Tom Ratcliffe Also: ISA 610 – Using the Work of Internal Auditors; and ISRS 4410 – International Guidance on Compilation Engagements. Listen free to the current podcast here. by Dr. Tom Ratcliffe, Ph.D, CPA Plain-English Accounting Bi-Weekly Report Executive Summary: Commitments and Contingencies: Addressing Some Special Issues – Preparers of financial statements often encounter issues that need to be reflected in financial statements related to commitments and contingencies. ISA 610: Using the Work of Internal Auditors – Preparers of financial statements often encounter issues that need to be reflected in financial statements related to commitments and contingencies. ISRS 4410: International Guidance on Compilation Engagements –The International Auditing & Assurance Standards Board finalized revisions to ISRS 4410 related to performing and [...]
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Also: New auditor independence and Yellow Book developments. Listen free to the current podcast here. by Dr. Tom Ratcliffe, Ph.D, CPA Plain-English Accounting Bi-Weekly Report Executive Summary: FASB ASC 275 includes the authoritative accounting guidance associated with risks and uncertainties that most often needs to be considered in properly-preparing financial statements for both not-for-profit entities and for-profit entities. The SEC Staff has updated some FAQ guidance addressing application of SEC rules related to auditor independence. With the new edition of the Yellow Book in play for 2012, practitioners need to clearly-understand independence issues when performing Yellow Book engagements, particularly the specific issues associated with performing non-audit services. Listen free to Dr. Tom Ratcliffe’s audio summaryClick here to start the podcast PLAIN-ENGLISH [...]
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Also: Goodwill and NFP Fair Value. Listen free to the current podcast here. by Dr. Tom Ratcliffe, Ph.D, CPA Plain-English Accounting Bi-Weekly Report Executive Summary: Going Concern Assessments: Alerts + Authoritative Guidance – Given the continuing challenges faced by many reporting entities due to economic conditions, both the AICPA and the IAASB have issued going concern alerts that should be considered by practitioners performing financial statement audits, and it probably is a good time to provide a refresher related to both the accounting and auditing technical literature requirements addressing going concern-related issues. Goodwill Impairment Issues: Addressing Some Practical Questions – Now that the new goodwill impairment guidance is in play, some questions have been raised as to how the guidance should [...]
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Click here to listen free to the new podcast. by Dr. Tom Ratcliffe, Ph.D, CPA Plain-English Accounting Bi-Weekly Report Executive Summary: ASU 2011-12 [FASB ASC 220]: Comprehensive Income Display – On Friday, December 23, 2011, the FASB released some new comprehensive income display guidance that amends recently-released guidance associated with how reclassification adjustments related to comprehensive income items need to be reflected in financial statements. ASU 2011-11 [FASB ASC 210]: Disclosures Related to Offsetting – On Friday, December 16, 2011, the FASB and IASB each released some enhanced disclosure guidance to address circumstances where assets and liabilities are offset in statements of financial position. Compilation & Review Reports: Paragraph Placement Matters – Especially in compilation engagements, given the lack of definitive guidance related [...]
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Plain-English Accounting Bi-Weekly Report by Dr. Tom Ratcliffe, Ph.D, CPA Plain-English Accounting EXECUTIVE SUMMARY: The AICPA Staff has issued some interpretive guidance related to how practitioners who are performing compilation and review engagements should address situations when required supplementary information accompanies the basic financial statements that have been compiled or reviewed. On Wednesday, December 14, 2011, the FASB released ASU 2011-10 [FASB ASC 360] that addresses a practice inconsistency associated with when in substance real estate needs to be recognized in financial statements. As practitioners are preparing to perform the second cycle of annual compilation and review engagements using the guidance in SSARS No. 19, they might want to be aware of some particular issues that will receive some focus [...]
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Accounting Standards Update 2011-10 [FASB ASC 360] by Dr. Tom Ratcliffe, Ph.D, CPA Plain-English Accounting Yesterday [Wednesday, December 14, 2011], the FASB released Accounting Standards Update [ASU] 2011-10, entitled Derecognition of in Substance Real Estate. The guidance in ASU 2011-10 amends the guidance in FASB Accounting Standards Codification [FASB ASC] Topic 360, entitled Property, Plant, and Equipment, to address a practice inconsistency as to how financial statements have been reflecting circumstances when parent company reporting entities cease to have controlling financial interests in subsidiaries that are in substance real estate, where the situation arises as a result of default on nonrecourse debt of the subsidiaries. Practice Note: The guidance in FASB ASC 810, entitled Consolidation, requires that parent companies deconsolidate [...]
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Many staffers would rather clean toilets than file for reimbursements According to new data from Concur, an expense-accounting management company: 59% of employees recall making at least one mistake on an expense report they’ve submitted in the past 12 months, More than a third own up to five errors or more in the same period.
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