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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.

The AICPA has developed the AICPA Competency Framework: Assurance Services designed to help CPAs understand the knowledge and skills necessary to perform high-quality audit, attestation, review, compilation and preparation engagements. The framework is underpinned by the need for objectivity, integrity and ethical behavior and includes a commitment to continuously acquire new skills and knowledge.

The AICPA and CIMA also previously developed the CGMA Competency Framework designed to help management accountants and their employers understand the knowledge requirements and assess the skills needed for both current and desired roles.

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News 

ASB Issues Statement on Auditing Standards No. 133

The Auditing Standards Board issued SAS No. 133, Auditor Involvement with Exempt Offering Documents (AICPA, Professional Standards, AU-C sec. 945), to address the auditor’s responsibilities with respect to all exempt offerings of securities undertaken pursuant to federal and state securities laws, and similar laws governing franchise offerings. AU-C section 925, Filings With the U.S. Securities and Exchange Commission Under the Securities Act of 1933 (AICPA, Professional Standards), addresses other offerings. Prior to the issuance of SAS No. 133, the AICPA provided best practices specific to issuances of municipal securities in industry-specific auditing guidance appearing in the AICPA Audit and Accounting Guides, State and Local Governments and Health Care Entities. SAS No. 133 amends AU-C section 560, Subsequent Events and Subsequently Discovered Facts (AICPA, Professional Standards), and AU-C section 925, and becomes effective for exempt offering documents with which the auditor is involved that are initially distributed, circulated, or submitted on or after June 15, 2018.

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.

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.

 

AICPA TV 

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.

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 

The Assurance Services Executive Committee addresses the needs of CPAs who prepare or attest to information not covered by other authoritative standards.

 

Industry Insights

Knowing you need information specific to your industry or your clients' industries, Industry Insights provides financial reporting information for topics important to your industry.
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