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 and Statement on Standards for Attestation Engagements to Amend the Description of the Concept of Materiality
The Auditing Standards Board (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, Auditing and Attestation Standards Issued in 2019: 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, Auditing and Attestation Standards Issued in 2019: Information and Resources, for the latest information on this standard.

Public Feedback Request: Auditing Standards Board’s Proposed Strategy and Work Plan
The AICPA’s Auditing Standards Board (ASB) is requesting your feedback on its proposed strategy and work plan through 2022. Interested parties are encouraged to submit their feedback to CommentLetters@aicpa-cima.com by January 31, 2020.

Public Feedback Request: Gaming Entities’ Determination of Whether Various Pricing Arrangements Convey a Lease Under FASB ASC 842, Leases
The AICPA’s Financial Reporting Executive Committee (FinREC) is requesting your feedback on proposed wording that addresses gaming entities’ determination of whether various pricing arrangements convey a lease under FASB ASC 842, Leases. The final content will be included in the 2020 edition of the AICPA Audit and Accounting Guide Gaming. Interested parties are encouraged to submit their informal feedback to Sharon.Macey@aicpa-cima.com by December 19, 2019.

AICPA Releases Final Guide on Valuation of Venture Capital and Private Equity Investments
New AICPA Accounting and Valuation Guide Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies provides nonauthoritative guidance and illustrations regarding the accounting for and valuation of portfolio company investments held by investment companies within the scope of FASB ASC 946. This guide may also be useful for non-investment companies, such as corporate venture capital groups or pension funds, which make similar investments.

Financial Reporting Center Update (PDF) - October 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.

AICPA TV

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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