Auditing


The ASB issues Statement on Auditing Standards no. 101, Auditing Fair Value Measurements and Disclosures. It addresses audit considerations relating to the measurement and disclosure of assets, liabilities and specific components of equity presented or disclosed at fair value in financial statements. The SAS is effective for audits of financial statements for periods beginning on or after June 15, 2003, although the board permits earlier application. Copies of the SAS (product no. 060703) can be ordered from the AICPA at 888-777-7077.

The Institute’s audit and attest standards team releases nonauthoritative guidance in the form of a free tool kit, Auditing Fair Value Measurements and Disclosures. It includes practical recommendations, illustrative audit programs and disclosure checklists to help auditors understand and apply statements on auditing standards when auditing fair value measurements and disclosures relating to business combinations, goodwill and certain impairment situations. The tool kit can be downloaded from the AICPA Web site at www.aicpa.org/download/auditstd/finaltoolkit.pdf .

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

News quiz: Taking an economic snapshot and looking to the future

Recent news included IRS actions that affect individuals and partnerships and a possibly influential move by a Big Four accounting firm.Take this short quiz to see how much you know about the news.