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 Seeks Input on Inventory Valuation Guidance; Comments due February 1, 2019
The AICPA’s Financial Reporting Executive Committee has issued and is requesting feedback on an early working draft of Inventory Valuation guidance, which is part of a broader forthcoming release of the AICPA’s Business Combinations Accounting and Valuation Guide. This working draft provides nonauthoritative guidance and illustrations for preparers of financial statements, independent auditors, and valuation specialists regarding how to estimate the fair value of inventory acquired in a business combination in accordance with FASB ASC 820, Fair Value Measurement. This inventory valuation guidance consists of a section, which provides general principles for valuing inventory, and two examples, which illustrate how to value finished goods and work in process inventory. It also offers questions and answers that illustrate some of the inventory valuation considerations discussed in the preceding sections.
Accounting & Financial Reporting
CPAs are facing unprecedented changes in financial reporting. Transactions are more complex; economic and regulatory forces demand higher-quality reporting; and FASB convergence efforts propose major changes to U.S. GAAP. Stay up to date through these resources.
Review, Compilation and Preparation
Review, compilation and preparation services represent a large portion of many small and medium size firms’ services. Ensure you have the resources needed to execute these engagements.
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
Audit & Attest
Keeping up with accounting and attest standards consistently ranks as a top member need. Let us help with these resources.
- Audit and Attest
- The SAS Clarity Project
- The Attest Clarity Project
- Audit and Attest Standard Setting
- Standards Tracker
- Recently Issued Audit Interpretations
- Recently Issued Technical Q&As
Key differences exist between the resources available on the Financial Reporting Center for audits, compilations and reviews. The AICPA has developed a comparative overview of the distinctions for when your clients have questions about the levels of services.
Assurance & Advisory
Knowing you need information specific to your industry or your clients' industries, Industry Insights provides financial reporting information for topics important to your industry.