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This financial accounting and reporting practice aid is invaluable to anyone who prepares financial statements and reports for nonissuer corporations. The checklists have been updated to reflect AICPA and FASB pronouncements and interpretations issued as of September 30, 2008. These checklists can be used by preparers of corporation financial statements prepared in conformity with generally accepted accounting principles and by practitioners who audit, review, or compile those financial statements as they evaluate the adequacy of disclosures made in the basic financial statements, notes to the financial statements, and required supplementary information. Illustrative financial statements and auditor's reports are included in this practice aid.
Some of the updates included in this edition are:
This nonauthoritative practice aid has been prepared by the AICPA staff and has not been reviewed, approved, disapproved, or otherwise acted on by any senior technical committee of the AICPA and do not represent official positions or pronouncements of the AICPA.
The following checklists and illustrative financial statements are available as supplements to Checklists and Illustrative Financial Statements for Corporations:
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General
.01 This publication includes the following information:
.02 These checklists and illustrative materials have been developed by the AICPA Accounting and Auditing Publications Staff to serve as nonauthoritative practice aids for use by preparers and auditors of financial statements. The auditor's and accountant's report checklists address those requirements most likely to be encountered when reporting on financial statements of a commercial corporation prepared in conformity with generally accepted accounting principles (GAAP). They do not include reporting requirements relating to other matters such as internal control, agreed-upon procedures. The financial statement and notes checklist includes disclosure considerations applicable to commercial corporations in preparing financial statements in conformity with GAAP. The checklist does not include disclosures that are applicable only to entities in specific industries (such as insurance enterprises not-for-profit organizations); nor does it include disclosures prescribed by pronouncements whose applicability to commercial corporations is considered to be remote.
.03 Users of the financial statements and notes checklist should remember that it is a disclosure checklist only and not a comprehensive GAAP application or measurement checklist. Accordingly, application and measurement issues related to preparing financial statements in conformity with GAAP are not included in the checklist.
.04 The checklists and illustrative financial statements should be used by, or under the supervision of, persons having adequate technical training and proficiency in the application of GAAP, generally accepted auditing standards, and other relevant technical guidance.
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Relevant reporting and disclosure guidance contained in official pronouncements issued through September 30, 2008 has been considered in the development of this edition of the checklist. This includes relevant guidance issued up to and including the following:
The checklists and illustrative financial statements should be modified, as appropriate, for subsequent pronouncements. In determining the applicability of a pronouncement, its effective date should also be considered. |
.05 These checklists contain numerous references to authoritative accounting and auditing pronouncements. Abbreviations and acronyms used in such references include the following:
ACC = Reference to a section number in AICPA Technical Practice Aids, Statements of Position—Accounting
AIN = AICPA Accounting Interpretation
APB = Accounting Principles Board Opinion
AR = Reference to a section number in AICPA Professional Standards (vol. 2) for compilation and review standards
ARB = Accounting Research Bulletin
AU = Reference to a section number in AICPA Professional Standards (vol. 1) for U.S. Auditing Standards which are applicable to nonissuers
AUD = Reference to a section number in AICPA Technical Practice Aids, Statements of Position—Auditing and Attestation
EITF = FASB Emerging Issues Task Force Consensus
FASCON = FASB Statement of Financial Accounting Concepts
FIN = FASB Interpretation No.
FSP = FASB Staff Position
PCAOB AU = Reference to a section number in AICPA Professional Standards for interim auditing standards, as amended, of the PCAOB which are applicable to issuers
PB = AICPA Practice Bulletin
SFAS = FASB Statement of Financial Accounting Standards
SOP = AICPA Statement of Position
TB = Technical Bulletin issued by the staff of the FASB
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