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Proposed statement on responsibilities in personal financial planning practice : developing a basis for recommendations;Developing a basis for recommendations; Exposure draft (American Institute of Certified Public Accountants), 1995, Aug. 15
American Institute of Certified Public Accountants. Personal Financial Planning Executive Committee
This proposed Statement on Responsibilities in Personal Financial Planning Practice (SRPFP) is intended to provide guidance to members of the AICPA who perform personal financial planning (PFP) services. This proposed SRPFP is advisory and does not constitute enforceable technical standards under rule 202 of the AICPA Code of Professional Conduct. This proposed SRPFP does not supersede Statements on Standards for Accounting and Review Services, Statements on Responsibilities in Tax Practice, the Personal Financial Statements Guide, or the Audit and Accounting Guide Guide for Prospective Financial Information. The issuance of this exposure draft was approved by the PFP Executive Committee. This proposed SRPFP provides guidance to CPAs in developing a basis for recommendations in a PFP engagement. It explains that developing a basis for recommendations involves three functions — collecting information, analyzing information, and formulating strategies and recommendations .— and provides guidance on performing each of these functions.
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Omnibus proposal of Professional Ethics Division interpretations and rulings; Exposure draft (American Institute of Certified Public Accountants), 1995, Mar. 1
American Institute of Certified Public Accountants. Professional Ethics Executive Committee
1. PROPOSED INTERPRETATION UNDER RULE 102: Professional Services Involving Client Advocacy; 2. PROPOSED REVISION OF INTERPRETATION 102-2 UNDER RULE 102: Conflicts of Interest; 3. PROPOSED RULING UNDER RULE 102 AND RULE 301: Member Providing Services for Company Executives; 4. PROPOSED REVISION OF INTERPRETATION 101-10 UNDER RULE 101: The Effect on Independence of Relationships With Entities Included in the Governmental Financial Statements
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Omnibus proposal of Professional Ethics Division interpretations and rulings; Exposure draft (American Institute of Certified Public Accountants), 1995, July 19
American Institute of Certified Public Accountants. Professional Ethics Executive Committee and American Institute of Certified Public Accountants. Professional Ethics Division
1. PROPOSED REVISION OF DEFINITION UNDER ET SECTION 92: Financial Statements; 2. PROPOSED RULING UNDER RULE 203: Applicability of Rule 203 to Members Performing Litigation Support Services; 3. PROPOSED RULING UNDER RULE 102: Client Advocacy and Expert Witness Services ? PROPOSED RULING UNDER RULE 101: Member's Indemnification of a Client
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Disclosure of certain significant risks and uncertainties; Statement of position 94-6;
American Institute of Certified Public Accountants. Accounting Standards Executive Committee
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Comment letters on Exposure Draft on Compliance Auditing Considerations in Audits of Governmental Entities and Other Recipients of Governmental Financial Assistance Here
American Institute of Certified Public Accountants. Auditing Standards Board
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Comment letters on Proposed Statement on Standards for Attestation Engagements, Amendments to Statement on Auditing Standards No. 72, Letters for Underwriters and Certain Other Requesting Parties
American Institute of Certified Public Accountants. Auditing Standards Board
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Comment letters proposed Statement on Auditing Standards, Engagements to Apply Agreed-Upon Procedures to Specified Elements, Accounts, or Items of a Financial Statement
American Institute of Certified Public Accountants. Auditing Standards Board
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Proposed statement on auditing standards and statement on standards for attestation engagements : amendments to statement on auditing standards no. 72, Letters for underwriters and certain other requesting parties, and to statements on standards for attestation engagements;Amendments to statement on auditing standards no. 72, Letters for underwriters and certain other requesting parties, and to statements on standards for attestation engagements; Exposure draft (American Institute of Certified Public Accountants), 1994, Oct. 28
American Institute of Certified Public Accountants. Auditing Standards Board
The Auditing Standards Board (ASB) is issuing this proposed statement on auditing standards (SAS) and statement on standards for attestation engagements (SSAE) to provide auditors* with reporting guidance and an example letter when certain parties request a letter but do not provide the representation letter described in paragraphs 6 and 7 of SAS No. 72, Letters for Underwriters and Certain Other Requesting Parties (AICPA, Professional Standards, vol. 1, AU sec. 634). These proposed Statements amend various sections of the SASs and the SSAEs. The most significant provision of the proposed Statements consists of amendments to SAS No. 72 that provide reporting guidance when one of the parties identified in paragraph 3, 4, or 5 of SAS No. 72, other than an underwriter or other party with a due diligence defense under section 11 of the Securities Act of 1933, requests a comfort letter but does not provide the representation letter described in paragraphs 6 and 7 of SAS No. 72. These proposed Statements would amend SAS No. 72, paragraphs 9 and 63. In addition, the proposed amendment would require revision to the following: 1. SSAE No. 1, Codification of Statements on Standards for Attestation Engagements (AICPA, Professional Standards, vol. 1, AT secs. 100.59, 200.49, 300.01) 2. SAS No. 35, Special Reports — Applying Agreed-Upon Procedures to Specified Elements, Accounts or Items of a Financial Statement (AICPA, Professional Standards, vol. 1, AU sec. 622)
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Proposed statement on auditing standards : Compliance auditing considerations in audits of governmental entities and other recipients of governmental financial assistance;Compliance auditing considerations in audits of governmental entities and other recipients of governmental financial assistance; Exposure draft (American Institute of Certified Public Accountants), 1994, May 12
American Institute of Certified Public Accountants. Auditing Standards Board
The Auditing Standards Board is issuing this proposed statement on auditing standards to revise the guidance contained in Statement on Auditing Standards (SAS) No. 68, Compliance Auditing Applicable to Governmental Entities and Other Recipients of Governmental Financial Assistance (AICPA, Professional Standards, vol. 1, AU sec. 801). This proposed Statement would provide generic guidance to practitioners engaged to perform compliance audits of governmental entities and other recipients of governmental financial assistance. In addition, this proposed Statement would not require frequent revision and updating because it does not identify compliance requirements or specify the form of reporting. This proposed Statement: a. Recognizes three levels of audits (generally accepted auditing standards, Government Auditing Standards, and certain other federal requirements) of recipients of governmental financial assistance. b. Reduces the level of detail included in the auditing standards. (Specific performance and reporting guidance would be included, more appropriately, in the applicable audit and accounting guides and statements of position.) This proposed Statement would supersede SAS No. 68, Compliance Auditing Applicable to Governmental Entities and Other Recipients of Governmental Financial Assistance. Furthermore, as a consequence of the foregoing change, the proposed Statement would require conforming changes to and updating of the guidance in related statements of position and audit and accounting guides.
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Proposed statement on auditing standards : engagements to apply agreed-upon procedures to specified elements, accounts, or items of a financial statement ;Engagements to apply agreed-upon procedures to specified elements, accounts, or items of a financial statement; Exposure draft (American Institute of Certified Public Accountants), 1994, Oct. 28
American Institute of Certified Public Accountants. Auditing Standards Board
The Auditing Standards Board (ASB) is considering the issuance of a statement on auditing standards to provide guidance to auditors on performing and reporting on applying agreed-upon procedures to specified elements, accounts, or items of a financial statement. The ASB has observed that there is diversity in practice in performing and reporting on these engagements, and that the existing guidance does not address a number of issues auditors should consider. In addition, the ASB has concluded that negative assurance should be eliminated from reports on engagements covered by the Statement. The proposed Statement provides guidance to assist the auditor in understanding: a. The nature of an engagement to apply agreed-upon procedures to specified elements, accounts, or items of a financial statement. b. Conditions for performance of an engagement to apply agreed-upon procedures to specified elements, accounts, or items of a financial statement. c. The nature, timing, and extent of procedures, including the involvement of internal auditors and others. d. The responsibilities of the auditor and the specified users. e. How to report procedures performed and related findings. The proposed Statement would supersede Statement on Auditing Standards (SAS) No. 35, Special Reports—Applying Agreed-Upon Procedures to Specified Elements, Accounts, or Items of a Financial Statement (AICPA, Professional Standards, vol. 1, AU sec. 622). Furthermore, as a consequence of superseding SAS No. 35, the proposed Statement would require conforming changes to certain SASs and related Interpretations and to the Attest Interpretation "Responding to Requests for Reports on Matters Relating to Solvency" (AICPA, Professional Standards, vol. 1, AT sec. 9100.33-44). In addition, it would require updating the guidance in the following: a. Statements on Auditing Standards: (1) SAS No. 26, Association With Financial Statements (AICPA, Professional Standards, vol. 1, AU sec. 504); (2) SAS No. 62, Special Reports (AICPA, Professional Standards, vol. 1, AU sec. 623); (3) SAS No. 70, Reports on the Processing of Transactions by Service Organizations (AICPA, Professional Standards, vol. 1, AU sec. 324); (4) SAS No. 72, Letters for Underwriters and Certain Other Requesting Parties (AICPA, Professional Standards, vol. 1, AU sec. 634). b. Audit and Accounting Guides: (1) Audits of Banks; (2) Audits of Credit Unions; (3) Audits of Employee Benefit Plans; (4) Audits of Property and Liability Insurance Companies; (5) Audits of Savings Institutions; (6) Audits of Service-Center-Produced Records; (7) Personal Financial Statements Guide. c. Statement of Position (SOP) 90-6, Directors' Examinations of Banks (appendix H to Audit and Accounting Guide Audits of Banks). Commentators to this proposed Statement should be aware that auditors performing an engagement on the application of agreed-upon procedures under the auditing standards must be independent pursuant to rule 101 of the Code of Professional Conduct (AICPA, Professional Standards, vol. 2, ET sec. 101). Commentators to this proposed Statement should also be aware that, concurrent with exposure of this proposed Statement, the ASB has issued an exposure draft of a statement on standards for attestation engagements (SSAE) for agreed-upon procedures engagements falling under those standards. The proposed SSAE addresses a number of issues that also are being addressed in this proposed Statement. The significant difference is that, since the proposed SAS deals with specified elements, accounts, or items of a financial statement, the presence of a written assertion as a condition of engagement performance is not required. The ASB believes a written assertion is not required in an engagement to apply agreed-upon procedures to specified elements, accounts, or items of a financial statement, because assertions are effectively embodied in such specified elements, accounts, or items of a financial statement when the basis of accounting is clearly evident.
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Proposed statement on standards for attestation engagements : agreed-upon procedures engagements;Agreed-upon procedures engagements; Exposure draft (American Institute of Certified Public Accountants), 1994, Oct. 28
American Institute of Certified Public Accountants. Auditing Standards Board
The Auditing Standards Board (ASB) is considering the issuance of a statement on standards for attestation engagements (SSAE) to provide guidance to practitioners on performing and reporting on agreed-upon procedures engagements. The ASB has observed that there is diversity in practice in performing and reporting on these engagements, and that the existing guidance does not address a number of issues practitioners should consider. In addition, the ASB has concluded that negative assurance should be eliminated from agreed-upon procedures engagements covered by the Statement. The proposed Statement provides guidance to assist the practitioner in understanding: a. Agreed-upon procedures engagements and the applicable attestation standards. b. Conditions for performance of an agreed-upon procedures engagement. c. The nature, timing, and extent of procedures, including the involvement of internal auditors and others. d. The responsibilities of the practitioner and the specified users. e. How to report procedures performed and related findings. The proposed Statement would supersede: a. Paragraphs 43, 44, and 59 through 62 of "Attestation Standards" from SSAE No. 1, Codification of Statements on Standards for Attestation Engagements (AICPA, Professional Standards, vol. 1, AT sec. 100). b. Paragraphs 53, 55, and 56 of "Financial Forecasts and Projections" from SSAE No. 1 (AICPA, Professional Standards, vol. 1, AT sec. 200). c. Paragraph 9 of SSAE No. 2, Reporting on an Entity's Internal Control Structure Over Financial Reporting (AICPA, Professional Standards, vol. 1, AT sec. 400). Also, this proposed Statement would amend: a. Paragraph 70 of SSAE No. 1, AT sec. 100; b. Paragraphs 49 through 52, 54, and 57 of SSAE No. 1, AT sec. 200; c. Paragraphs 15 through 18, 23, 24, and 26 of SSAE No. 3, Compliance Attestation (AICPA, Professional Standards, vol. 1, AT sec. 500). The foregoing proposed amendments are included as appendixes A, B, and C to this proposed Statement. Furthermore, as a consequence of the foregoing changes to existing standards, the proposed Statement would require conforming changes to certain Statements on Auditing Standards (SASs) and related Interpretations and to certain SSAEs and the Attest Interpretation "Responding to Requests for Reports on Matters Relating to Solvency" (AICPA, Professional Standards, vol. 1, AT sec. 9100.33-.44). In addition, it would require updating the guidance in the following: a. Audit and Accounting Guides: (1) Audits of Banks; (2) Audits of Credit Unions; (3) Audits of Savings Institutions; (4) Guide for Prospective Financial Information; b. Statement of Position (SOP) 90-1, Accountants' Services on Prospective Financial Statements for Internal Use Only and Partial Presentations. Commentators to this proposed Statement should be aware that practitioners performing attest engagements must be independent pursuant to rule 101 of the Code of Professional Conduct (AICPA, Professional Standards, vol. 2, ET sec. 101). Interpretation 11 to rule 101 provides guidance about its application in certain attest engagements (see AICPA, Professional Standards, vol. 2, ET sec. 101.13). Relationship to Statement on Auditing Standards (SAS) No. 35, Special Reports - Applying Agreed-Upon Procedures to Specified Elements, Accounts, or Items of a Financial Statement. Commentators to this proposed Statement should also be aware that, concurrent with exposure of this proposed Statement, the ASB has issued an exposure draft of a statement on auditing standards that would supersede SAS No. 35. The proposed SAS addresses a number of issues that also are being addressed in this proposed Statement. The significant difference is that, since the proposed SAS deals with specified elements, accounts, or items of a financial statement, presence of a written assertion as a condition of engagement performance is not required.
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Comment Letters Received on August 1994 Exposure Draft "Banks and Savings Institutions"
American Institute of Certified Public Accountants. Banking and Savings Institutions Committee
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Proposed audit and accounting guide : banks and savings institutions;Banks and savings institutions; Exposure draft (American Institute of Certified Public Accountants), 1994, Aug. 31
American Institute of Certified Public Accountants. Banking and Savings Institutions Committee
This guide supersedes the AICPA Audit and Accounting Guide Audits of Savings Institutions and the AICPA Industry Audit Guide Audits of Banks. This guide applies to audits of the financial statements of banks and savings institutions insured by the Bank Insurance Fund (BIF) or the Savings Association Insurance Fund (SAIF) of the Federal Deposit Insurance Corporation (FDIC), regardless of charter. The guide also should be applied in audits of the financial statements of other banks and savings institutions, although it does not address all matters that may be unique to those institutions due to their charter or the nature of their regulation or supervision. Appendix D provides guidance on certain engagements performed by independent accountants in accordance with Statements on Standards for Attestation Engagements (SSAE) that might also be requested by banks and savings institutions. The guide is intended to highlight significant matters and establish general guidance. It is not intended to provide comprehensive discussion of all possible matters of significance in an audit of financial statements or all audit situations that an independent accountant might encounter in an audit of the financial statements of a bank or savings institution. Consulting the accounting and financial reporting and auditing sections of the guide cannot take the place of a careful reading of specified authoritative literature. Other professional literature and authoritative guidance that may be issued by the Accounting Standards Executive Committee (AcSEC), the Financial Accounting Standards Board (FASB), including its Emerging Issues Task Force (EITF), or the Auditing Standards Board (ASB) may affect audits of the financial statements of banks and savings institutions. Further, the nature, timing, and extent of audit procedures applied in a financial statement audit is ultimately determined by the independent accountant in the circumstances. The procedures discussed in the auditing section of the guide are not intended to be comprehensive and, performed by themselves, would not necessarily constitute an audit in accordance with generally accepted auditing standards (GAAS). Nor would omission of certain procedures set forth in the guide necessarily result in a violation of GAAS. The internal control structure over financial reporting and possible tests of controls are discussed in the context of a financial statement audit. While they may correspond to internal controls that are the subject of procedures performed in an engagement performed in accordance with SSAEs, they are not presented in that context and are not intended to address the considerations of such an engagement. The accounting and financial reporting provisions of this guide describe current authoritative literature (or practice where no such literature exists) rather than establish new principles. Accordingly, effective dates should be applied as provided for in the related literature. The disclosures about regulatory matters shall be effective for financial statements issued for years beginning after December 15, 1994. The accounting and financial reporting provisions of this guide need not be applied to immaterial items. The auditing provisions of this guide shall be applied prospectively to audits of depository institutions' financial statements for fiscal years beginning after December 15, 1994.
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Reporting of investment contracts held by health and welfare benefit plans and defined-contribution pension plans, September 23, 1994 : amendment to AICPA Audit and accounting guide, Audits of employee benefit plans, and SOP 92-6, Accounting and reporting by health and welfare benefit plans; Statement of position 94-4;
American Institute of Certified Public Accountants. Employee Benefit Plans Committee
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Industry accounting guide : insurance agents and brokers; Insurance agents and brokers; Exposure draft (American Institute of Certified Public Accountants), 1994, Feb. 17
American Institute of Certified Public Accountants. Insurance Agents and Brokers Task Force
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Inquiries of state insurance regulators : amendment to AICPA Audit and accounting guide Audits of property and liability insurance companies and AICPA industry audit guide Audits of stock life insurance companies; Statement of position 94-1;
American Institute of Certified Public Accountants. Insurance Companies Committee
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Proposed statement of position : auditor's reports on statutory financial statements of insurance enterprises : proposed amendment to AICPA audit and accounting guide, Audits of property and liability insurance companies, and AICPA industry audit guide, Audits of stock life insurance companies ;Auditor's reports on statutory financial statements of insurance enterprises : proposed amendment to AICPA audit and accounting guide, Audits of property and liability insurance companies, and AICPA industry audit guide, Audits of stock life insurance companies; Exposure draft (American Institute of Certified Public Accountants), 1994, Aug. 12
American Institute of Certified Public Accountants. Insurance Companies Committee
This proposed statement of position (SOP) addresses auditors' considerations in reporting on statutory financial statements of insurance enterprises. The proposed SOP: 1. Rescinds SOP 90-10, Reports on Audited Financial Statements of Property and Liability Insurance Companies. 2. Discusses matters auditors should include in their reports when issuing limited or general distribution reports on statutory financial statements. 3. Discusses matters auditors should evaluate when considering issuing limited distribution reports on statutory financial statements. 4. Clarifies auditors' reporting on the statutory financial statements of mutual life insurance enterprises. This SOP would be applied to audits of financial statements for years ended on or after December 31, 1995.
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Proposed statement of position : Accounting for certain distribution costs for investment companies (proposed amendment to AICPA audit and accounting guide, Audits of Investment Companies);Accounting for certain distribution costs for investment companies (proposed amendment to AICPA audit and accounting guide, Audits of Investment Companies); Exposure draft (American Institute of Certified Public Accountants), 1994, Apr. 22
American Institute of Certified Public Accountants. Investment Companies Committee
This proposed statement of position (SOP) would amend the Audit and Accounting Guide Audits of Investment Companies (the Guide) to provide guidance on financial reporting by investment companies for certain distribution costs. It would require that: 1. A liability for excess costs should be recognized by a fund with an enhanced 12b-1 plan when the distributor incurs distribution costs, with a corresponding charge to expense. The amount of the liability should be equal to the cumulative costs incurred by the distributor less the sum of (a) the cumulative 12b-1 fees paid to date, (b) the cumulative contingent deferred sales load (CDSL) payments to date, and (c) if reasonably estimable, future cumulative CDSL payments by current shareholders. The liability for such excess costs should be calculated based on the present value of estimated future 12b-1 plan fees payable by the fund if (a) the amount and timing of cash flows are reliably determinable, and (b) the distribution costs are not subject to a reasonable interest charge. A liability should be recorded by a fund with a board contingent plan when the fund's board commits to pay excess costs. 2. Investment companies should disclose in their financial statements (1) the principal terms of both traditional and enhanced 12b-1 plans, including plan provisions permitting or requiring payments of excess distribution costs after plan termination, and (2) for board contingent and enhanced plans, the aggregate amount of excess distribution costs subject to recovery through future payments by the fund, pursuant to the plan and current shareholders through CDSL payments. For enhanced 12b-1 plans, the fund should disclose the methodology used to estimate future CDSL payments by current shareholders.
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Application of the requirements of accounting research bulletins, opinions of the Accounting Principles Board, and statements and interpretations of the Financial Accounting Standards Board to not-for-profit organizations; Statement of position 94-2;
American Institute of Certified Public Accountants. Not-for-Profit Organizations Committee
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Reporting of related entities by not-for-profit organizations : amendment to AICPA industry audit guides, Audits of voluntary health and welfare organizations and Audits of colleges and universities, AICPA audit and accounting guide, Audits of certain nonprofit organizations, and SOP 78-10, Accounting principles and reporting practices for certain nonprofit organizations; Statement of position 94-3;
American Institute of Certified Public Accountants. Not-for-Profit Organizations Committee
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Omnibus proposal of Professional Ethics Division interpretations and rulings; Exposure draft (American Institute of Certified Public Accountants), 1994, July 26
American Institute of Certified Public Accountants. Professional Ethics Executive Committee
1. PROPOSED INTERPRETATION UNDER RULE 102: Client Service and Client Advocacy; 2. PROPOSED INTERPRETATION UNDER RULE 102: Applicability of Rule 102 to Members Performing Educational Services; 3. PROPOSED RULING UNDER RULE 302: Contingent Fees in Connection With an IPO Acquisition; 4. PROPOSED INTERPRETATION UNDER RULE 501: Violation of the Uniform CPA Examination Nondisclosure Statement; 5. PROPOSED REVISION OF INTERPRETATION 101-11 UNDER RULE 101: Independence and Attest Engagements
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Proposed statement of position : Reporting by Real Estate Companies of supplemental current-value information;Reporting by Real Estate Companies of supplemental current-value information; Exposure draft (American Institute of Certified Public Accountants), 1994, Oct. 10
American Institute of Certified Public Accountants. Real Estate Committee
This proposed statement of position (SOP) provides guidance for the optional reporting of supplemental current-value information by real estate entities, substantially all of whose assets are real estate and substantially all of whose operations consist of real estate activities. Supplemental current-value information may be reported in a separate supplemental balance sheet or may be presented on the face of the entity's general-purpose, historical-cost balance sheet if the information is clearly identified as supplemental information prepared on the basis of current value to the entity. Current value to the entity, as used in this proposed SOP, refers to the estimated value of a reporting entity's assets and liabilities based on the entity's intent and ability to realize asset values and settle liabilities. Current value to the entity is based, directly or indirectly, on the discounted amount of net cash flows expected to be realized by the reporting entity. In this proposed SOP, current value to the entity refers to the value of specific balance-sheet elements — not to the value of the entity as a whole. The supplemental current-value information should be accompanied by a disclosure of changes in revaluation equity. This proposed SOP should be applied to supplemental current-value information reported for fiscal years, and interim periods in such fiscal years, beginning after December 15, 1995. Restatement of comparative annual financial statements for earlier years is encouraged but not required.
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Proposed statement on responsibilities in personal financial planning practice : Monitoring and updating engagements -- functions and responsibilities;Monitoring and updating engagements -- functions and responsibilities; Exposure draft (American Institute of Certified Public Accountants), 1994, Apr. 8
American Institute of Certified Public Accountants. Statements on Responsibilities in PFP Practice Subcommittee
This proposed Statement on Responsibilities in Personal Financial Planning Practice (SRPFP) is intended to provide guidance to members of the AICPA who perform personal financial planning services. This proposed SRPFP is advisory and does not constitute enforceable technical standards under rule 202 of the AICPA Code of Professional Conduct. This proposed SRPFP does not supersede Statements on Standards for Accounting and Review Services, Statements on Responsibilities in Tax Practice, the Personal Financial Statements Guide, or the Guide for Prospective Financial Statements. The issuance of this exposure draft was approved by the PFP Executive Committee. This proposed SRPFP provides guidance to CPAs who have been engaged to monitor a client's progress toward financial planning goals or to update recommendations for attaining those goals and explains that CPAs are not responsible for undertaking these services unless specifically engaged by a client. This proposed SRPFP identifies various levels at which CPAs may become involved in monitoring financial plans, suggests certain monitoring activities that should be undertaken, and indicates that CPAs should monitor financial plans using the same criteria used to develop the plans. Furthermore, it recommends that CPAs communicate the results of monitoring procedures to clients and provides sample communications. This proposed SRPFP provides guidance on updating engagements, which are normally undertaken as a result of information obtained during a monitoring engagement. This proposed SRPFP explains that updating a client's financial plan is essentially similar to developing personal financial planning recommendations. Accordingly, CPAs can look to SRPFP No. 1, Basic Personal Financial Planning Engagement Functions and Responsibilities, for guidance as they plan and execute an updating engagement. In addition, this proposed SRPFP clarifies that CPAs updating a financial plan should consider the fact that updating one financial planning recommendation may affect other aspects of the plan, recommends that CPAs communicate the fact when limitations have been placed on the portions of the plan being updated, and provides a sample communication.
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Comment letters on Proposed Audit and Accounting Guide "Audits of Brokers and Dealers in Securities"
American Institute of Certified Public Accountants. Stockbrokerage and Investment Banking Committee
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Proposed audit and accounting guide : audits of brokers and dealers in securities ;Audits of brokers and dealers in securities; Exposure draft (American Institute of Certified Public Accountants), 1994, Aug. 16
American Institute of Certified Public Accountants. Stockbrokerage and Investment Banking Committee
This proposed audit and accounting guide has been prepared to assist preparers of financial statements of broker-dealers in securities and independent auditors in auditing and reporting on those financial statements. Generally accepted accounting principles (GAAP) and generally accepted auditing standards (GAAS) apply to the financial statements of broker-dealers in securities. This proposed guide would supersede the AICPA Audit and Accounting Guide Audits of Brokers and Dealers in Securities, issued in 1985. This proposed guide does not address the general application of those standards; rather, it focuses on special matters unique to auditing and reporting on the financial statements of broker-dealers. The proposed guide describes the conditions or procedures unique to the industry and illustrates the form and content of broker-dealer financial statements and related disclosures. Included are discussions of business activities, accounting records, internal controls and procedures for safeguarding customer assets including securities, and unique aspects of the audit, as well as illustrations of various financial statements and independent auditors' reports; however, detailed internal control questionnaires and audit programs are not included. This proposed guide is a complete revision of the 1985 AICPA Industry Audit Guide Audits of Brokers and Dealers in Securities, including all applicable statements of position issued prior to July 1, 1994. The form of financial reporting of broker-dealers required under GAAP and in accordance with the requirements established by the regulatory or self-regulatory bodies is intended to meet the needs of customers who do business with these securities concerns, the needs of regulatory bodies and lenders, and the needs of stockholders of firms with public ownership. Broker-dealers in securities are subject to regulation under the Securities Exchange Act of 1934. Some broker-dealers are also futures commission merchants for commodity futures and commodity option contracts subject to regulation under the Commodity Exchange Act. The AICPA is preparing an industry audit and accounting guide. Audits of Futures Commission Merchants and Commodity Pools, to provide guidance relating to commodity activities performed by broker-dealers and futures commission merchants. Members of the National Association of Securities Dealers, Inc. (NASD) are subject to the rules of that association, and members of securities exchanges are also subject to the rules of the exchanges of which they are members. Some of these rules, as currently in effect, are discussed in this guide. However, the rules, regulations, practices, and procedures of the securities and commodities futures industries have changed frequently and extensively in recent years. Still further changes are under consideration as this guide goes to press, and the independent auditor should keep abreast of these changes. This publication is a guide in determining the scope and nature of the work for each individual audit. It is not intended to limit or supplant individual judgment, initiative, imagination, and vigilance. Programs for each audit should be designed to meet the requirements of the particular situation, giving consideration to the size and type of organization and its internal control structure; this is a matter that should be determined by the exercise of professional judgment in light of circumstances present in a particular case. Users of this proposed guide should be aware that certain issues affecting broker-dealers in securities have not been included in this guide or are currently under study. Such issues include proposed Financial Accounting Standards Board (FASB) Statements of Financial Accounting Standards, Disclosures About Derivative Financial Instruments and Hedging and Hedge Accounting, and AICPA proposed Statement on Auditing Standards, Using the Work of a Specialist. As these issues are resolved, amendments to the proposed guide may be issued. This proposed guide includes illustrations of the form and content of financial statements for brokers and dealers and the auditor's report thereon.
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Comment letters on AcSEC's October 27, 1993 exposure draft, Identifying and Accounting for Real Estate Loans that Qualify as Real Estate Investments
American Institute of Certified Public Accountants. Task Force on ADC Arrangements
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Disclosures of certain matters in the financial statements of insurance enterprises; Statement of position 94-5;
American Institute of Certified Public Accountants. Task Force on Insurance Companies' Disclosures
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Proposed statement of position : Disclosures of certain matters in the financial statements of insurance enterprises ;Disclosures of certain matters in the financial statements of insurance enterprises; Exposure draft (American Institute of Certified Public Accountants), 1994, Apr. 20
American Institute of Certified Public Accountants. Task Force on Insurance Companies' Disclosures
This proposed statement of position (SOP) requires insurance enterprises, where applicable, to make the following disclosures in their financial statements prepared in conformity with generally accepted accounting principles (GAAP): 1. Information about their regulatory risk-based capital (RBC). 2. The accounting methods used in their statutory financial statements that are permitted by state insurance departments that are not prescribed statutory accounting practices. 3. Information about their liabilities for unpaid property and casualty insurance claims and claim adjustment expenses. The SOP would be effective for financial statements issued for fiscal years ending after December 15, 1994.
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Reporting on required supplementary information accompanying compiled or reviewed financial statements of common interest realty associations : April 23, 1993, amendment to AICPA audit and accounting guide, Common interest realty associations; Statement of position 93-5;
American Institute of Certified Public Accountants. Accounting and Review Services Committee
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Proposed Statement of Position: Identifying and Accounting for Real Estate Loans that Qualify as Investments in Real Estate, 6/7/93; Exposure Draft (American Institute of Certified Accountants), 1991, June 7
American Institute of Certified Public Accountants. Accounting Standards Division. Task Force on ADC Arrangements
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Employers' accounting for employee stock ownership plans; Statement of position 93-6;
American Institute of Certified Public Accountants. Accounting Standards Executive Committee
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Reporting on advertising costs; Statement of position 93-7;
American Institute of Certified Public Accountants. Accounting Standards Executive Committee
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Rescission of Accounting Principles Board statements; Statement of position 93-3;
American Institute of Certified Public Accountants. Accounting Standards Executive Committee
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Comment letters on Proposed SOP, Using the Work of a Specialist
American Institute of Certified Public Accountants. Auditing Standards Board
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Proposed statement on auditing standards : Using the work of a specialist (supersedes SAS no. 11, Using the work of a specialist);Using the work of a specialist (supersedes SAS no. 11, Using the work of a specialist); Exposure draft (American Institute of Certified Public Accountants), 1993, Apr. 7
American Institute of Certified Public Accountants. Auditing Standards Board
The Auditing Standards Board is considering the issuance of this proposed statement on auditing standards (SAS) to clarify existing guidance for auditors who use the work of a specialist in performing an audit of financial statements in accordance with generally accepted auditing standards. This proposed Statement: 1. Incorporates the conclusions included in the two existing auditing Interpretations of AICPA Professional Standards, volume 1, AU section 336, into the body of the SAS. 2. Clarifies that when a specialist has a relationship to the client and the auditor believes that relationship might impair the specialist's objectivity, the auditor should perform additional procedures. 3. Includes a recommendation of the AICPA Quality Control Inquiry Committee (QCIC) that current standards should address such matters as the qualitative aspects of certain inventories. 4. Clarifies the applicability of the SAS to situations involving the use of tax specialists. 5. Clarifies the applicability of the SAS to all audits of financial statements, not only those prepared in conformity with generally accepted accounting principles. This proposed Statement would supersede SAS No. 11, Using the Work of a Specialist (AICPA, Professional Standards, vol. 1, AU sec. 336), and the two related Interpretations.
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Proposed statement on standards for attestation engagements : compliance attestation ;Compliance attestation; Exposure draft (American Institute of Certified Public Accountants), 1993, Apr. 7
American Institute of Certified Public Accountants. Auditing Standards Board
The Auditing Standards Board is considering the issuance of this proposed statement on standards for attestation engagements to provide guidance to practitioners who are engaged to perform services related to management's written assertion about an entity's compliance with specified requirements. The proposed Statement provides guidance to assist the practitioner in: 1. Accepting an agreed-upon procedures or examination engagement. 2. Planning the engagement. 3. Obtaining an understanding of the internal control structure over compliance with specified requirements in an examination engagement. 4. Testing the entity's compliance with specified requirements. 5. Reporting on management's assertion. One significant applicability of the proposed guidance relates to auditors of insured depository institutions who perform agreed-upon procedures to test the entity's compliance with specified safety and soundness laws, as required by the Federal Deposit Insurance Corporation Improvement Act of 1991. The proposed Statement would build upon the Statement on Standards for Attestation Engagements Attestation Standards (AICPA, Professional Standards, vol. 1, AT sec. 100).
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Proposed Content Specifications for the Uniform CPA Examination (Effective May 1996); Exposure Draft (American Institute of Certified Public Accountants) 1993, May 25
American Institute of Certified Public Accountants. Board of Examiners
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Comment letters received on the exposure draft proposed statement of position, Reporting of Investment Contracts Held by Health and Welfare Benefit Plans and Defined-Contribution Pension Plans
American Institute of Certified Public Accountants. Employee Benefit Plans Committee
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Proposed statement of position : Reporting of investment contracts held by health and welfare benefit plans and defined-contribution pension plans : (proposed amendment to AICPA Audit and accounting guide Audits of employee benefit plans and SOP 92-6, Accounting and reporting by health and welfare benefit plans, September 15, 1993 ;Reporting of investment contracts held by health and welfare benefit plans and defined-contribution pension plans : (proposed amendment to AICPA Audit and accounting guide Audits of employee benefit plans and SOP 92-6, Accounting and reporting by health and welfare benefit plans, September 15, 1993; Exposure draft (American Institute of Certified Public Accountants), 1993, Sept. 15
American Institute of Certified Public Accountants. Employee Benefit Plans Committee
This proposed statement of position (SOP) would amend chapters 3, 4, and 7 of the AICPA Audit and Accounting Guide Audits of Employee Benefit Plans, with conforming changes as of May 1, 1993 (hereafter referred to as the Guide) and SOP 92-6, Accounting and Reporting by Health and Welfare Benefit Plans. This proposed SOP generally specifies the accounting for health and welfare benefit plans and defined-contribution pension plans for investment contracts issued by either an insurance enterprise or other entity. Defined-contribution plans, including both health and welfare, and pension plans, should report investment contracts with fully benefit responsive features (as defined in the proposed SOP) at contract value and other investment contracts at fair value. Defined-benefit health and welfare benefit plans should report investment contracts at fair value. This proposed SOP also permits health and welfare benefit plans and defined-contribution pension plans to report contracts that incorporate mortality or morbidity risk at contract value. This proposed SOP is effective for financial statements for plan years beginning after December 15, 1993. Accounting changes adopted to conform to the provisions of this proposed SOP should be made as of the beginning of the year in which the change is adopted. The financial statements should disclose the change and the effect of the change on the financial statements. Restatement of financial statements of prior years is not permitted. Language : eng
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Proposed audit and accounting guide : audits of state and local governmental units ;Audits of state and local governmental units; Exposure draft (American Institute of Certified Public Accountants), 1993, May 17
American Institute of Certified Public Accountants. Government Accounting and Auditing Committee
A significant period of time has elapsed since the publication in 1986 of the AICPA Audit and Accounting Guide, Audits of State and Local Governmental Units. Many changes have taken place in generally accepted auditing standards and their application and regulatory and financial reporting requirements. These changes have created the need for revised guidance. The objectives of this proposed guide are to provide (1) a general background of the government environment, and (2) practical guidance to the practitioner on the accounting, auditing, and financial reporting for state and local governmental units. The exposure draft contains accounting guidance, some of which was in the 1986 Audit and Accounting Guide Audits of State and Local Governmental Units but not addressed in Governmental Accounting Standards Board pronouncements, and some of which is new guidance. For certain of these topics, the guidance provided is "neutral"—that is, the guide presents the alternative accounting possibilities and does not recommend one alternative over another. The final document may or may not recommend a single alternative. In addition, the guide identifies relevant regulations and professional accounting and auditing pronouncements and summarizes key provisions of those regulations and pronouncements. This proposed guide would supersede: 1. The 1986 Audit and Accounting Guide, Audits of State and Local Governmental Units, and all subsequent editions. 2. AICPA Statement of Position (SOP) 92-7, Audits of State and Local Governmental Entities Receiving Federal Financial Assistance.
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Proposed statement of position : reporting on separately issued summary financial information prepared by state or local governmental units : proposed amendment to the AICPA audit and accounting guide, Audits of state and local governmental units Reporting on separately issued summary financial information prepared by state or local governmental units : proposed amendment to the AICPA audit and accounting guide, Audits of state and local governmental units; Exposure draft (American Institute of Certified Public Accountants), 1993, Feb. 2
American Institute of Certified Public Accountants. Government Accounting and Auditing Committee
This proposed statement of position (SOP) provides reporting guidance for when a state or local governmental unit issues summary financial information in a document that refers to, but does not include, the general-purpose financial statements. It is a proposed amendment to the AICPA Audit and Accounting Guide Audits of State and Local Governmental Units. The recommendations in this proposed SOP are effective for reports issued on or after June 15, 1993.
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Auditor's consideration of regulatory risk-based capital for life insurance enterprises; Statement of position 93-8;
American Institute of Certified Public Accountants. Insurance Companies Committee
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Determination, disclosure, and financial statement presentation of income, capital gain, and return of capital distributions by investment companies : February 1, 1993, amendment to AICPA audit and accounting guide, Audits of investment companies ; Statement of position 93-2;
American Institute of Certified Public Accountants. Investment Companies Committee
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Financial accounting and reporting for high-yield debt securities by investment companies : January 28, 1993, amendment to AICPA Audit and accounting guide, Audits of investment companies; Statement of position 93-1;
American Institute of Certified Public Accountants. Investment Companies Committee
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Foreign currency accounting and financial statement presentation for investment companies, April 22, 1993: amendment to AICPA Audit and accounting guide, Audits of investment companies; Statement of position 93-4;
American Institute of Certified Public Accountants. Investment Companies Committee
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Proposed statement of position : Financial reporting for investment partnerships : proposed amendment to AICPA audit and accounting guide Audits of investment companies ;Financial reporting for investment partnerships : proposed amendment to AICPA audit and accounting guide Audits of investment companies; Exposure draft (American Institute of Certified Public Accountants), 1993, Sept. 15
American Institute of Certified Public Accountants. Investment Companies Committee
This proposed statement of position (SOP) would amend the Audit and Accounting Guide Audits of Investment Companies (the Guide) to provide guidance on financial reporting by investment partnerships for disclosures of investments, income, and partners' capital. It would require: 1. Including a list of investments in securities, as illustrated in the guide for management investment companies, with financial statements prepared in accordance with generally accepted accounting principles (GAAP). 2. Presenting a statement of operations in the format illustrated in the Guide. 3. Accounting for performance fees in accordance with partnership agreements and disclosing the amounts of and how such fees are computed.
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Comment letters on Proposed Statement of Position Accounting for Costs of Activities of Not-for-Profit Organizations and State and Local Governmental Entities That Include Fund Raising
American Institute of Certified Public Accountants. Not-for-Profit Organizations Committee
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Comment letters received on AcSEC's May 19, 1993 exposure draft, The Application of the Requirements of Accounting Research Bulletins. Opinions of the Accounting Principles Board, and Statements and Interpretations of the Financial Accounting Standards Board to Not-for-Profit Organizations
American Institute of Certified Public Accountants. Not-for-Profit Organizations Committee