ASB Reaches Major Clarity Project Milestone


The AICPA’s Auditing Standards Board has achieved a major milestone in its Clarity Project with the issuance of Statement on Auditing Standards (SAS) nos. 122–124. The publication includes a total of 40 finalized clarified SASs in the following statements:

  • SAS no. 122, Statements on Auditing Standards: Clarification and Recodification
  • SAS no. 123, Omnibus Statement on Auditing Standards 2011
  • SAS no. 124, Financial Statements Prepared in Accordance With a Financial Reporting Framework Generally Accepted in Another Country


Click here to read a complete description of this publication, which supersedes all but seven outstanding SASs through no. 121, and becomes effective for audits of financial statements for periods ending on or after Dec. 15, 2012.

This publication has been codified in AICPA Professional Standards, which contains a complete codification of the Statements on Auditing Standards. Practitioners are advised to use the codified version of these SASs as they prepare to evaluate and update their audit methodologies, and prepare for changes brought about by the clarity project.

More from the JofA:

 Find us on Facebook  |   Follow us on Twitter  |   View JofA videos

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.