Compilation and Review


The Accounting and Review Services Committee issued Interpretation no. 31, Preparation of Financial Statements for Use by an Entity’s Auditors, of AR section 100, Compilation and Review of Financial Statements. The document, available at http://tinyurl.com/7z9o24, provides guidance for situations in which a client engages an accountant, other than its auditor, to prepare unaudited financial statements on behalf of management and in which those financial statements are provided by management to its outside auditor for the purposes of the annual audit.

Additionally, to provide guidance with respect to an accountant’s considerations in determining whether he or she prepared financial statements when his or her work effort results in or contributes to the existence of those financial statements, the AICPA’s Audit and Attest Standards Team has issued Technical Practice Aid (TPA) 9150.25, Determining Whether Financial Statements Have Been Prepared by the Accountant. The practice aid is available at http://tinyurl.com/786u76.

 

SPONSORED REPORT

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

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

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out