[Free podcast]
Practical accounting and auditing guidance from the Plain-English A&A update service by Dr. Thomas A. Ratcliffe, PhD, CPA
EXECUTIVE SUMMARY:
Accounting for Long-Lived Assets: Addressing Impairment Issues
When events or changes in circumstances indicate that carrying amounts of long-lived assets might not be recoverable, it is important to remember that these assets need to be evaluated to determine if impairment losses should be recognized.
AU-C Section 520: Analytical Procedures
As auditors implement the clarified auditing technical literature in calendar-year 2012 and subsequent period engagements, they need to understand and implement new guidance associated with use of analytical procedures in audit engagements.
Planned Nonattest Services Changes: Preparing Statements
Both the AICPA Professional Ethics Executive Committee and Accounting and Review Services Committee have exposure drafts with comments due by the end of November where the plan is to include preparation of financial statements under the umbrella of nonattest services performed for clients.
Click READ MORE to get the free 10-minute podcast.
TO READ THE FULL ARTICLE
