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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News

ASB Issues Statement on Auditing Standards No. 140
The Auditing Standards Board (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 Auditing Standards Board (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.