA, Professional Standards, vol. 1), has been issued by the Auditing Standards Board. This interpretation addresses whether the auditor can meet the integrated audit requirement when an IDI does not prepare financial statements for external distribution, and, if so, how the auditor can report on the effectiveness of the IDI’s internal control over financial reporting.

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    Additional Clarity SASs Finalized

    The Auditing Standards Board has finalized the following clarified Statements on Auditing Standards (SAS) resulting from its Clarity Project: Related Parties (Redrafted), External Confirmations, Subsequent Events and Subsequently Discovered Facts, Communicating Internal Control Related Matters Identified in an Audit (Redrafted) and Audit Sampling (Redrafted). The clarified SASs are effective for audits of financial statements for periods ending on or after December 15, 2012. As each exposure draft of a clarified auditing standard is issued, it is posted on the “Improving the Clarity of ASB Standards” page on the AICPA’s website. As each clarified auditing standard is finalized, it is posted on the “Final Clarified Statements on Auditing Standards” page on the AICPA’s website.

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    Explore Where the CPA Profession Can Take You

    CPAs and potential CPAs have 360 degrees of opportunities within the profession, and the best place to explore those opportunities is the Career Paths section of the new AICPA.org. The Competency Self-Assessment Tool enables you to assess your proficiencies, and it's free for AICPA members.

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