Proposed statement of position : reporting on required supplementary information accompanying compiled or reviewed financial statements of common interest realty associations : proposed supplement to the AICPA audit and accounting guide, Common interest realty associations;Reporting on required supplementary information accompanying compiled or reviewed financial statements of common interest realty associations : proposed supplement to the AICPA audit and accounting guide, Common interest realty associations; Exposure draft (American Institute of Certified Public Accountants), 1992, Oct. 26

Authors

American Institute of Certified Public Accountants. Accounting and Review Services Committee

Files

Description

The AICPA Audit and Accounting Guide Common Interest Realty Associations (the CIRA guide) requires common interest realty associations (CIRAs) to disclose certain supplementary information outside of the basic financial statements. This requirement also applies to nonpublic CIRAs whose financial statements are compiled or reviewed in accordance with Statements on Standards for Accounting and Review Services (SSARSs). Paragraph 43 of SSARS No. 1, Compilation and Review of Financial Statements, describes the accountant's responsibility when the financial statements are accompanied by information voluntarily presented for supplementary analysis purposes; however, SSARSs do not address the accountant's responsibility when the financial statements are accompanied by required supplementary information. This proposed SOP augments chapter 8, "Review and Compilation Engagements," of the CIRA guide by providing accountants with performance and reporting guidance when required supplementary information accompanies the basic financial statements in compilation and review engagements. The proposed SOP: 1. Requires that the accountant, at a minimum, compile the required supplementary information accompanying compiled or reviewed financial statements. 2. Specifies the procedures that should be performed when compiling the required supplementary information. 3. Refers the accountant to the Statement on Standards for Attestation Engagements, Attestation Standards (AICPA, Professional Standards, vol. 1, AT sec. 100) for guidance on reviewing the required supplementary information.

Publication Date

1992

Relational Format

Book

Keywords

Real estate business -- United States -- Accounting; Real estate investment trusts

Disciplines

Accounting | Taxation

Comments

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

Recommended Citation

American Institute of Certified Public Accountants. Accounting and Review Services Committee, "Proposed statement of position : reporting on required supplementary information accompanying compiled or reviewed financial statements of common interest realty associations : proposed supplement to the AICPA audit and accounting guide, Common interest realty associations;Reporting on required supplementary information accompanying compiled or reviewed financial statements of common interest realty associations : proposed supplement to the AICPA audit and accounting guide, Common interest realty associations; Exposure draft (American Institute of Certified Public Accountants), 1992, Oct. 26" (1992). Exposure Drafts, Comment Letters, and Statements of Position. 574.
https://egrove.olemiss.edu/aicpa_sop/574