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Management, accountants, and others often consult with professionals, including other accountants, on the application of accounting principles to new transactions and financial products. This proposed statement provides guidance to accountants who provide this service and establishes performance and reporting standards that (A) Apply (1) to written reports on the application of accounting principles and (2) to oral reports on a specific transaction when the reporting accountant concludes that the report is intended to be used by the principal to the transaction as primary support for a decision on the application of accounting principles; (B) Require consultation with a principal's continuing accountant when evaluating those accounting principles at the request of a principal that relate to a specific transaction.
Business consultants -- United States; Consultants; Accounting -- Standards -- United States
Accounting | Taxation
American Institute of Certified Public Accountants. Auditing Standards Board, "Proposed statement on auditing standard : reports on the application of accounting principles ;Reports on the application of accounting principles" (1985). Statements of Position. 486.