financial reporting center

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.

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Financial Reporting Center Update (PDF) - April 1, 2019
Quarterly update of the activities of select technical committees of the AICPA. The content of this expanded Financial Reporting Center newsletter highlights some of the recent activities of the Auditing Standards Board, the Accounting and Review Services Committee and the Assurance Services Executive Committee and its related task forces.

ASB Proposes SAS and SSAE to Amend the Description of Materiality
The Auditing Standards Board has issued an exposure draft of a Proposed Statement on Auditing Standards and a Proposed Statement on Standards for Attestation Engagements, both titled Amendments to the Description of the Concept of Materiality. The proposed standards would respectively amend various AU-C and AT-C sections in AICPA Professional Standards. The ASB is proposing amendments to align the materiality concepts discussed in AICPA Professional Standards with the definition of materiality used by the U.S. judicial system, the auditing standards of the PCAOB, the U.S. Securities and Exchange Commission, and the Financial Accounting Standards Board. Comments are due August 5.

ASB Issues Statement on Auditing Standards Nos. 134 and 135
The Auditing Standards Board (ASB) issued SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements and SAS No. 135, Omnibus Statement on Auditing Standards—2019, in May 2019. Visit our hub site, Auditing Standards Issued in 2019: Information and Resources, for the latest information on these standards.


This two-minute video highlights the features and benefits of the AICPA's Financial Reporting Framework for Small- and Medium-Sized Entities.

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