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Accounting Research Manager®
Weekly Summary of Developments
February 20-24, 2012
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Accounting Research Manager subscriber,

The Accounting Research Manager database now contains this week's weekly summary of developments. Click the link below to access and print the fully-formatted Weekly Summary:

For detail, please contact info@hkcmcpa.us

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AUDITING AND INTERNAL CONTROLS HEADLINES:
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Auditor's Reports -- Auditor's Reports on Application of Requirements of an Applicable Financial Reporting Framework Discussed
For detail, please contact info@hkcmcpa.us

We have added a GAAS Update Service that provides discussion and analysis of a clarified AICPA Statement on Auditing Standards (SAS), Reports on Application of Requirements of an Applicable Financial Reporting Framework, which was finalized as part of the AICPA's Clarity Project and subsequently designated as AU-C Section 915, Reports on Application of Requirements of an Applicable Financial Reporting Framework, by SAS 122, Statements on Auditing Standards: Clarification and Recodification. AU-C Section 915 will supersede SAS 50 (AU Section 625), Reports on the Application of Accounting Principles.

AU-C Section 915 will be effective for engagements that end on or after December 15, 2012.

The AICPA’s Clarity Project is intended to make existing U.S. generally accepted auditing standards (GAAS) easier to understand, apply, and move toward converging U.S. GAAS with International Standards on Auditing issued by the International Auditing and Assurance Standards Board. For further information on the AICPA's Clarity Project, see our previously published discussion and analysis in our publication "A Closer Look."

Some of the documents listed above may not be accessible under your current subscription. For information about upgrading your subscription to include additional content, click here:
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GOVERNMENT HEADLINES:
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Local Government Finances -- GASB Publishes User Guide
For detail, please contact info@hkcmcpa.us

The GASB has issued What You Should Know about Your Local Government’s Finances: A Guide to Financial Statements - 2nd Edition. This user guide is intended to help stakeholders understand financial statements issued by local governments. Topics discussed in this guidance include the following:

-The importance of governmental financial statements;
-Information about the whole government;
-Detailed information about a government's funds;
-Notes to governmental financial statements; and
-Supporting information provided by a government.

Financial Guarantees -- GASB Project Discussed
For detail, please contact info@hkcmcpa.us

We have published a Governmental GAAP Update Service that discusses the GASB's project on financial guarantees. The goal of this project is to establish guidance with regard to the recognition, measurement, and disclosures of guarantees made and received by state and local governments. Topics discussed in this update are:

-Issues addressed by the financial guarantees project;
-Current status of the project; and
-Expected project plan.

Some of the documents listed above may not be accessible under your current subscription. For information about upgrading your subscription to include additional content, click here:

For detail, please contact info@hkcmcpa.us