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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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) - July 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 Issues Statement on Auditing Standards Nos. 136 and 137
The Auditing Standards Board (ASB) issued SAS No. 136, Statement on Auditing Standards, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA and SAS No. 137, The Auditor’s Responsibilities Relating to Other Information Included in Annual Reports, in July 2019. Visit our hub site, Auditing Standards Issued in 2019: Information and Resources, for the latest information on these standards.

ASB Proposes New Audit Evidence Standard
The Auditing Standards Board (ASB) has issued Proposed Statement on Auditing Standards (SAS), Audit Evidence, to supersede SAS No. 122, Statements on Auditing Standards: Clarification and Recodification, as amended, section 500, Audit Evidence, and amend various other AU-C sections in AICPA Professional 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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