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Are you confident that your entity’s financial statements and related note disclosures conform to U.S. generally accepted accounting principles? These checklists and illustrative financial statements will help you consider all the relevant requirements with a clear presentation that you can understand. You’ll also find the helpful guidance you’re accustomed to now fully conformed to the FASB Accounting Standards Codification™ (ASC), along with a clear explanation of FASB ASC’s significance to the profession, numerical referencing system, and Internet-based research system.
Whether you are preparing financial statements and reports for a commercial corporation or auditing, reviewing, or compiling those financial statements, this practice aid can save countless research hours with its comprehensive guidance for determining the adequacy of disclosures and required supplementary information. This practice aid also provides you with illustrative financial statement formats, as well as illustrative financial statements and auditor’s reports.
The checklists have been updated to reflect authoritative guidance and interpretations issued as of December 31, 2009, including:
This 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.
0089309
Letter to Customers
Dear Valued Customer,
The following 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 of financial statements and by practitioners who audit, review, or compile 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 U.S. generally accepted accounting principles.
Relevant financial statement reporting and disclosure guidance issued through September 30, 2009, has been considered in the development of this edition of the checklist. The accounting guidance in this checklist has been conformed to reflect reference to FASB Accounting Standards Codificatione as it existed on September 30, 2009.
Any guidance issued subsequent to September 30, 2009, has not been included in this checklist; therefore, if your entity has a fiscal year-end after September 30, 2009, you need to consider the applicability of such guidance. In determining the applicability of newly issued guidance, its effective date also should be considered.
Recognizing that many entities have December 31 year-ends and in an effort to assist those users, this checklist includes guidance issued through September 30, 2009, which may become effective by December 31, 2009. This guidance is discussed in each section of the checklist when applicable. Additional questions appear and are indicated with an “A” or “B” reference. As determined by the effective date or early implementation decision
| • | entities for which this guidance has not been implemented should consider all questions with an “A” reference (for example, question 1A, question 2A, and so on) and should place an “N/A” mark by questions with a “B” reference. |
| • | entities for which this guidance has been implemented should consider all questions with a “B” reference (for example, question 1B, question 2B, and so on) and should place an “N/A” mark by questions with an “A” reference. |
Therefore, based upon the year-end of the entities and the decision to early implement (if allowed), the appropriate additional questions should be answered when provided.
We hope you find this checklist helpful as you perform your audit and compilation and review engagements. We would greatly appreciate your feedback on this checklist. You may e-mail these comments to A&APublications@aicpa.org or write to
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