Some Implementation Issues Associated with FIN 46R
In implementing the provisions of FASB Interpretation [FIN] 46R, entitled Consolidation of Variable Interest Entities, practitioners have raised several questions associated with the appropriate accounting treatment for certain items, events, and transactions.
Published on March 23, 2015
Implementing SFAS No. 154 - Accounting Changes
In May 2005, the FASB released SFAS No. 154, entitled Accounting Changes and Error Corrections. SFAS No. 154 supersedes APB Opinion No. 20, entitled Accounting Changes. Fundamentally, SFAS No. 154 requires retrospective application of most “elected” changes in accounting principle, so that those changes [the new principles] will be reflected
Published on June 01, 2005
Implementing FSP FAS 13-2 Income Taxes and Leveraged Leases
On July 13, 2006, the FASB Staff issued FSP FAS 13-2. The FSP guidance addresses how a change [or projected change] in the timing of cash flows related to income taxes generated by a leveraged lease transaction affects the accounting by a lessor for the leveraged lease.
Published on April 13, 2015
OCBOA Financial Statements Some Practical Considerations
As financial accounting and reporting using U.S. GAAP becomes increasingly complex, where acceptable to end-users of financial statements, more and more reporting entities are making the election to have financial statements prepared using an other comprehensive basis of accounting [OCBOA]
Published on December 09, 2009
New Guidance Related to Accounting for Operating Leases
The AICPA has released a series of Technical Practice Aids [TPAs] that should be helpful in clarifying some lease accounting issues.
Published on December 14, 2005
AU-C Section 800 Audits of Special-Purpose Framework Statements
In implementing the clarified auditing technical literature guidance, auditors will notice some significantly-modified guidance when they are engaged to perform audits of financial statements prepared in accordance with special-purpose frameworks, to include frameworks widely referred to when financial statements are prepared using an other comprehensive basis of accounting [OCBOA].
Published on February 13, 2013
Error Corrections Accounting and Reporting Issues
This report covers both the accounting and reporting issues when dealing with error corrections in a compilation, review, or audit engagement.
Published on September 17, 2014
SSARS No. 19 Implementation Questions and Answers
Since the issuance of SSARS No. 19, questions already are being asked about certain portions of the literature, where some of the questions address issues that are important using the pre-SSARS No. 19 guidance.
Published on March 10, 2010
NFP Entity Financial Reporting Issues Fair Value Measurements and Disclosures
Issues with fair value measurements and related disclosures are certainly not isolated to not-for-profit [NFP] entities. However, these issues can be more prevalent for NFP entities.
Published on November 20, 2013
FASB ASC 740The OCBOA Financial Statement Issue
One of the more frequently-asked questions in the most recent financial reporting period relates to how the guidance in FASB ASC 740 needs to be addressed when financial statements are prepared on an other comprehensive basis of accounting [OCBOA].
Published on April 14, 2010