The Should Opinion in Implementing FIN 48
One of the frequently-asked questions related to implementing this literature relates to the continue usefulness of recently-popular “should” level opinions on the likelihood of tax outcomes.
Published on August 09, 2006
Not For Profit Entities Recent Peer Review Findings
The AICPA Peer Review team recently released examples of matters identified in peer reviews related to not-for-profit entities. This report covers some of the more commonly identified issues, including tax disclosures, net assets classification and disclosure, donated goods and services, and the statement of functional expenses.
Published on September 17, 2014
Special Issues Related to the Statement of Cash Flows
According to SFAS No. 95, Statement of Cash Flows, the primary objective of a statement of cash flows is to provide relevant information about the cash receipts and cash payments of an entity during a period.
Published on May 13, 2009
Controversy Over the Applicability of the Disclosure Requirement of Open Tax Years Unintended Consequences and Lessons f...
This report covers the applicability of a seemingly benign, but ambiguous, disclosure requirement of FIN 48 to provide a description of tax years open to examination.
Published on March 18, 2015
Auditing Construction Contracts
One of the more challenging audits is that of construction companies and other companies using the percentage-of-completion method of accounting for long-term contracts. The focus of this report will be on some common audit issues and best practices for auditors engaged to audit construction entities.
Published on May 21, 2014
Not-For-Profit Entities Exchange Transactions vs. Contributions
Often, not-for-profit [NFP] entities generate revenue from exchange transactions and from contributions and, at times, it appears that the line is blurred related to the appropriate accounting for the revenue stream.
Published on July 03, 2013
FASB ASC 740 Disclosure Illustrations - Uncertain Tax Positions
Now that reporting entities that are private companies need to implement the full provisions of FASB ASC 740, questions have been raised as to how the guidance appropriately should be implemented in financial statements. In particular questions have arisen as to how the guidance needs to be reflected in financial
Published on February 17, 2010
FASB ASC 470 Debt Modifications Extinguishments and Compliance
Due to the current economic environment and interest rates remaining near all-time lows, over the past few years, many reporting entities have and currently are in the process of renegotiating long term debt arrangements.
Published on December 18, 2013
Implementing FIN 48 Accounting for Uncertainty in Income Taxes
On July 13, 2006, the FASB issued FIN 48 [with a June 2006 date on the document], entitled Accounting for Uncertainty in Income Taxes. FIN 48 interprets the guidance in SFAS No. 109, entitled Accounting for Income Taxes.
Published on July 26, 2006
NFP Entities Addressing Some Presentation & Disclosure Issues
Since many not-for-profit [NFP] entities have September 30 fiscal year-ends, in preparing current year financial statements, it might be helpful to focus on some recent presentation and disclosure deficiencies that have been noted in financial statements of NFP entities.
Published on August 28, 2013