AICPA issues TQAs on use of inappropriate accounting standards

By Ken Tysiac

The AICPA issued technical questions and answers (TQAs) Wednesday that address reporting on financial statements developed using an inappropriate set of standards.

Developed in response to recent questions from AICPA members auditing governmental entities, including Indian tribes, the TQAs provide nonauthoritative guidance.

TQA Section 9160.31–.35 also discusses:

  • Whether an entity is a state or local government for purposes of determining whether it is using the appropriate set of accounting standards.
  • How to report on the entity’s financial statements when the entity elects to follow either a different set of standards or a special-purpose framework.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.

SPONSORED REPORT

Tax reform complicates year-end tax planning

Get your clients ready for tax season with these year-end tax planning strategies, which address how to make the most of recent tax law changes, such as the new deduction for qualified business income and the cap on the deductibility of state and local taxes.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.