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AUDITING

New TPAs address changes to reports arising from PCC VIE alternative

 

April 23, 2014

New nonauthoritative guidance issued by the AICPA addresses changes to accountants’ or auditors’ reports when a client adopts a new Private Company Council (PCC) alternative that results in a change to a previously issued report.

Private company clients can elect not to apply variable-interest entity guidance to certain common-control leasing arrangements as a result of the new alternative, issued in March as Accounting Standards Update No. 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements.

Modifications to accountants’ compilation or review reports and auditors’ reports are described when a client adopts a PCC alternative that results in a change to a previously issued report. AICPA Technical Questions and Answers (TPAs) 9150.34 and 9160.30 provide nonauthoritative guidance regarding these modifications.

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