Journal of Accountancy Large Logo

Search Results

AICPA SOPs

Sort by: Show:
Page  1

1. Guidance issued on reporting pursuant to the Global Investment Performance Standards  

Issued under the authority of the AICPA Auditing Standards Board, Statement of Position 12-1, Reporting Pursuant to the Global Investment Performance Standards, supersedes SOP 06-1 of the same title and paragraphs 11.37–.42 of chapter 11, “Independent Auditor’s Reports and Client Representations,” of the AICPA Audit and Accounting Guide Investment Companies (as of May 1, 2012).

2. Financial Reporting  

n FASB issued proposed FASB Staff Position FAS 117-a, Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures. “The issues addressed by this FSP have widespread importance to the not-forprofit sector, especially organizations with sizable endowments, and the users of their financial statements, such as donors, credit rating agencies, and regulators,” Jeffrey Mechanick, FASB project manager, said in a press release.

3. Highlights  

The Consulting Services Executive Committee of the AICPA issued in June a new professional standard on valuation services, Statement on Standards for Valuation Services no. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset. The standard provides guidelines to CPAs for developing estimates of value and reporting on the results.

4. Financial Reporting  

The AICPA’s Accounting Standards Executive Committee (AcSEC) offered comments on a proposed FASB statement, Not-for-Profit Organizations: Mergers and Acquisitions. In the March 1 letter, AcSEC said the proposed statement is a step in the right direction, but also offered several caveats. Distinguishing between the acquiring entity and the one acquired is often less clear with not-for-profit organizations (NPOs) than with business enterprises, AcSEC said.
Page  1
CPE Direct articles Web-exclusive content
AICPA Logo Copyright © 2013 American Institute of Certified Public Accountants. All rights reserved.
Reliable. Resourceful. Respected. (Tagline)