Auditing fair value measurements and disclosures; Statement on auditing standards, 101

Authors

American Institute of Certified Public Accountants. Auditing Standards Executive Committee

Files

Description

The purpose of this Statement is to establish standards and provide guidance on auditing fair value measurements and disclosures contained in financial statements. In particular, this Statement addresses audit considerations relating to the measurement and disclosure of assets, liabilities, and specific components of equity presented or disclosed at fair value in financial statements. Fair value measurements of assets, liabilities, and components of equity may arise from both the initial recording of transactions and later changes in value. Changes in fair value measurements that occur over time may be treated in different ways under generally accepted accounting principles (GAAP). For example, GAAP may require that some fair value changes be reflected in net income and that other fair value changes be reflected in other comprehensive income and equity.

Publication Date

2003

Relational Format

pamphlet

Keywords

Auditing -- Standards -- United States; Fair value -- Accounting -- Standards -- United States; Disclosure in accounting -- Standards -- United States; Financial statements -- Standards -- United States

Disciplines

Accounting | Taxation

Comments

Copyright and permission to reprint held by: American Institute of Certified Public Accountants

Recommended Citation

American Institute of Certified Public Accountants. Auditing Standards Executive Committee, "Auditing fair value measurements and disclosures; Statement on auditing standards, 101" (2003). Statements on Auditing Standards. 7.
https://egrove.olemiss.edu/aicpa_sas/7