Browse

    By Topic


    By Industry


    By Document Type


    Member Only Content


    By Date

    Financial Reporting Center News and Newsletter Archive 



    AICPA Committee and Task Force Updates Available

    The Financial Reporting Center updates you on the activities of various technical committees and task forces though a quarterly newsletter supplement. The update summarizes the major achievements and issues deliberated by each group. Updated activity reports available in this quarterly supplement include the following committees and task forces:

    • Auditing Standards Board
      • ASB Update
      • Statement on Auditing Standards No. 128, Using The Work Of Internal Auditors
      • Proposed Statement on Auditing Standards (SAS) Amendment to Statement on Auditing Standards No. 122, Statements on Auditing Standards: Clarification and Recodification, section 920, “Letters for Underwriters and Certain Other Requesting Parties,” as Amended
      • Attestation Clarity Project Update
    • Employee Benefit Plan Expert Panel
      • New Chair and Incoming Members
      • Advocacy Efforts with the FASB

    Technical Issues Committee Alert, April 2014

    The AICPA Technical Issues Committee is a committee of CPA practitioner volunteers working to represent the views of local firms and their clients in the standards-setting process. The committee releases a quarterly newsletter informing interested parties of their activities and of items of concern for local firms and their clients. TIC has released its April 2014 newsletter covering their work on, and highlights of, issues such as:

    • Practical Resources Address Restructuring of AICPA Ethics Code
    • TIC Concerns Addressed in PCC Release
    • AICPA Expert Panel Resources for New GASB Pension Standards
    • Audit Update
    • Accounting Update
    Read more in the April 2014 edition.


    SOC 2SM Report with the Criteria in the Cloud Security Alliance (CSA) Cloud Controls Matrix (CCM)

    The AICPA has developed an illustrative Type 2 SOC 2SM report to assist CPAs in reporting on the suitability of the design and operating effectiveness of a service organization’s controls relevant to security and availability based on the criteria for security and availability in TSP Section 100A, Trust Services Principles, Criteria, and Illustrations for Security, Availability, Processing Integrity, Confidentiality, and Privacy (AICPA, Technical Practice Aids) and, the suitability of the design and operating effectiveness of its controls in meeting the criteria in the Cloud Security Alliance Cloud Controls Matrix.

    Access the report on the Service Organization Control home on the Financial Reporting Center.


    AICPA Releases Three New TIS Sections Related to Private Company Council Accounting Alternatives

    The FASB recently issued Accounting Standards Update Nos. 2014-02 and 2014-03 to amend the Accounting Standards Codification® to allow for some accounting alternatives for private entities that are not classified as public business entities, as defined in ASU No. 2013-12. AICPA Technical Questions and Answers (TPAs) 9150.32–.33 and 9160.29 (AICPA, Technical Practice Aids) have been issued to provide nonauthoritative guidance regarding the application of these ASUs and how application might affect a compilation, review, or audit engagement and related reports.


    Previous editions of the FRC Newsletter are available below.

    Please note that the PDF versions are for archive purposes only and all hyperlinks have been disabled. Please search AICPA.org for more information on stories of interest below.


    Edition Date Contents Download

    March 24, 2014

    AICPA Releases Three New TIS Sections Related to Private Company Council Accounting Alternatives

    AICPA Conflict Minerals Task Force Develops Three New Questions and Answers

    Download

    March 10, 2014

    ASB Exposes Amendments to AU-C Section 920

    Significant Proposed Changes to Compilation Literature Exposed for Public Comment

    Exposure Draft Released Resulting From ARSC Clarity Project

    ASB Issues Additional Proposed Clarified SSAE on Attestation Engagements

    Download

    February 24, 2014

    ASB Exposes Amendments to AU-C Section 920

    Conflict Minerals Blog Post "A Golden Opportunity: Performing IPSAs of Conflict Minerals Reports"

    ASEC Issues Revision to the Trust Service Principles and Criteria

    Download

    February 10, 2014

    ASB Issues Clarified Auditing Standard on Internal Audit

    Final Rule Protects Customers and Customer Funds Held By FCMs

    Technical Issues Committee Winter 2014

    Download

    January 30, 2014

    ASB Issues Additional Proposed Clarified SSAE on Attestation Engagements

    Need an IPSA Audit? We Have CPAs for That!

    You Want Me to Verify What? Understanding & Responding to Third Party Verification Requests

    Download

    January 13, 2014

    AICPA Conflict Minerals Task Force Develops Seven New Questions and Answers

    The Financial Reporting Center and AICPA Insights Provide Additional Coverage of Concerns Regarding Providing Comfort Letters

    Download

    December 31, 2013

    AICPA Committee and Task Force Updates Available

    Fourth Quarter 2013 Report on Senior Committees

    AICPA Insights Live Webcast Series "Latest Trends Affecting CPAs"

    Download

    December 16, 2013

    AICPA Releases New TIS Section – 8100.03 “Using Current Auditing Standards for Audits of Prior Periods”

    New AICPA Accounting and Valuation Guide Assets Acquired to Be Used in Research and Development Activities and Related Webcast

    AICPA Insights Live Webcast Series “Latest Trends Affecting CPAs”

    Download

    December 2, 2013

    Exposure Draft Released Resulting From ARSC Clarity Project

    AICPA Ethics Division Proposes Conflict of Interest Guidance

    AICPA Revenue Recognition Task Forces Formed

    AICPA Insights Blog “Stop the Mad Dash, Create Your Future”

    Download

    November 18, 2013

    AICPA Insights - Fall Review of State Legislative and Regulatory Issues

    New AICPA Accounting and Valuation Guide Testing Goodwill for Impairment and Related Webcast

    New Edition – AICPA Audit and Accounting Guide Health Care Entities

    Download

    November 4, 2013

    AICPA Releases Revised and Additional Frequently Asked Questions Regarding Third Party Verification Letters

    New AICPA Accounting and Valuation Guide Testing Goodwill for Impairment

    Related Webcast Available “Release of New AICPA Accounting and Valuation Guide Testing Goodwill for Impairment

    AICPA Insights to Live Blog From the AICPA Women’s Global Leadership Summit

    Download

    October 21, 2013

    Significant Proposed Changes to Compilation Literature Exposed for Public Comment

    AICPA Releases Brief “Proposals to Enhance the Auditor’s Report”

    AICPA Private Companies Practice Section Releases COSO Toolkit That Includes Learning and Implementation Plan

    AICPA Insights to Live Blog From the AICPA Women’s Global Leadership Summit

    Download


    Copyright © 2006-2014 American Institute of CPAs.