Statements of Position



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This proposed Statement responds to the urging of the SEC in Accounting Series Release (ASR) No. 190 that the Auditing Standards Executive Committee develop appropriate standards for the involvement of the auditor with unaudited replacement cost information presented in audited financial statements in accordance with SEC Regulation S-X. This proposed Statement recommends that the auditor perform limited inquiry procedures to provide the auditor with an understanding as to whether (a) the replacement cost information is prepared and presented in conformity with Regulation S-X of the Commission and (b) disclosures regarding the replacement cost information are consistent with management's responses to the auditor's inquiries. The proposed Statement also provides guidance as to the auditor's reporting responsibilities in connection with unaudited replacement cost information.

Publication Date


Relational Format



Replacement of industrial equipment -- Auditing


Accounting | Taxation


Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Proposed statement on auditing standards: Unaudited replacement cost information;Unaudited replacement cost information; Exposure draft (American Institute of Certified Public Accountants), 1976, Dec. 15



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