Corporations — Checklists and Illustrative Financial Statements

This financial accounting and reporting practice aid is invaluable to anyone who prepares financial statements and reports for corporations. The checklists have been updated to reflect AICPA and FASB pronouncements and interpretations issued as of October 31, 2007. 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:

• FASB Statement No. 159, The Fair Value Option for Financial Assets and Financial Liabilities — Including an amendment of FASB Statement No. 115
• FASB Statement No. 157, Fair Value Measurements
• Multiple new EITFs and FSPs on topics including share-based payments, convertible debt instruments, split-dollar life insurance, and variable interest entities
• SAS No. 114, The Auditor’s Communication With Those Charged With Governance
• AICPA Technical Practice Aid, GAAP Departure for FIN No. 46(R)

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:

Construction Contractors
Real Estate

Note: This product is an electronic download file that will be accessible immediately after completing your purchase. Access to this file – from the My Download page – expires 90 days from purchase date.

Please note this product purchase is non-refundable. For more information about this product or service concerns, please contact the AICPA Service Center at service@aicpa.org or call 888-777-7077.

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General

.01 This publication includes:

• Financial Statements and Notes Checklist — For use by preparers of financial statements and by practitioners who audit, review, or compile them as they evaluate the adequacy of disclosures.
• Auditors’ Report Checklist — For use by auditors in reporting on audited financial statements.
• Accountants’ Compilation and Review Report Checklist — For use by accountants in reporting on compiled or reviewed financial statements of nonpublic business enterprises.
• Basic Financial Statement Formats — Illustrating formats commonly used to present financial statements.
• Illustrative Financial Statements — Illustrating a full set of financial statements.

.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 report checklist addresses those requirements most likely to be encountered when reporting on financial statements of a commercial enterprise prepared in conformity with generally accepted accounting principles (GAAP). It does not include reporting requirements relating to other matters such as internal control, agreed-upon procedures, etc. 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, etc.); 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.

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