1/08/08 -- Private Company Panel Issues Questionnaire on the
Costs and Benefits of FIN No. 48.
On January 4, 2008, the Private Company Financial Reporting Committee
(PCFRC), a year-old-group jointly sponsored by the Financial Accounting
Standards Board (FASB) and the American Institute of Certified Public
Accountants (AICPA), emailed to its constituents a questionnaire on the
costs and benefits of the FASB Interpretation (FIN) No. 48, Accounting
for Uncertainty in Income Taxes-an interpretation of FASB Statement No.
109.
Responses will be used to develop implementation guidance for private
companies that the PCFRC will recommend to the AICPA staff.
The PCFRC believes private companies need further implementation guidance
because preparers of their financial statements are often inexperienced
at financial reporting of income taxes under FIN No. 48.
1/3/08 -- Auditing Standards Board Issues Meeting Agenda.
The Auditing Standards Board of the American Institute of Certified Public
Accountants recently released an agenda for its meeting scheduled for
January 8-10, 2008, in Amelia Island, Florida.
The ASB will take up:
- The reports of ASB Chair Harold Monk, Jr. and AICPA Vice President
Charles E. Landes;
- A proposed redrafted AU Section 339, "Audit Documentation";
- A proposed Statement on Auditing Standards (SAS), The Auditor's
Communication with Those Charged With Governance;
- The first draft of the revised SAS 108, Planning and Supervision;
- A revised draft of AU Section 341, "The Auditor's Consideration of
an Entity's Ability to Continue as a Going Concern";
- A first draft of a proposed SAS, Audit Considerations Relating
to an Entity Using a Service Organization;
- A proposed Statement on Standards for Attestation Engagements (SSAE),
Reporting on Controls at a Service Organization;
- AU Section 801, "Compliance Auditing Considerations in Audits of Governmental
Entities and Recipients of Governmental Financial Assistance";
- A proposed SSAE that would revise AT Section 501, "Reporting on an
Entity's Internal Control Over Financial Reporting";
- A proposed SAS, Required Supplementary Information;
- A proposed amendment to SAS 100, Interim Financial Statements,
and
- The presentation format for ASB standards and policy for the placement
of specific topic material in the standards.
Also, during the Wednesday, January 9 session the ASB will hold a liaison
meeting with members of the Private Companies Practice Section, an AICPA
body that represents and provides practice management resources to local
and regional firms.
1/3/08 -- Technical Plan Issued for First Four Months of 2008.
The Governmental Accounting Standards Board published on December 21,
2007, its updated technical plan for January through April of 2008. The
document includes a description of each project on the current technical
agenda, as well as its history, background, accounting issues, and work
plan, and was approved at the December Board meeting.
The current technical agenda projects are:
- Recognition and Measurement Attributes.
- Derivative Instruments.
- Fund Balance Reporting and Governmental Fund Type Definitions.
- Service Efforts and Accomplishments Reporting.
- Comprehensive Implementation Guide-Update.
The Technical Plan also describes current GASB research projects and
potential projects.
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