Statements of Position

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Description

The Auditing Standards Board is revising the guidance on auditing investments to make that guidance consistent with recently issued accounting standards, particularly Financial Accounting Standards Board Statement of Financial Accounting Standards No. 115, Accounting for Certain Investments in Debt and Equity Securities. This proposed Statement would supersede AU section 332, "Long-Term Investments," of Statement on Auditing Standards No. 1, Codification of Auditing Standards and Procedures (AICPA, Professional Standards, vol. 1, AU sec. 332), and would delete Interpretation No. 1 of AU section 332, "Evidential Matter for the Carrying Amount of Marketable Securities" (AICPA, Professional Standards, vol. 1, AU sec. 9332). This proposed Statement would supersede AU section 332 and would require that the references to Interpretation No. 1 of AU section 332, "Evidential Matter for the Carrying Amount of Marketable Securities," be deleted from the AICPA Audit and Accounting Guide Banks and Savings Institutions.

ISBN

ed96-05-29t

Publication Date

1996

Relational Format

Book

Keywords

Investments -- Auditing -- Standards -- United States; Securities -- United States -- Accounting

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; Exposure draft (American Institute of Certified Public Accountants), 1996, May 29

Proposed statement on auditing standards : Investments in debt and equity securities (to supersede AU section 332,

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