And four simple solutions.
by Rick Telberg
If this is February, then it’s the season for already forgetting our New Year’s resolutions. I don’t know about you, but I’ve already broken a few of them.
But there are some New Year’s resolutions that we cannot afford to ignore. For accountants, here are just four. That’s right: only four. That’s all we have space for here. But each is hitched to a pervasive dilemma within the profession.
Tom Ratcliffe
Also: A&A and the Recession and SSAE No. 16. Listen free to the current podcast here.
by Dr. Tom Ratcliffe, Ph.D, CPA
Plain-English Accounting
Bi-Weekly Report Executive Summary:
1. Our update on some special presentation issues in financial statements and the new guidance in that regard that relates to comprehensive income display matters.
2. While the accounting and attest engagement technical literature guidance is not new in certain areas, how that literature might need to be addressed in financial statements in the current economic environment continues to pose some challenges in both preparing financial statements and performing attest engagements on those statements.
3. Now that SSAE No. 16 [AT Section 801] is fully in play, some questions have been raised by practitioners who are either performing service-organization reports or using those reports, so that the AICPA has released some guidance to help practitioners understand this new authoritative technical literature.
Listen free to Dr. Tom Ratcliffe’s audio summary
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