Financial Reporting Center
The Financial Reporting Center helps CPAs meet the challenges of providing high quality financial reporting. Whether you are a financial statement preparer or a member in public practice, this center provides resources for the entire financial reporting process providing you the information you need to know when you need it.
ARSC Issues Statement on Standards for Accounting and Review Services No. 25
The Accounting and Review Services Committee (ARSC) issued SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions, in February 2020. Visit our hub site, Recently Issued Review, Compilation and Preparation Standards: Information and Resources, for the latest information on this standard.
Accounting for and Auditing of Digital Assets - Practice Aid
The digital asset ecosystem is changing and expanding rapidly. For financial statement preparers or auditors, either currently in the digital asset ecosystem, or considering entering it, the Digital Assets Working Group developed a practice aid, which includes vital information for professionals on how to account for and audit digital assets. It is intended for those with a fundamental knowledge of blockchain technology, is based on existing professional literature and the experience of members of the Digital Assets Working Group and is specific to U.S. GAAP and GAAS.
As additional topics are completed, this Practice Aid will be updated.
ASB Issues Statement on Auditing Standards and Statement on Standards for Attestation Engagements to Amend the Description of the Concept of Materiality
The Auditing Standards Board (ASB) issued SAS No. 138, Amendments to the Description of the Concept of Materiality, and SSAE No. 20 of the same title in December 2019. Visit our hub site, Auditing and Attestation Standards Issued in 2019: Information and Resources, for the latest information on these standards.
ASB Issues Statement on Standards for Attestation Engagements No. 19
The ASB issued SSAE No. 19, Agreed-Upon Procedures Engagements, in December 2019. Visit our hub site, Auditing and Attestation Standards Issued in 2019: Information and Resources, for the latest information on this standard.
Public Feedback Request: Gaming Entities’ Determination of Whether Various Pricing Arrangements Convey a Lease Under FASB ASC 842, Leases
The AICPA’s Financial Reporting Executive Committee (FinREC) is requesting your feedback on proposed wording that addresses gaming entities’ determination of whether various pricing arrangements convey a lease under FASB ASC 842, Leases. The final content will be included in the 2020 edition of the AICPA Audit and Accounting Guide Gaming. Interested parties are encouraged to submit their informal feedback to Sharon.Macey@aicpa-cima.com by December 19, 2019.
AICPA Releases Final Guide on Valuation of Venture Capital and Private Equity Investments
New AICPA Accounting and Valuation Guide Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies provides nonauthoritative guidance and illustrations regarding the accounting for and valuation of portfolio company investments held by investment companies within the scope of FASB ASC 946. This guide may also be useful for non-investment companies, such as corporate venture capital groups or pension funds, which make similar investments.
Accounting & Financial Reporting
CPAs are facing unprecedented changes in financial reporting. Transactions are more complex; economic and regulatory forces demand higher-quality reporting; and FASB convergence efforts propose major changes to U.S. GAAP. Stay up to date through these resources.
- Accounting & Financial Reporting
- Revenue Recognition Center
- Final PE/VC Guide
- Standards Tracker
- Recently Issued Technical Q&As
- Financial Reporting Framework for Small- and Medium-Sized Entities
- Enhanced Business Reporting
Review, Compilation and Preparation
Review, compilation and preparation services represent a large portion of many small and medium size firms’ services. Ensure you have the resources needed to execute these engagements.
This two-minute video highlights the features and benefits of the AICPA's Financial Reporting Framework for Small- and Medium-Sized Entities.More on AICPA TV
Audit & Attest
Keeping up with accounting and attest standards consistently ranks as a top member need. Let us help with these resources.
- Audit and Attest
- The SAS Clarity Project
- The Attest Clarity Project
- Audit and Attest Standard Setting
- Standards Tracker
- Recently Issued Audit Interpretations
- Recently Issued Technical Q&As
Key differences exist between the resources available on the Financial Reporting Center for audits, compilations and reviews. The AICPA has developed a comparative overview of the distinctions for when your clients have questions about the levels of services.
Assurance & Advisory
Knowing you need information specific to your industry or your clients' industries, Industry Insights provides financial reporting information for topics important to your industry.
Requests for Staff Presentations
AICPA Audit and Attest Standards Team staff, Auditing Standards Board members, or Accounting and Review Committee members may be available to present at conferences, webcasts/webinars, or any other potential CPE vehicles. To request staff to consider presenting at an event, please complete the Request for Presentation form. The AICPA Audit and Attest Standards Team will respond to this request in a timely manner.