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Books in the series: AICPA

Guide Preparation, Compilation, and Review Engagements, 2019

Guide Preparation, Compilation, and Review Engagements, 2019

Author: AICPA Format: Paperback / softback Release Date: 29/01/2020

Whether you're a new or seasoned accountant, it's time for a PCRE refresher. Issued by the Accounting and Review Services Committee (ARSC), this edition contains the latest developments in performing preparation, compilation and review engagements. You'll find ARCS's best advice on: Recently issued Statement on Standards for Accounting and Review Services (SSARS) No. 22, Compilation of Pro Forma Financial Information, SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services, 2016, and SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services, 2018 In addition, enhanced updates and illustrative accountant's reports, plus coverage of international reporting issues are provided--including SSARS No. 24, which is effective on or after June 15, 2019.

Accounting Guide Brokers and Dealers in Securities 2019

Accounting Guide Brokers and Dealers in Securities 2019

Author: AICPA Format: Paperback / softback Release Date: 16/01/2020

It is critical to understand the complexities of the specialized accounting and regulatory requirements needed for the broker-dealer industry. This comprehensive guide has been designed to be beneficial for a wide range of professionals within the broker-dealer industry. Updates to this edition are to conform the content to current accounting standards and regulatory requirements. The updates include: SEC Release No. 34-86073, Amendment to Single Issuer Exemption for Broker-Dealers; ASU No. 2018-09, Codification Improvements; and, SEC Release Nos. 33-10532; 34-83875; IC-33203, Disclosure Update and Simplification. In addition, this edition features a new example disclosure note for revenue from contracts with customers, which has been added to the guide's illustrative financial statements and footnote disclosures.

AICPA Professional Standards 2019, Volumes 1 and 2

AICPA Professional Standards 2019, Volumes 1 and 2

Author: AICPA Format: Paperback / softback Release Date: 16/12/2019

Updated as of July 1, 2019, this two-volume set is a comprehensive source of professional standards and interpretations issued by the AICPA, such as auditing and attestation, accounting and review services pronouncements, along with the AICPA Code of Professional Conduct and Bylaws. Standards and related interpretations, to help you apply the standards in specific circumstances, are arranged by subject with amendments noted, superseded portions deleted, and conforming changes reflected. New to this edition: Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements SAS No. 135, Omnibus Statement on Auditing Standards--2019 SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA SAS No. 137, The Auditor's Responsibilities Relating to Other Information Included in Annual Reports Statement on Standards for Forensic Services No. 1, Statement on Standards for Forensic Services

Checklists and Illustrative Financial Statements Not-for-Profit Entities, 2019

Checklists and Illustrative Financial Statements Not-for-Profit Entities, 2019

Author: AICPA Format: Paperback / softback Release Date: 22/10/2019

Financial statement preparation for not-for-profit entities can be complex. Whether you are preparing or auditing them, you'll find the tools you need in this helpful resource. This checklist contains the most comprehensive financial reporting and disclosure guidance available, plus a complete set of illustrative financial statements to assist you in understanding and applying standards like ASU 2016-14, 2018-08, and 2014-09. Key features include: Designed to assist auditors and preparers in overcoming the complexities of financial statement preparation for not-for-profit entities.

Codification of Statements on Standards for Attestation Engagements, January 2019

Codification of Statements on Standards for Attestation Engagements, January 2019

Author: AICPA Format: Paperback / softback Release Date: 21/10/2019

This edition delivers the current clarified Statements on Standards for Attestation Engagements (SSAEs) and related interpretations in a codified format, providing the most up-to-date information needed to perform attestation engagements. Issued directly by the AICPA, this authoritative guidance is essential to fully understanding the requirements associated with an attestation engagement. This codification is fully indexed and arranged by subject. The codified standards and related interpretations are vital to practitioners performing attestation engagements

Essentials of Forensic Accounting

Essentials of Forensic Accounting

Author: Michael A. Crain, William S. Hopwood, Richard S. Gendler, George R. Young Format: Paperback / softback Release Date: 31/07/2019

Essentials of Forensic Accounting Essentials of Forensic Accounting is an authoritative resource covering a comprehensive range of forensic accounting topics. As a foundation review, a reference book, or as preparation for the Certification in Financial Forensics (CFF(R)) Exam, this publication will provide thoughtful and insightful examination of the key themes in this field, including: Professional responsibilities and practice management Fundamental forensic knowledge including laws, courts, and dispute resolution Specialized forensic knowledge such as bankruptcy, insolvency, reorganization, and valuation Through illustrative examples, cases, and explanations, this book makes abstract concepts come to life to help you understand and successfully navigate this complex area.

Codification of Statements on Auditing Standards 2019 Numbers 122 to 135

Codification of Statements on Auditing Standards 2019 Numbers 122 to 135

Author: AICPA Format: Paperback / softback Release Date: 29/07/2019

This 2019 edition delivers the current Statements on Auditing Standards (SASs) and related interpretations in a codified format, giving accountants the most up-to-date information, they need to conduct successful audits and provide high-quality services to their clients. Issued directly from the AICPA, this authoritative guidance is essential to fully understand the requirements associated with an audit. This edition includes the following new standards: SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements SAS No. 135, Omnibus Statement on Auditing Standards--2019 SAS No. 134 is a suite of auditor reporting standards that includes a new AU-C section 701, Communicating Key Audit Matters in the Independent Auditor's Report, and replaces AU-C sections 700, 705, and 706. SAS No. 134, which also amends various other AU-C sections, addresses the auditor's responsibility to form an opinion on the financial statements and the form and content of the auditor's report issued because of an audit of financial statements. It also addresses the auditor's responsibilities, and the form and content of the auditor's report, when the auditor concludes that a modification to the auditor's opinion on the financial statements is necessary, and when additional communications are necessary in the auditor's report. SAS No. 135 is intended to more closely align ASB guidance with the PCAOB's standards by primarily amending AU-C section 260, Communications With Those Charged With Governance, AU-C section 550, Related Parties, and AU-C section 240, Consideration of Fraud in a Financial Statement Audit. This codification is fully indexed and arranged by subject. The codified standards and related interpretations are vital to practitioners performing audits.

Audit and Accounting Manual: Nonauthoritative Practice Aid, 2019

Audit and Accounting Manual: Nonauthoritative Practice Aid, 2019

Author: AICPA Format: Paperback / softback Release Date: 26/07/2019

This comprehensive, step-by-step guide provides a plain-English approach to planning and performing audits. In this handy resource, accountants and auditors will find updates for the issuance of SAS No. 132, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern, with illustrative examples, sample forms and helpful techniques ideal for small- and medium-sized firms Key Features include: Comprehensive and step-by-step guidance on the performance of an audit Numerous alerts that address the current-year developments in a variety of areas Illustrative examples and forms to facilitate hands-on performance of the audit

Not-for-Profit Entities Best Practices in Presentation and Disclosure

Not-for-Profit Entities Best Practices in Presentation and Disclosure

Author: AICPA Format: Paperback / softback Release Date: 12/07/2019

This valuable resource provides financial statement presentation and disclosure examples illustrating U.S. GAAP compliance for the topics most frequently encountered by preparers of financial statements for not-for-profits (NFPs) by drawing from the audited financial statements of an assortment of NFP entities. Intended for use as a tool to help you create and verify the format and accuracy of your company's or clients' financial statements, this resource walks you through the most common presentations used by other nonprofits for challenges such as noncash gifts, donor-imposed restrictions, and functional expenses. The 2019 edition illustrates the most important, immediate, and challenging disclosures, including: Net asset classes and donor-imposed restrictions Investments, derivatives, endowments, and UPMIFA Liquidity and availability of resources Liabilities, including split-interest agreements and pension plans Contributions and revenue recognition, including grants, contracts, gifts in kind, interests in trusts, and other receivables Analysis of expenses by function and nature Fair value measurements and use of estimates Income taxes and uncertain tax positions for tax-exempt entities Measure of operations and joint costs

Audit Risk Alert Employee Benefit Plans Industry Developments, 2019

Audit Risk Alert Employee Benefit Plans Industry Developments, 2019

Author: AICPA Format: Paperback / softback Release Date: 17/05/2019

The increasing complexity of employee benefit plan auditing and focus by the Department of Labor have resulted in significant pressure for CPAs and firms performing EBP audits. To help CPAs meet the challenge of performing quality audits in this unique and complex area, the AICPA has developed this alert to assist in identifying current sources of risk within EBP audit engagements. Written by a task force consisting of current and former employee benefit plan expert panel members, this alert features discussions on new developments and issues that auditors may face in their current audits, as well as a look at what's in the pipeline that may affect your engagements. Updates in 2019: FASB ASU No. 2017-06, Employee Benefit Plan Master Trust Reporting FASB ASU No. 2018-09, Codification Improvements FASB ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement

Introduction to Accounting An Integrated Approach

Introduction to Accounting An Integrated Approach

Author: Penne Ainsworth, Dan Deines Format: Paperback / softback Release Date: 17/05/2019

The new, revised, and updated edition of the popular textbook for introductory accounting courses Accounting plays a central role in a multitude of areas, from everyday personal finance to global corporate operations. Introduction to Accounting helps students understand the concepts, principles, methods, and mechanisms of the field. Designed to benefit all students, regardless of major, this innovative textbook integrates life skills and business skills to provide an accessible, engaging introduction to accounting. Rather than separating financial accounting from managerial accounting, this textbook demonstrates how to plan and evaluate business activities from both external and internal reporting perspectives. Now in its eight edition, Introduction to Accounting enables students to understand both the nature and functions of business and the mechanics of the bookkeeping process. Three organizing themes--the accounting information system, business processes, and the balanced scorecard--help students learn why and how activities are planned and evaluated by different stakeholders. Based on extensive instructor feedback, as well as the authors' six decades of combined teaching experience, this new edition has been thoroughly revised to enhance readability and highlight real-world examples. A complete array of pedagogical tools includes improved and expanded learning objectives, updated definitions, questions and problem sets, newcritical-thinking and ethical-challenge exercises, and more. Focuses on accounting as an information system used in each business processes to provide information to plan and evaluate activities Stimulates interest in the field of accounting with relatable, reader-friendly narrative Employs various pedagogical devices to stimulate active and cooperative learning for students Uses the example of Apple, Inc. throughout the text to illustrate central concepts and significant issues Includes extensive online support including test problems and essay exercises for every chapter of the text, PowerPoint slides and Excel templates, downloadable solution manuals, and links to professional resources Offering a wealth of instructor resources, Introduction to Accounting, 8th Edition is ideally suited for introductory accounting courses in both high school and university-level settings.

Understanding Business Valuation A Practical Guide to Valuing Small to Medium Sized Businesses Book + Workbook Set

Understanding Business Valuation A Practical Guide to Valuing Small to Medium Sized Businesses Book + Workbook Set

Author: Gary R. Trugman Format: Hardback Release Date: 03/05/2019

This is a set that comprises the fifth edition of Understanding Business Valuation and a workbook. The fifth edition simplifies a technical and complex area of practice with real-world experience and examples. Expert author Gary Trugman's informal, easy-to-read style, covers all the bases in the various valuation approaches, methods, and techniques. Author note boxes throughout the publication draw on Trugman's veteran, practical experience to identify critical points in the content. Suitable for all experience levels, you will find valuable information that will improve and fine-tune your everyday activities. The workbook to be used in conjunction with Understanding Business Valuation, Fifth Edition, covers various valuation approaches, methods, and techniques. This fifth edition simplifies a technical and complex area of practice with real-world experience and examples.

PCAOB Standards and Related Rules 2018

PCAOB Standards and Related Rules 2018

Author: AICPA Format: Paperback / softback Release Date: 08/03/2019

Auditors of public companies opinions of the accuracy of a financial statement matters for the health of the company are important. This title is a must-have for practitioners, it includes updated staff guidance related to Changes to the Auditor's Report Effective for Audits of Fiscal Years Ending on or After December 15, 2017. This guide will ensure that the audit staffs' audit reports resonate with investors, lenders, regulatory authorities and other financial statement users.

Faster Disaster Recovery The Business Owner's Guide to Developing a Business Continuity Plan

Faster Disaster Recovery The Business Owner's Guide to Developing a Business Continuity Plan

Author: Jennifer H. Elder, Samuel F. Elder Format: Paperback / softback Release Date: 01/03/2019

Protect your company's finances in the event of a disaster In the face of an environmental or man-made disaster, it's imperative to have a contingency plan that's mapped out your corporation's strategy to minimize the impact on the daily functions or life of the corporation. Successful planning not only can limit the damage of an unforeseen disaster but also can minimize daily mishaps--such as the mistaken deletion of files--and increase a business's overall efficiency. Faster Disaster Recovery provides a 10-step approach for business owners on creating a disaster recovery plan (from both natural and man-made events). Each chapter ends with thought-provoking questions that allow business owners to explore their particular situation. Covers natural events such as earthquakes and floods Provides guidance on dealing with man-made events such as terrorist attacks Offers worksheets to make your contingency plans Includes several examples throughout the book There's no time like the present to develop a business contingency plan--and this book shows you how.

Accounting Guide Brokers and Dealers in Securities 2018

Accounting Guide Brokers and Dealers in Securities 2018

Author: AICPA Format: Paperback / softback Release Date: 21/12/2018

An industry-specific accounting guide for brokers and dealers The Accounting Guide: Brokers and Dealers in Securities 2018 is provided by the American Institute of Certified Public Accountants. It details specialized accounting and regulatory requirements for the broker-dealer industry. Detailed chapters provide comprehensive examinations of timely subjects. For example, the chapter on the securities industry covers discount brokers, investment bankers, government securities dealers, clearing brokers, and other professions. Additional chapters cover: regulatory consideration, internal control, accounting standards, and financial statement considerations. Broker-dealers gain guidance in financial statement preparation while following the best practices and accounting principles outlined.

Audit Risk Alert Government Auditing Standards and Single Audit Developments: Strengthening Audit Integrity 2018/19

Audit Risk Alert Government Auditing Standards and Single Audit Developments: Strengthening Audit Integrity 2018/19

Author: AICPA Format: Paperback / softback Release Date: 20/11/2018

This Audit Risk Alert highlights areas of change in audits performed under the Uniform Guidance, focusing on areas which may be challenging or frequently misunderstood. It also discusses emerging practice issues and current developments related to entities subject to an audit performed under Government Auditing Standards and the OMB Uniform Guidance and provides information to help you identify significant risks that may affect an audit of entities receiving federal awards. In addition, this alert provides a summary of revision found in the 2018 Yellow Book. Updates include: The 2018 Yellow Book USDA Rural Development Dept of Education Housing and Urban Development

Audit Risk Alert: General Accounting and Auditing Developments 2018/19

Audit Risk Alert: General Accounting and Auditing Developments 2018/19

Author: AICPA Format: Paperback / softback Release Date: 16/11/2018

Containing descriptions of all recent auditing, accounting and regulatory developments, this 2018 alert will ensure that accountants have a robust understanding of the business, economic, and regulatory environments in which they and their clients operate. In addition, accountants will gain a full understanding of emerging practice issues, with targeted analysis of new developments and how they may affect their engagements, including: Recent Economic Trends Recent Legislative and PCAOB Developments Developments in Peer Review Recent Ethics Interpretations This useful resource also contains new accounting and auditing guidance related: Derivatives and Hedging Service Concession Agreements Discontinued Operations Stock Compensation

Guide Preparation, Compilation, and Review Engagements, 2018

Guide Preparation, Compilation, and Review Engagements, 2018

Author: AICPA Format: Paperback / softback Release Date: 09/11/2018

Issued under the authority of the AICPA's Accounting and Review Services Committee (ARSC) and a go-to guide for accountants performing preparation, compilation and review engagements, this title contains the most up-to-date guidance, including the recently issued Statement on Standards for Accounting and Review Services (SSARS) No. 22, Compilation of Pro Forma Financial Information, SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services - 2016, and SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services - 2018 for the preparation, compilation and review of engagements. The most important update to this publication is the addition of a chapter on international reporting issues resulting from SSARS No. 24, which will become effective for periods ending on or after June 15, 2019. This edition also contains updates related to illustrative inquiries for review engagements and more illustrative accountant's reports.

Practice Aid: Enterprise Risk Management Guidance For Practical Implementation and Assessment, 2018

Practice Aid: Enterprise Risk Management Guidance For Practical Implementation and Assessment, 2018

Author: AICPA Format: Paperback / softback Release Date: 09/11/2018

This publication includes invaluable guidance for anyone responsible for or advising on an enterprise risk management process (ERM), whether the process is in its early stages or is already well established. This resource will help ensure the ERM process is well designed, well executed, and ultimately successful. Global, economic, and regulatory conditions as well as everyday internal risks can affect business operations, so it is important to have a process in place that identifies these events and manages risks. This guide leverages the concepts of existing frameworks as a foundation for providing illustrative examples, best practices, and guidance for implementing or assessing an enterprise risk management process.

Understanding Business Valuation Workbook A Practical Guide To Valuing Small To Medium Sized Businesses

Understanding Business Valuation Workbook A Practical Guide To Valuing Small To Medium Sized Businesses

Author: Gary R. Trugman Format: Paperback / softback Release Date: 17/08/2018

This is the workbook to be used in conjunction with Understanding Business Valuation, Fifth Edition, covering various valuation approaches, methods, and techniques. This fifth edition simplifies a technical and complex area of practice with real-world experience and examples.

AICPA Professional Standards, 2018

AICPA Professional Standards, 2018

Author: AICPA Format: Paperback / softback Release Date: 06/08/2018

Updated as of June 1, 2018, Professional Standards (two-volume set) is a comprehensive source of professional standards and interpretations issued by the AICPA, such as auditing and attestation, accounting and review services pronouncements, along with the AICPA Code of Professional Conduct and Bylaws. Standards and related interpretations, to help you apply the standards in specific circumstances, are arranged by subject with amendments noted, superseded portions deleted, and conforming changes reflected. This year's edition includes the following new standards: Statement on Auditing Standards (SAS) No. 133, Auditor Involvement With Exempt Offering Documents Statement on Standards for Accounting and Review Services (SSARS) No. 24, Omnibus Statement on Standards for Accounting and Review Services--2018 Statement of Position (SOP) 17-1, Performing Agreed-Upon Procedures Related to Rated Exchange Act Asset-Backed Securities Third-Party Due Diligence Services as Defined by SEC Release No. 34-72936 SAS No. 133 addresses the auditor's responsibilities with respect to all exempt offerings of securities undertaken pursuant to federal and state securities laws and similar laws governing franchise offerings. AU-C section 925, Filings with the U.S. Securities and Exchange Commission Under the Securities Act of 1933, addresses other offerings. Prior to the issuance of SAS No. 133, the AICPA provided best practices specific to issuances of municipal securities in industry-specific auditing guidance appearing in AICPA Audit and Accounting Guides State and Local Governments and Health Care Entities. Of most significance in SSARS No. 24 is the creation of a new section, AR-C section 100, Special Considerations--International Reporting Issues. This section provides requirements and guidance for an accountant who is engaged to perform a compilation or review when (a) the financial statements have been prepared in accordance with a financial reporting framework generally accepted in another country or (b) the compilation or review is to be performed in accordance with both SSARSs and another set of compilation or review standards.

Common U.S. GAAP Issues Facing CPAS

Common U.S. GAAP Issues Facing CPAS

Author: Renee Rampulla Format: Paperback / softback Release Date: 13/07/2018

Are you looking for a review and update of common GAAP issues important to all CPAs? This broad-ranging book covers FASB accounting and reporting developments that apply to all companies. Emphasizing financial statement disclosures in addition to accounting methods, it presents implementation guidelines and disclosure illustrations from actual financial statements. This book will prepare you to: Identify and apply select FASB accounting and reporting guidance. Recall concepts related to FASB projects. Recall key points related to disclosures.

Codification of Statements on Standards for Accounting and Review Services Numbers 21-24

Codification of Statements on Standards for Accounting and Review Services Numbers 21-24

Author: AICPA Format: Paperback / softback Release Date: 29/06/2018

This edition includes the authoritative standards and interpretations applicable to preparation, compilation, and review engagements. These standards provide the requirements for practitioners performing these engagements. In addition to SSARS No. 21, which is now effective, this edition includes the newly released Statements on Standards for Accounting and Review Services (SSARS): SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services--2018. SSARS No. 24 creates a new section, AR-C section 100, Special Considerations-- International Reporting Issues, to provide requirements and guidance when an accountant is engaged to perform a compilation or review in either of the following circumstances: The financial statements have been prepared in accordance with a financial reporting framework generally accepted in another country. The compilation or review is to be performed in accordance with both SSARSs and another set of compilation or review standards. Additional significant changes attributed to SSARS No. 24 include amendments to the following sections: AR-C Section 60, General Principles for Engagements Performed in Accordance with Statements on Standards for Accounting and Review Services AR-C Section 90, Review of Financial Statements This codification is fully indexed and arranged by subject. The guidance (and related interpretations to the extent applicable) help apply the standards in specific circumstances and clearly show amendments, deleted or superseded portions, and conforming changes due to the issuance of other authoritative guidance.

Cut Your Clients Tax Bill Individual Tax Planning Tips and Strategies

Cut Your Clients Tax Bill Individual Tax Planning Tips and Strategies

Author: Bill Bischoff Format: Paperback / softback Release Date: 01/06/2018

This title provides the latest techniques for building and conserving wealth through proactive tax-planning and investment strategies. Completely updated for tax law changes, this book will bring you up-to-date on the latest strategies that will keep more money in the hands of clients and make their accountant look like a hero! This book will help: Determine when selling capital assets, business assets, and real estate are to a client's advantage Apply like-kind exchange rules under Section 1031 Identify ways to advise clients on how to minimize taxes on employer stock options and employer stock held in qualified retirement plan accounts Differentiate between incentive stock options (ISOs) and nonqualified stock options (NQSOs) Determine ways to help clients obtain maximum tax savings from vacation home and timeshare properties Differentiate between the rules for regular vacation homes, timeshares, and co-ownership deals Determine appropriate federal income tax advice for clients who are separated, divorcing, or divorced Recall ways to help middle-class clients identify college financing tax breaks Identify tax-saving college financing manoeuvres for higher-income clients who are ineligible for the well-known education tax breaks Identify strategies of husband-wife businesses that will reduce Social Security and Medicare taxes Identify strategies for how parents can employ their children through their closely held business

Form 990 Exploring the Form's Complex Schedules

Form 990 Exploring the Form's Complex Schedules

Author: Eve Rose Borenstein, Jane M. Searing Format: Paperback / softback Release Date: 01/06/2018

Mastery of the current Form 990 beyond its Core Form pages requires an understanding of the Form's transparency demands relating to multiple complex issues, including: Transactions with certain insiders, expanded disclosure of highly-comp'd individuals' calendar year compensation, identifying and reporting in the presence of, related organizations, nuances of the two public support tests , undertaking of foreign operations, and more. This book covers the most advanced tax and nonprofit issues related to Form 990's Schedules. You will not only gain an understanding of the tax and practical points necessary to complete Schedules A, C, F, J, K, L, N, and R of the current Form 990, but you will also be advised as to how to communicate with exempt clients on each of these Schedules' unique demands. This book will prepare you to do the following: Distinguish between the in-flows of each of the public support tests, apply each test's calculations, and identify what defines a supporting organization, and note such entities' types and attendant reporting obligations. Distinguish the reporting obligations of 501(c)(3) organizations with respect to lobbying versus that of the proxy tax in place for 501(c) (4), (5), and (6) organizations, and note required electioneering reporting of all 501(c) entities. Recognize the triggers for Schedule F. Recall the definitions of Interested Persons applied within each Part of Schedule L. Recognize the expanded compensation reporting and management practices inquired of in Schedule J. Appreciate both the need for bond counsel involvement in completing Schedule K and the diverse scenarios that trigger Schedule N. Identify the common reporting disclosures required in the presence of related organizations and the unique reporting demands applied, based on type of entity.

Engagement Essentials Preparation, Compilation, and Review of Financial Statements

Engagement Essentials Preparation, Compilation, and Review of Financial Statements

Author: Hugh Parker, Kimberly Burke Format: Paperback / softback Release Date: 25/05/2018

Are you seeking to perform your engagements with maximum efficiency? This book provides an overview of the Statements on Standards for Accounting and Review Services, specifically SSARS No. 21, and covers the fundamentals of preparation, compilation, and review engagements. You will learn what distinguishes preparation, compilation, and review engagements from a traditional audit, You will then apply these concepts with practice questions, case studies and a step-by-step walk-through of these engagements. This book has been fully updated to incorporate the changes from the recently issued SSARSs No. 22, Compilation of Pro Forma Financial Information, and SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services - 2016. You will be prepared to: Identify the performance requirements associated with these engagements Recall the standard compilation and review reports, as well as common modifications to the accountant's reports Recognize the documentation requirements associated with these engagements

Frequent Frauds Found in Governments and Not-for-Profits

Frequent Frauds Found in Governments and Not-for-Profits

Author: Lynda Dennis Format: Paperback / softback Release Date: 25/05/2018

Recognizing fraudulent or deceptive practices is not always easy. What common frauds occur in governments and not-for-profits and how can they be avoided? Illustrating common frauds that make headlines and damage the reputations of government and not-for-profit entities, this title allows accountants to sharpen their forensic skills and uncover and avoid fraudulent activities. It provides an informative case study approach to real world situations. This title will show accountants how to do the following: Determine how interim fraudulent reporting may affect planned reliance on internal controls and any related audit procedures. Identify how personnel policies and procedures can be circumvented and lead to possible fraud or abuse. Apply potential ways to follow up on noted indications of fraud, abuse, and weaknesses in internal control. Determine how management override of internal controls can lead to possible fraud. Analyze how bribes and kickbacks may occur. Identify how donated assets and capital assets in general might be misappropriated.

Financial Forecasting and Decision Making

Financial Forecasting and Decision Making

Author: Wallace, III Davidson Format: Paperback / softback Release Date: 27/04/2018

Many companies fail to succeed due to poor planning, which is one reason why accountants are in big demand. Skilled at forecasting, accountants can plan a company's future by determining the maximum sustainable growth and predict its external fund requirements. This book provides you with the basic tools necessary to project the balance sheet and statements of income and cash flow, enabling you to add a unique value to your client(s) work. This book will prepare you to do the following: Recall the basics of planning and forecasting financial statements Recall considerations related to a basic forecasting model Identify the evidence of growth mismanagement and develop the skills to determine maximum sustainable growth Apply statistical procedures to forecasting Analyze projected or forecasted financial statements

Guide SOC 2 Reporting on an Examination of Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality, or Privacy

Guide SOC 2 Reporting on an Examination of Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality, or Privacy

Author: AICPA Format: Paperback / softback Release Date: 26/04/2018

Updated as of January 1, 2018, this guide includes relevant guidance contained in applicable standards and other technical sources. It explains the relationship between a service organization and its user entities, provides examples of service organizations, describes the description criteria to be used to prepare the description of the service organization's system, identifies the trust services criteria as the criteria to be used to evaluate the design and operating effectiveness of controls, explains the difference between a type 1 and type 2 SOC 2 report, and provides illustrative reports for CPAs engaged to examine and report on system and organization controls at a service organization. It also describes the matters to be considered and procedures to be performed by the service auditor in planning, performing, and reporting on SOC 2 and SOC 3 engagements. New to this edition are: Updated for SSAE No. 18 (clarified attestation standards), this guide has been fully conformed to reflect lessons learned in practice Contains insight from expert authors on the SOC 2 working group composed of CPAs who perform SOC 2 and SOC 3 engagements Includes illustrative report paragraphs describing the matter that gave rise to the report modification for a large variety of situations Includes a new appendix for performing and reporting on a SOC 2 examination in accordance with International Standards on Assurance Engagements (ISAEs) or in accordance with both the AICPA's attestation standards and the ISAEs

Audits of 401(k) Plans

Audits of 401(k) Plans

Author: Deloitte & Touche Consulting Group Format: Paperback / softback Release Date: 24/04/2018

Tap into ways to plan and conduct 401(k) audits more efficiently and effectively! Because 401(k) plans make a popular option for employee benefit plans, auditors of employee benefit plans must have the proper skills to audit these plans. In this book, you will work through how to audit a 401(k) plan and prepare financial statements that satisfy Employee Retirement Income Security Act (ERISA) and SEC requirements. This book explains the differences between 401(k) audits and other employee benefit plan audits and outlines FASB Accounting Standards Update (ASU) No. 2015-07 and FASB ASU No. 2015-12, which continue to be hot topics due to the impact on accounting, reporting, and disclosures for employee benefit plans. Key changes include PCAOB AS 3101 on new auditor reporting standards and FASB 2017-06 on master trust reporting. This book will allow readers to: Recognize the requirements for 401(k) audits to distinguish between audits of other types of employee benefit plans and 401(k) plans. Identify efficient and effective ways to plan and conduct 401(k) audits. Recognize new developments affecting 401(k) audits.

Annual Update for Accountants and Auditors

Annual Update for Accountants and Auditors

Author: Kurt Oestriecher, Mark Beasley Format: Paperback / softback Release Date: 23/04/2018

The rate of change in today's regulatory environment can make it challenging to stay current on the topics affecting the accounting profession. Keep abreast of the fast-paced changes in accounting and auditing in this comprehensive book that provides information critical to an accountant's success. This book covers relevant pronouncements, exposure drafts, and other guidance recently issued in the accounting, auditing, and compilation, preparation, and review arenas. This book covers important topics such as revenue recognition, leases, financial instruments, as well as intangible assets, consolidation, and statement of cash flows. The authors sort through the complexities and help identify and apply recently issued FASB, PCAOB, and ASB standards and guidance. This book will prepare the accountant to do the following: Understand recently issued FASB standards and guidance. Assess the effect of recently issued auditing standards, attestation standards, and standards on accounting and review services. Become familiar with exposure drafts and other projects in accounting, auditing, compilation, preparation, and review services.

Analytics and Big Data for Accountants

Analytics and Big Data for Accountants

Author: Jim Lindell Format: Paperback / softback Release Date: 20/04/2018

Analytics is the new force driving business. Tools have been created to measure program impacts and ROI, visualize data and business processes, and uncover the relationship between key performance indicators, many using the unprecedented amount of data now flowing into organizations. Featuring updated examples and surveys, this dynamic book covers leading-edge topics in analytics and finance. It is packed with useful tips and practical guidance you can apply immediately. This book prepares accountants to: Deal with major trends in predictive analytics, optimization, correlation of metrics, and big data. Interpret and manage new trends in analytics techniques affecting your organization. Use new tools for data analytics. Critically interpret analytics reports and advise decision makers.

Statement of Cash Flows: Preparation, Presentation, and Use

Statement of Cash Flows: Preparation, Presentation, and Use

Author: Tom Klammer Format: Paperback / softback Release Date: 06/04/2018

Disposed to numerous challenges and shortcomings, a cash flow statement is one of the most important financial statements for business. This book introduces the accountant to, and helps to boil down, the intricacies of the overall cash flow statement and its three major sections. Readers will review options for statement of cash flows preparation and presentation and methods to improve cash flow analysis. They will also explore the requirements of the statement of cash flows guidance and related standards, and learn how to make appropriate classifications of transactions and events. This book includes new changes resulting from FASB ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), and FASB ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force). This book will help accounants to: Recall the fundamental cash flow reporting requirements. Recall how to prepare a statement of cash flows using both the direct and indirect method of presenting operating information. Identify when investing and financing cash flows can be reported net. Identify cash flow transactions as operating, investing, or financing. Indicate how to present and disclose significant transactions that have no direct cash flow effect. Recall how to report selected operating items such as interest, taxes, and receivables.

Construction Contractors: Advanced Issues

Construction Contractors: Advanced Issues

Author: Dale Ruther Format: Paperback / softback Release Date: 06/04/2018

The construction industry comes with many advanced accounting issues, audit procedures, and tax issues, which makes construction contractor engagements inherently higher risk than other engagements. As a result, practitioners and financial professionals should be prepared to address difficult issues such as look-back calculations, measuring progress of contracts, overhead allocations, and internal controls for construction contractors. In this book, some of the most pervasive issues in the construction industry and how to identify and manage the risks inherent in construction contractor engagements are discussed. This book shows how to: Apply complex accounting and financial reporting standards to construction contractors. Evaluate and rework audit processes to avoid common deficiencies in construction engagements. Identify tax compliance issues unique to the construction industry.

Case Studies in Not-for-Profit Accounting and Auditing

Case Studies in Not-for-Profit Accounting and Auditing

Author: William Wagner Format: Paperback / softback Release Date: 06/04/2018

Gain hands-on experience with case studies designed to simulate real-world scenarios and common problems in today's not-for-profit environment. This book goes beyond the theory and will show you how to navigate the key issues that arise in not-for-profit accounting and auditing.

Purchasing, Inventory, and Cash Disbursements Common Frauds and Internal Controls

Purchasing, Inventory, and Cash Disbursements Common Frauds and Internal Controls

Author: Glenn Helms Format: Paperback / softback Release Date: 30/03/2018

Purchasing and cash disbursements are common targets for fraud in any entity's environment. Today, many practitioners, auditors, and management in industry are aware of the criticality of adequate internal controls, but may be uncertain whether existing controls in their organizations are adequate. It is important to understand common frauds and internal controls over the purchasing and cash disbursement cycle. Topics discussed include: The acquisitions cycle: ordering, receiving, and warehousing Cash disbursements cycle Payroll and expense reimbursement frauds External auditing and forensic investigations: conceptual and procedural differences Controls and design

Advanced Tax Strategies for LLCs and Partnerships

Advanced Tax Strategies for LLCs and Partnerships

Author: Larry Tunnell, Robert Ricketts Format: Paperback / softback Release Date: 30/03/2018

What works best for clients? Learn the pros and cons of the LLC, general partnership, limited partnership, and limited liability partnership by focusing on planning and potential tax traps. This title offers a review of distinct advantages of these entities coupled with an examination of the risk members and partners face if they do not have a solid tax plan to minimize their exposure. In addition, the authors explore some of the more intricate rules and regulations of these entities so you can move your working knowledge of partnership and LLC taxation beyond the basics. This book prepares the reader to do the following: Analyze a partnership or LLC agreement to determine whether any special allocations in the agreement will be allowed under Code Section 704(b) Identify the potential economic consequences of special allocations to a partner or LLC member Identify the potential tax consequences when a partner or LLC member has a negative balance in his or her capital account Recognize the relationship between partnership and LLC allocations of profit and loss and the allocation of the risks and rewards of entity operations Distinguish between the requirements for substantiality and those for economic effect under the regulations Distinguish between book allocations required under Section 704(b) and tax allocations required under Section 704(c) Recognize the three methods described in the Section 704(c) regulations to make special allocations with respect to contributed property Determine when a non-contributing partner or LLC member will or will not be protected by required allocations under Section 704(c) Calculate the gain that can result from reallocation of liabilities when a partner joins a partnership Calculate a partner's or member's share of recourse liabilities of a partnership or LLC Distinguish between recourse and nonrecourse liabilities of a partnership or LLC Analyze the impact of a partner or LLC member's guarantee of a recourse or nonrecourse liability of the entity Recognize when to treat a liability as a recognized versus contingent liability and understand how to account for partnership or LLC contingent liabilities Calculate the basis of each property received by a partner receiving multiple properties in a liquidating vs. non-liquidating distribution from a partnership or LLC Recognize which properties will receive a step-up or step-down in basis when multiple properties are received from a partnership or LLC Allocate basis increases or decreases among multiple properties for federal income tax purposes Determine when an Internal Revenue code (IRC) Section 754 election will allow a partnership or LLC to adjust its basis in its assets Allocate required basis adjustments among partnership or LLC assets Determine the tax consequences associated with the sale of a partner's or member's interest in a partnership or LLC Recognize how using the installment method to account for the sale of a partnership interest will affect how the partner will report his or her gain on the sale Recognize when the sale of an interest in a partnership will trigger a technical termination of the partnership Determine the tax basis and holding period of assets owned by the partnership following a technical termination Determine the tax consequences associated with subsequent dispositions of built-in gain or loss assets following a technical termination

Annual Update and Practice Issues for Preparation, Compilation, and Review Engagements

Annual Update and Practice Issues for Preparation, Compilation, and Review Engagements

Author: Hugh Parker, Kelly J. Hunter, Kimberly Burke Format: Paperback / softback Release Date: 30/03/2018

Do you need to be compliant with all the professional standards surrounding engagements performed in accordance with Statements on Standards for Accounting and Review Services (SSARSs)? Written by expert authors, one of whom participated heavily in the standard setting, this title is a practice-oriented review of the latest developments related to SSARS Nos. 21, 22, and 23, the last two of which were issued in 2016. A go-to reference for training staff and managing preparation, compilation, and review engagements, this course includes case studies and lively discussion among the experienced participants, making this class informative and practical. This book helps: Identify the professional standards and risk factors relevant to the planning of preparation, compilation, and review engagements. Identify responses to preparation, compilation, and review engagement practice issues that comply with all applicable professional standards.

Health Care Reform Act Critical Tax and Insurance Ramifications

Health Care Reform Act Critical Tax and Insurance Ramifications

Author: Janemarie Mulvey Format: Paperback / softback Release Date: 30/03/2018

The Health Care Reform Act continues to be phased this year and in future years. This book will help accountants and financial advisors better understand the impact of the Act so they can describe to their clients how health care and paying for coverage will change in the future. In addition, they will discover how to use this information for tax planning opportunities. This book will help Recall key points related to tax ramifications associated with implementation of the Act. Identify penalties that apply to individuals and businesses. Recall tax changes that recently went into effect. Recall how to assist clients with tax planning under the Health Care Reform Act

Yellow Book: Government Auditing Standards

Yellow Book: Government Auditing Standards

Author: Allison J. Harrell, Jeff Barbacci Format: Paperback / softback Release Date: 30/03/2018

Do you perform engagements in accordance with generally accepted government auditing standards (GAGAS) as presented in the Yellow Book? This book provides an excellent baseline of information for accountants to better understand governmental auditing foundations, ethics, general audit standards, financial audit standards, attestation engagement standards, and fieldwork and reporting standards for performance audits. It is essential that all auditors planning and conducting audits in accordance with GAGAS understand and discern these concepts and standards in executing their responsibilities. In addition to a chapter covering the key points in a Uniform Guidance compliance audit, this book also includes content from AICPA Guide Government Auditing Standards and Single Audits related to a Uniform Guidance compliance audit, including appendixes for example auditor's reports and sampling guidance. This book will prepare you to do the following: Identify the types of engagements that are performed under Government Auditing Standards. Recognize Yellow Book requirements related to independence, peer review, and more. Identify the additional requirements for performing a financial audit under GAGAS. Recognize the additional GAGAS reporting requirements for financial audits. Recall the requirements for performing attestation engagements and performance audits under the Yellow Book.

Best of Boards Sound Governance and Leadership for Nonprofit Organizations

Best of Boards Sound Governance and Leadership for Nonprofit Organizations

Author: Marci S. Thomas, Kim Strom-Gottfried Format: Paperback / softback Release Date: 16/03/2018

Not-for-profit organizations' boards are justifiably passionate about their causes and eager to help their organizations. However, in today's increasingly regulated climate, board members, who come from diverse backgrounds and may have little financial expertise, can feel overwhelmed by the regulations that are their duty to follow. This second edition provides not-for-profit board members and financial managers with the essential fiduciary knowledge and indispensable leadership guidance that they need to meet the challenges of the current not-for-profit environment. This book contains the following: Financial and ethical guidance for real-life situations Practical leadership advice for novice and experienced board members Assistance for not-for-profit managers tasked with governance challenges Tools, checklists, and templates based on common sense management techniques

AICPA Professional Standards, 2017, Volume 2

AICPA Professional Standards, 2017, Volume 2

Author: AICPA Format: Paperback / softback Release Date: 13/03/2018

AICPA Professional Standards, 2017, Volume 1

AICPA Professional Standards, 2017, Volume 1

Author: AICPA Format: Paperback / softback Release Date: 09/03/2018

Alert: Developments in Preparation, Compilation, and Review Engagements, 2017/18

Alert: Developments in Preparation, Compilation, and Review Engagements, 2017/18

Author: AICPA Format: Paperback / softback Release Date: 02/02/2018

This annual Alert covers the latest developments in the preparation, compilation and review engagements, including current exposure drafts from Accounting and Review Services Committee (ARSC), and common deficiencies identified during peer reviews. Reviewed by ARSC chair, it also addresses the latest and emerging practice issues, and provides valuable information regarding accounting and reporting developments. Key benefits of this title include: Discussion of two new exposure drafts. Current practice issues in SSARS engagements. Ethics updates. Peer review common findings. Additional SSARS engagement resources

Practice Aid Using a SOC 1 Report in Audits of Employee Benefit Plans

Practice Aid Using a SOC 1 Report in Audits of Employee Benefit Plans

Author: AICPA Format: Paperback / softback Release Date: 26/01/2018

Designed to cover the complexities of SOC 1 reports and employee benefit plans, this practice aid describes how a SOC 1 report should be considered in the audit of an employee benefit plan and what audit procedures should be applied to the information in the SOC 1 report.

Audit Risk Alert Government Auditing Standards and Single Audit Developments: Strengthening Audit Integrity 2017/18

Audit Risk Alert Government Auditing Standards and Single Audit Developments: Strengthening Audit Integrity 2017/18

Author: AICPA Format: Paperback / softback Release Date: 19/12/2017

This book focuses on areas of change in audits performed under the Uniform Guidance, highlighting those areas which may be challenging or frequently misunderstood. It also discusses emerging practice issues and current developments related to entities subject to an audit performed under Government Auditing Standards and the OMB Uniform Guidance, and provides information to help you identify significant risks that may affect an audit of entities receiving federal awards. In addition, this alert provides a summary of proposed revisions to Government Auditing Standards as found in the exposure draft to assist you in keeping up to date on the proposed revisions to the Yellow Book.

Accounting Trends and Techniques: U.S. GAAP Financial Statements--Best Practices in Presentation and Disclosure

Accounting Trends and Techniques: U.S. GAAP Financial Statements--Best Practices in Presentation and Disclosure

Author: AICPA Format: Paperback / softback Release Date: 20/11/2017

Updated for new accounting and auditing guidance issued, this valuable tool provides hundreds of high quality disclosure examples from carefully selected U.S. companies of different sizes, across industries such as banking, credit and insurance, communication services, and healthcare from such organizations as Scotts Miracle-Gro, Coca-Cola, Caterpillar, and BB&T. Illustrations of the most important, immediate, and challenging disclosures, such as derivatives and hedging, consolidations, and fair value measurement are provided. Hot topics include statement of cash flows, going concern, and business combinations and intangibles. This edition also provides clear, direct guidance to help you understand and comply with all significant reporting requirements and detailed indexes to help you quickly find exactly what you need.

Audit Risk Alert General Accounting and Auditing Developments, 2017/18

Audit Risk Alert General Accounting and Auditing Developments, 2017/18

Author: AICPA Format: Paperback / softback Release Date: 17/11/2017

Updated annually, this useful resource contains a description of all recent auditing, accounting and regulatory developments to ensure that the accountant has a robust understanding of the business, economic, and regulatory environments in which they and their clients operate. In addition, this alert ensures that the accountant has a full understanding of emerging practice issues, with targeted analysis of new developments and how they may affect your engagements, including: - Recent Economic Trends - Recent Legislative and PCAOB Developments - Developments in Peer Review - Recent Ethics Interpretations It also contains new accounting and auditing guidance related to derivatives and hedging, service concession agreements, discontinued operations, stock compensation, and more

Audit and Accounting Manual, 2016 Nonauthoritative Practice Aid

Audit and Accounting Manual, 2016 Nonauthoritative Practice Aid

Author: AICPA Format: Paperback / softback Release Date: 20/09/2017

Updated as of June 1, 2016, this valuable resource provides a plain English approach to conducting an audit. This one-stop-shop summarizes applicable requirements and delivers how-to advice to help practitioners plan and perform an audit. It provides illustrative examples, sample forms, and helpful techniques that small-and medium-size firms need to streamline their audit engagements. Who Will Benefit: Smaller and regional accounting firms need this product to understand auditing standards Smaller and regional auditing firms need this product to understand current year auditing risks Smaller and regional auditing firms need this product to streamline their process by utilizing illustrative examples and forms

Not-for-Profit Entities Industry Developments, 2016 Audit Risk Alert

Not-for-Profit Entities Industry Developments, 2016 Audit Risk Alert

Author: AICPA Format: Paperback / softback Release Date: 20/09/2017

You'll find targeted discussion of emerging practice issues, plus current economic, accounting and auditing developments. Key Benefits: Among other topics, this Alert focuses on risks related to recent NFP trends, going concern, revenue recognition, and fair value issues. Also included is a discussion of recent and planned IRS activity with regard to NFPs. This alert also includes information on emerging issues such as: Measuring the effectiveness of nonprofits Alternative investment considerations Going concern IRS exempt organizations activities FASB not-for-profit standard-setting activity UPMIFA policies Updates FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) FASB ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern FASB ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity FASB ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs FASB ASU No. 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) FASB ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities Who Will Benefit: Audit and accounting firms with nonprofit engagements Financial managers at nonprofit organizations

Revenue Recognition, Accounting and Auditing Considerations, 2016

Revenue Recognition, Accounting and Auditing Considerations, 2016

Author: AICPA Format: Paperback / softback Release Date: 20/09/2017

New Expanded Edition Covers both Accounting and Auditing This year's expanded edition addresses key concepts in revenue recognition from both an accounting and auditing perspective. The past year's accounting updates are covered, as well as criteria for recognizing revenue and related costs, new disclosure requirements, and a comparison to existing FASB rules to allow for an effective transition once the new rules become effective. Also included are more than 50 pages of audit guidance specific to revenue transactions; including internal controls, audit risk, fraud, and management estimates. An analysis of how auditors will be impacted by the new requirements is also provided. The new guidance is broken down into five essential steps that will provide a clear, solid framework for moving forward under the new standard. Links to helpful online tools and resources are included. Key Benefits: Comprehensive coverage of the new framework, including accounting guidance, as well as audit considerations Key provisions of Topic 606 5-step implementation guidance An understanding of the impact on current accounting and tax practices Updates: Topic 606 (FASB ASU No. 2014-09) FASB ASU No. 2016-08 FASB ASU No. 2016-10 FASB ASU No. 2016-12 Who Will Benefit? Accountants and auditors who need to understand the latest guidance on revenue recognition

Codification of Statements on Standards for Accounting and Review Services Numbers 1 to 21, January 2016

Codification of Statements on Standards for Accounting and Review Services Numbers 1 to 21, January 2016

Author: AICPA Format: Paperback / softback Release Date: 20/09/2017

This 2016 edition includes the authoritative standards and interpretations applicable to preparation, compilation, and review engagements. These standards provide the requirements for practitioners performing these engagements. Since the highly anticipated release of SSARS No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification, practitioners have been preparing for the most significant revisions to the nonaudit literature in over 35 years. SSARS No. 21 completely superseded all prior standards except for those pertaining to the compilation of pro forma financial information. The more significant changes attributed to SSARS No. 21 include: Introduction of a new type of engagement for practitioners to prepare financial statements in accordance with SSARSs Revisions to the applicability of the compilation engagement, moving away from being submission driven to engagement driven This codification delivers SSARS No. 21 in the traditional codified format, complete with the following sections: AR-C Section 60, General Principles for Engagements Performed in Accordance With Statements on Standards for Accounting and Review Services AR-C Section 70, Preparation of Financial Statements AR-C Section 80, Compilation Engagements AR-C Section 90, Review of Financial Statements New since the previous edition is Interpretation No. 1, Considerations Related to Reviews Performed in Accordance With International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements, of AR-C section 90, Review of Financial Statements. You'll find that this codification is fully indexed and arranged by subject. The guidance (and related interpretations to the extent applicable) help you apply the standards in specific circumstances and clearly show amendments, deleted or superseded portions, and conforming changes due to the issuance of other authoritative guidance. Who Will Benefit: Accountants performing preparation, compilation, or review engagements in accordance with SSARS

Accounting and Financial Reporting Guidelines for Cash- and Tax-Basis Financial Statements Practice Aid Series

Accounting and Financial Reporting Guidelines for Cash- and Tax-Basis Financial Statements Practice Aid Series

Author: AICPA Format: Paperback / softback Release Date: 20/09/2017

Due to the complexities of US GAAP accounting, many smaller entities decide that financial statements prepared by applying the cash- or tax-basis of accounting better suits their needs. But unlike GAAP, little authoritative guidance is available for these methods. This practice aid was created to address that issue by supplying guidelines and best practices that promote consistency, and resolving the most common and difficult questions that preparers face. Who Will Benefit: This edition will help individuals in business and industry, as well as public accounting, who prepare financial statements when applying the cash- or tax-basis of accounting.

Applying Special Purpose Frameworks in State and Local Governmental Financial Statements, 2016

Applying Special Purpose Frameworks in State and Local Governmental Financial Statements, 2016

Author: AICPA Format: Paperback / softback Release Date: 20/09/2017

This practice aid is intended to provide accounting and auditing professionals with guidelines and best practices to promote consistency and for resolving the difficult questions of special purpose framework application, specifically for the financial statements of state and local governments. Although this practice aid is the best source for such guidance, it is nonauthoritative and should not be used as a substitute for the preparer's professional judgment. This publication is not intended for use by governments that are required by law, regulation, contract, or policy to prepare financial statements in accordance with GAAP. Key Benefits Include: Clarified and additional guidance and practice points related to the treatment of defined benefit pension plan and OPEB benefit costs Additional practice points on accounting and reporting issues related to the timing of payroll payments and the impact of the use of special purpose frameworks on single audit low risk auditee status Refinements to illustrative auditor reports and an added illustrative auditor report dealing with financial statements presented using both GAAP and special purpose frameworks Who Will Benefit: Auditors for state and local governments Financial statement preparers for state and local governments

Statement on Auditing Standards 131 Amendment to Statement on Auditing Standards No. 122 Section 700, Forming an Opinion and Reporting on Financial S

Statement on Auditing Standards 131 Amendment to Statement on Auditing Standards No. 122 Section 700, Forming an Opinion and Reporting on Financial S

Author: AICPA Format: Paperback / softback Release Date: 20/09/2017

The Auditing Standards Board has issued SAS No. 131, Amendment to Statement on Auditing Standards No. 122 Section 700, Forming an Opinion and Reporting on Financial Statements (AICPA, Professional Standards, AU-C sec. 700), to clarify the format of the auditor's report that should be issued when the auditor conducts an audit in accordance with the standards of the PCAOB, but the audit is not under the jurisdiction of the PCAOB. An audit is under the jurisdiction of the PCAOB if, to perform that audit, the auditor is required to be registered with, and subject to inspection by, the PCAOB. This is required of auditors of certain entities, including issuers and non-issuer brokers and dealers registered with the SEC. When the audit is under the jurisdiction of the PCAOB, the AICPA Code of Professional Conduct requires members to conduct the audit in accordance with the standards of the PCAOB, and the audit is not required to also be conducted in accordance with GAAS. However, when the audit is not under the jurisdiction of the PCAOB but the entity desires, or is required by an agency, by a regulator, or by contractual agreement, to obtain an audit conducted under PCAOB standards, the AICPA Code of Professional Conduct requires the auditor to also conduct the audit in accordance with GAAS. Examples of entities whose audits are not within the jurisdiction of the PCAOB include clearing agencies and futures commission merchants registered with the Commodity Futures Trading Commission (CFTC), as well as certain other entities registered with the CFTC that are not also SEC-registered brokers and dealers. SAS No. 131 addresses the different reporting requirements of GAAS and the auditing standards of the PCAOB. When the auditor refers to the standards of the PCAOB in addition to GAAS in the auditor's report, SAS No. 131 requires the auditor to use the form of report required by the standards of the PCAOB, amended to state that the audit was also conducted in accordance with GAAS. The amendments are effective for audits of financial statements for periods ending on or after June 15, 2016; however, application of the SAS before the effective date is permitted.

Developments in Preparation, Compilation, and Review Engagements, 2015/16

Developments in Preparation, Compilation, and Review Engagements, 2015/16

Author: AICPA Format: Paperback / softback Release Date: 20/09/2017

This Alert will help you create a smooth transition into performing your engagements under the new SSARS 21 standard. The new standard will have a major impact in this core area of practice, and this Alert was created to help CPAs meet the challenge of remaining compliant through the transition. You'll find targeted discussion of new developments, strategies to help you identify sources of risk, and best practices to help you prepare for issues you may face in your current and future engagements. Key Benefits: Recently Issued SSARS No. 21, Statements on Standards For Accounting and Review Services: Clarification and Recodification Revisions to Interpretation No. 101-3, Nonattest Services Proposed SSARS, Compilation of Prospective and Pro forma Financial Information Who Will Benefit: Firms performing engagements in accordance with Statements on Standards for Accounting and Review Services.

Statement on Auditing Standards 130 An Audit of Internal Control Over Financial Reporting that is Integrated with an Audit of Financial Statements, 2

Statement on Auditing Standards 130 An Audit of Internal Control Over Financial Reporting that is Integrated with an Audit of Financial Statements, 2

Author: AICPA Format: Paperback / softback Release Date: 20/09/2017

As a result of its Attestation Clarity Project, the Auditing Standards Board (ASB) has issued Statement on Auditing Standards (SAS) No. 130, An Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements (AICPA, Professional Standards, AU-C sec. 940). The ASB concluded that, because engagements performed under AT section 501, An Examination of an Entity's Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements (AICPA, Professional Standards), as well as related attestation interpretation No. 1, Reporting Under Section 112 of the Federal Deposit Insurance Corporation Improvement Act (AICPA, Professional Standards, AT sec. 9501), are required to be integrated with an audit of financial statements, it is appropriate to move the content of AT section 501 from the attestation standards into generally accepted auditing standards (GAAS). AT section 501 and the related attestation interpretation will be withdrawn when SAS No. 130 becomes effective. The ASB will consider developing, at a later date, an attestation standard addressing examinations of internal control other than internal control over financial reporting that is integrated with an audit of financial statements. When drafting SAS No. 130, the intention of the ASB was to adhere as closely as possible to AT section 501 and PCAOB Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements (AICPA, PCAOB Standards and Related Rules, Auditing Standards), while aligning with GAAS and avoiding unintended consequences in practice. SAS No. 130 also amends various sections in SAS No. 122, Statements on Auditing Standards: Clarification and Recodification, in order to integrate the SAS into GAAS. SAS No. 130 includes the following changes: The auditor will be required to examine and report directly on the effectiveness of internal control over financial reporting. There is no longer an option to examine and report on management's assertion about the effectiveness of internal control over financial reporting. The term significant account or disclosure used in AT section 501 has been changed to significant class of transactions, account balance, or disclosure to align with terminology used in existing GAAS and clarify that the risk factors the auditor is required to evaluate in the identification of significant classes of transactions, account balances, and disclosures and their relevant assertions are the same in the audit of internal control over financial reporting as in the audit of the financial statements. The SAS allows, as does AT section 501, the auditor to use the work of internal auditors and others in obtaining evidence about the effectiveness of internal control over financial reporting. Although AU-C section 610, Using the Work of Internal Auditors (AICPA, Professional Standards), does not discuss others, the SAS requires the auditor planning to use the work of others in the audit of internal control over financial reporting to adapt and apply, as necessary, the requirements of AU-C section 610, including the need for others to apply a systematic and disciplined approach. SAS No. 130 is effective for integrated audits for periods ending on or after December 15, 2016.

Codification of Statements on Auditing Standards Numbers 122 to 131, January 2016

Codification of Statements on Auditing Standards Numbers 122 to 131, January 2016

Author: AICPA Format: Paperback / softback Release Date: 20/09/2017

This 2016 edition delivers the current Statements on Auditing Standards (SASs) and related interpretations in a codified format, giving you the most up-to-date information you need to conduct successful audits and provide high-quality services to your clients. This authoritative guidance, issued directly from the AICPA, is essential to fully understanding the requirements associated with an audit. This edition includes the following new standards: SAS No. 130, An Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements SAS No. 131, Amendment to SAS No. 122 Section 700, Forming an Opinion and Reporting on Financial Statements Exhibit C, Statement on Updates to Audit Response Letters, to AU-C section 501, Audit Evidence-Specific Considerations for Selected Items Interpretation No. 2, Sustainability Financial Statements Under Federal Financial Accounting Standards-Auditor Reporting of AU-C section 700, Forming an Opinion and Reporting on Financial Statements You'll find that this codification is fully indexed and arranged by subject. The codified standards and related interpretations are vital to practitioners performing audits.

Attestation Engagements on Sustainability Information (Including Greenhouse Gas Emissions Information)

Attestation Engagements on Sustainability Information (Including Greenhouse Gas Emissions Information)

Author: AICPA Format: Paperback / softback Release Date: 15/09/2017

New Authoritative Guide for SSAE No. 18 and Sustainability Organizations are increasingly seeking to add credibility to sustainability information: According to the CFA Institute, 73 percent of portfolio managers and research analysts surveyed take sustainability matters into account when making investment decisions and 69 percent believe it is important that such information be subject to independent assurance. This new guide will assist CPAs with interpreting and applying the clarified attestation standards (SSAE No. 18) when performing examination or review engagements on sustainability information. Note: This guide supersedes AICPA Statement of Position (SOP) 13-1, Attest Engagements on Greenhouse Gas Emissions Information. The content of that SOP has been updated for the clarified attestations standards and included in the guide.

Checklists and Illustrative Financial Statements 2017 Defined Contribution Retirement Plans

Checklists and Illustrative Financial Statements 2017 Defined Contribution Retirement Plans

Author: AICPA Format: Paperback / softback Release Date: 14/07/2017

This edition covers plan types, such as 401(k) plans, 403(b) plans, and 11Ks. It contains the most comprehensive U.S. GAAP disclosure guidance available, and identifies the reporting requirements that you need to know and apply to meet the applicable standards. FinREC recommendations on many accounting topics are included throughout. Key changes include the new accounting standards updates related to investments at net asset value per share, as well as the effect of the simplification project. In addition, this edition includes useful tools such as illustrative financial statements and auditor's reports. Updates include: FASB ASU No. 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share (or its Equivalent) FASB ASU No. 2015-12, Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient

Guide: Reporting on an Entity's Cybersecurity Risk Management Program and Controls, 2017

Guide: Reporting on an Entity's Cybersecurity Risk Management Program and Controls, 2017

Author: AICPA Format: Paperback / softback Release Date: 02/06/2017

Created by the AICPA, this authoritative guide provides interpretative guidance to enable accountants to examine and report on an entity's cybersecurity risk managementprogram and controls within that program. The guide delivers a framework which has been designed to provide stakeolders with useful, credible information about the effectiveness of an entity's cybersecurity efforts.

Prospective Financial Information

Prospective Financial Information

Author: AICPA Format: Paperback / softback Release Date: 02/06/2017

This resource provides interpretive guidance and implementation strategies for all preparation, compilation examination and agreed upon procedures on prospective financial information: Helps with establishing proven best-practices. Provides practical tools and resources to assist with compliance. Exposes potential pitfalls associated with independence and ethics requirements. SSAE No. 18 SSARS No. 23 Preparation and compilation engagements now fall under the SSARSs The attestation engagements require an assertion from the responsible party

Reporting on an Examination of Controls at a Service Organization Relevant to User Entities' Internal Control Over Financial Reporting (SOC 1)

Reporting on an Examination of Controls at a Service Organization Relevant to User Entities' Internal Control Over Financial Reporting (SOC 1)

Author: AICPA Format: Paperback / softback Release Date: 27/04/2017

This updated and improved guide is designed to help accountants effectively perform SOC 1(R) engagements under AT-C section 320, Reporting on an Examination of Controls at a Service Organization Relevant to User Entities' Internal Control Over Financial Reporting, of Statement on Standards for Attestation Engagements (SSAE) No. 18, Attestation Standards: Clarification and Recodification. With the growth in business specialization, outsourcing tasks and functions to service organizations has become increasingly popular, increasing the demand for SOC 1 engagements. This guide will help: Gain a deeper understanding of the requirements and guidance in AT-C section 320 for performing SOC 1 engagements. Obtain guidance from top CPAs on how to implement AT-C section 320 and address common and practice issues. Provide best in class services related to planning, performing, and reporting on a SOC 1 engagement. Successfully implement changes in AT-C section 320 arising from the issuance of SSAE 18, which is effective for reports dated on or after May 1, 2017. Determine how to describe the matter giving rise to a modified opinion by providing over 20 illustrative paragraphs for different situations. Understand the kinds of information auditors of the financial statements of user entities need from a service auditor's report. Implement the requirement in SSAE No. 18 to obtain a written assertion from management of the service organization. Organize and draft relevant sections of a type 2 report by providing complete illustrative type 2 reports that include the service auditor's report, management's assertion, the description of the service organization's system, and the service auditor's description of tests of controls and results. Develop management representation letters for SOC 1 engagements.

Essentials of Personal Financial Planning

Essentials of Personal Financial Planning

Author: Susan Tillery, Tom Tillery, AICPA Format: Paperback / softback Release Date: 17/03/2017

ESSENTIALS OF PERSONAL FINANCIAL PLANNING Essentials of Personal Financial Planning was written to challenge the status quo by promoting personal financial planning (PFP) as a profession, not as a sales tool to gather assets under management or facilitate sales of insurance products. The book takes a comprehensive and integrated approach to PFP for accounting students, allowing them to view the profession through the lens of a CPA with integrity and objectivity. This book systematically introduces the essentials of all the major PFP topics (estate, retirement, investments, insurance, and tax), as well as: * The PFP process, concepts and regulatory environment. * Professional responsibilities of a CPA personal financial planner and the requirements of the Statement on Standards in PFP Services. * Time value of money concepts. The book then builds on these foundational concepts, showing their interconnectivity and professional opportunities, to provide a deeper understanding of PFP and its application. After reading this book, students will be able to apply the knowledge and skills gained from this course to have an immediate and long-term positive impact for themselves and for the clients they serve.

Alert: Developments in Preparation, Compilation, and Review Engagements 2016/17

Alert: Developments in Preparation, Compilation, and Review Engagements 2016/17

Author: AICPA Format: Paperback / softback Release Date: 27/12/2016

This annual Alert covers the latest developments in the preparation, compilation and review engagements, including current exposure drafts from Accounting and Review Services Committee (ARSC), and common deficiencies identified during peer reviews. Reviewed by ARSC chair, it also addresses the latest and emerging practice issues, and provides valuable information regarding accounting and reporting developments. Key benefits of this title include: Discussion of two new exposure drafts. Current practice issues in SSARS engagements. Ethics updates. Peer review common findings. Additional SSARS engagement resources

The Engaged Employee 10 Initiatives for Successful Firms

The Engaged Employee 10 Initiatives for Successful Firms

Author: Sandra Wiley Format: Paperback / softback Release Date: 30/11/2016

Today's CPA firms are facing a hard reality: mergers and acquisitions and organic growth are on the upswing, but there are fewer experienced people to do the work than in the past. Recruiting and retaining top-notch employees in this environment is a challenge to say the least. The most successful firms have discovered a solution that retains the best and the brightest while driving desired business outcomes: employee engagement. Engaged employees are more productive, more profitable, more client-focused, and more likely to stay. Fortunately, engagement is not an elusive goal. It can be systematically cultivated in your firm. In this lively and engaging guide, author and expert Sandra Wiley presents 10 key initiatives that your firm can employ to foster engagement. By tackling these initiatives in your firm using Wiley's tools and exercises to guide your process you will be able to: Recruit the best talent Foster trust among your team Connect firm needs with individual's unique passions and skills Ensure your emerging leaders choose to stay with the firm Grow faster, adapt quicker, and innovate more!

AICPA Technical Questions and Answers, 2016

AICPA Technical Questions and Answers, 2016

Author: AICPA Format: Paperback / softback Release Date: 30/11/2016

Find the answers to the questions your colleagues and clients are asking in AICPA Technical Questions and Answers. This publication compiles popular Qs&As from the AICPA's Technical Hotline. This resource includes non-authoritative guidance on these subjects: Financial Statement Presentation Auditors' Reports Required Supplementary Information Preparation, Compilation, and Review Engagements Liabilities and Deferred Credits Capital Revenue and Expense Specialized Industry Problems Specialized Organizational Problems Audit Fieldwork Attestation Engagements

The Adviser's Guide to Healthcare, Volume 1 An Era of Reform--The Four Pillars

The Adviser's Guide to Healthcare, Volume 1 An Era of Reform--The Four Pillars

Author: Robert James Cimasi, Todd A. Zigrang Format: Paperback / softback Release Date: 18/03/2016

In a radically changing healthcare environment, the tools you need to navigate consulting practices can be found in this Guide. Developed by two of the foremost consultants in the healthcare industry, The Adviser's Guide to Health Care - Second Edition is a comprehensive resource and reference guide for professionals seeking a working knowledge of the myriad factors involved in consulting with and valuing healthcare practices. This title is built around a new taxonomy framework for approaching economic value for the healthcare industry-the Four Pillars of reimbursement, regulation, competition, and technology. The Four Pillars framework is carried throughout this book. An in-depth discussion of the Four Pillars, the reimbursement environment, the regulatory environment, the impact of competitive forces, and technology; and the landmark legislation that has contributed to the current healthcare environment is provided. Reader tools throughout the Guide help you reference and retain complex information. These tools include: Sidebars. Key terms, key concepts, key sources, associations, and factoids all serve to enhance and reinforce the core takeaways from each chapter. Tables. Tables are used to display and reference benchmark data, draw comparisons, and illustrate industry data trends. Figures. Graphical depictions of concepts help you comprehend the material. Keep up with the changing face of healthcare services and consulting practices with The Adviser's Guide to Healthcare! Key ACA concepts explained, including: Cadillac Tax Cafeteria Plans Employee Cost Sharing Full-Time Equivalent (FTE) Employees Small Business Health Options Program (SHOP) Exchange Small Business Healthcare Affordability Tax Credits Small Firm Penalty Exemption Who Will Benefit: Advisors and consultants to healthcare practices, insurance professionals, hospitals, etc. Valuation (BV/FVS) consultants and advisors. Any practitioner with an interest in healthcare and healthcare practices, healthcare reform, and how it affects businesses.

The Adviser's Guide to Healthcare, Volume 2 Consulting Services

The Adviser's Guide to Healthcare, Volume 2 Consulting Services

Author: Robert James Cimasi, Todd A. Zigrang Format: Paperback / softback Release Date: 18/03/2016

In a radically changing healthcare environment, the tools you need to navigate consulting practices can be found in this Guide. Developed by two of the foremost consultants in the healthcare industry, The Adviser's Guide to Health Care - Second Edition is a comprehensive resource and reference guide for professionals seeking a working knowledge of the myriad factors involved in consulting with and valuing healthcare practices. This two-volume set is built around a new taxonomy framework for approaching economic value for the healthcare industry-the Four Pillars of reimbursement, regulation, competition, and technology. The Four Pillars framework is carried throughout this book. This book introduces different models of emerging healthcare organizations, details industry subspecialties in terms of the Four Pillars framework, and addresses issues related to consulting services for healthcare practices, including valuation services for enterprises, assets, and services. Reader tools throughout the Guide help you reference and retain complex information. These tools include: Sidebars. Key terms, key concepts, key sources, associations, and factoids all serve to enhance and reinforce the core takeaways from each chapter. Tables. Tables are used to display and reference benchmark data, draw comparisons, and illustrate industry data trends. Figures. Graphical depictions of concepts help you comprehend the material. Keep up with the changing face of healthcare services and consulting practices with The Adviser's Guide to Healthcare! Key ACA concepts explained, including: Cadillac Tax Cafeteria Plans Employee Cost Sharing Full-Time Equivalent (FTE) Employees Small Business Health Options Program (SHOP) Exchange Small Business Healthcare Affordability Tax Credits Small Firm Penalty Exemption Who Will Benefit: Advisors and consultants to healthcare practices, insurance professionals, hospitals, etc. Valuation (BV/FVS) consultants and advisors. Any practitioner with an interest in healthcare and healthcare practices, healthcare reform, and how it affects businesses.