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    Implementing SFAS No. 154 - Accounting Changes

    Report 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 August 03, 2014

    Implementing FSP FAS 13-2 Income Taxes and Leveraged Leases

    Report 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 August 03, 2014

    New Guidance Related to Accounting for Operating Leases

    Report The AICPA has released a series of Technical Practice Aids [TPAs] that should be helpful in clarifying some lease accounting issues.
    Published on August 03, 2014

    OCBOA Financial Statements Some Practical Considerations

    Report 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 August 03, 2014

    Some Implementation Issues Associated with FIN 46R

    Report 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 August 03, 2014

    Error Corrections Accounting and Reporting Issues

    Report 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

    AU-C Section 800 Audits of Special-Purpose Framework Statements

    Report 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 August 03, 2014

    SSARS No. 21 Frequently Asked Questions and Answers

    Report To further help our members understand and implement SSARS No. 21, we present some frequently asked questions and our answers to those questions.
    Published on February 18, 2015

    Policy Note Disclosures U.S. GAAP & OCBOA Financial Statements

    Report Whether financial statements are prepared using U.S. GAAP or using an other comprehensive basis of accounting [OCBOA], it is important for practitioners to consider the appropriateness of note disclosures, as well as measurements included in the financial statements, when they are performing the entire spectrum of attest engagements.
    Published on August 03, 2014

    ASU 2012-01 [FASB ASC 954] Continuing Care Retirement Communities - Accounting for Refundable Advance Fees

    Report It is not uncommon for continuing care retirement communities to have contracts with their residents providing for payment of significant advance fees.
    Published on August 03, 2014

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