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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.

AICPA Coronavirus (COVID-19) Resource Center

With all the concerns stemming from the COVID-19 pandemic, we want you to know that your well-being and your clients’ well-being are top of mind for us. We know you are doing everything you can to mitigate risks and help keep your firms and businesses running. Your firms, organizations, clients and communities are depending on your expertise during this crisis. And it’s our job to make sure you have the help and information you need to navigate this pandemic.

We’ve created the AICPA Coronavirus (COVID-19) Resource Center to keep you up to date on the latest news, resources, event information and guidance to help you advise your organizations, clients and customers, and better manage our new way of working. Check out the Coronavirus (COVID-19) audit and accounting resources page for A&A specific tools and the most recent guidance on questions we are receiving Bookmark this page and visit often for the latest updates.

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News

ASB Issues Statement on Standards for Attestation Engagements No. 21
The ASB issued SSAE No. 21, Direct Examination Engagements, in October 2020. Visit our hub site, Recently Issued Auditing and Attestation Standards: Information and Resources, for the latest information on this standard.

ASB Proposes Modernized Risk Assessment Standard
The Auditing Standards Board has issued an exposure draft of Proposed Statement on Auditing Standards (SAS) Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement to supersede SAS No. 122, as amended, section 315 of the same title, and amend various AU-C sections in AICPA Professional Standards. The overall objectives of this proposed SAS are to enhance the requirements and guidance with respect to identifying and assessing the risks of material misstatement, in particular the guidance that addresses the work effort with respect to gaining an understanding of the entity’s system of internal control and assessing control risk. The comment period ends November 25.

ASB Issues Statement on Auditing Standards No. 143
The Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 143, Auditing Accounting Estimates and Related Disclosures, in July 2020. Visit our hub site, Recently Issued Auditing and Attestation Standards: Information and Resources, for the latest information on this standard.

ASB Issues Statement on Auditing Standards No. 142
The ASB issued SAS No. 142, Audit Evidence, in July 2020. Visit our hub site, Recently Issued Auditing and Attestation Standards: Information and Resources, for the latest information on this standard.

Pre-SAS No. 134 Codification of GAAS Now Available 
To assist auditors and firms that do not implement SAS Nos. 134–140 prior to December 15, 2021, a “Pre-SAS No. 134” edition of the auditing standards (the AU-C sections) in AICPA Professional Standards is now available. This edition contains SAS Nos. 122–133, as amended, and remains effective through 2021 and should be followed when SAS Nos. 134–140 have not been implemented. Each AU-C section in this edition is designated with a “B” suffix (for example, “AU-C section 200B”) to denote content that does not reflect the codification of SAS Nos. 134–140 or the amendments to other SASs made by SAS Nos. 134–140. Upon implementation of SAS Nos. 134–140, auditors and firms should no longer utilize this edition.

ASB Issues SAS No. 141 to Delay SAS Nos. 134 – 140 Effective Dates, Permit Early Implementation
The ASB issued SAS No. 141, Amendment to the Effective Dates of SAS Nos. 134–140, in May 2020. Visit our hub site, Recently Issued Auditing and Attestation Standards: Information and Resources, for the latest information on this standard.

ASB Issues Statement on Auditing Standards No. 140
The ASB issued SAS No. 140, Amendments to AU-C Sections 725, 730, 930, 935, and 940 to Incorporate Auditor Reporting Changes From SAS Nos. 134 and 137, in April 2020. Visit our hub site, Recently Issued Auditing and Attestation Standards: Information and Resources, for the latest information on this standard.

ASB Issues Statement on Auditing Standards No. 139
The ASB issued SAS No. 139, Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No. 134, in March 2020. Visit our hub site, Recently Issued Auditing and Attestation Standards: Information and Resources, for the latest information on this standard.

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 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, Recently Issued Auditing and Attestation Standards: 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, Recently Issued auditing and Attestation Standards: Information and Resources, for the latest information on this standard.

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

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.