General Accounting and Auditing Developments -- 2011/2012 Audit Risk Alert

This Audit Risk Alert (alert) helps you plan and perform your audits and also can be used by an entity’s internal management. This alert provides information to assist you in achieving a more robust understanding of the business, economic, and regulatory environments in which your clients operate. This alert is an important tool to help you identify the significant risks that may result in the material misstatement of financial statements and delivers information about emerging practice issues and current accounting, auditing, and regulatory developments.

New accounting and auditing guidance and exposure drafts that are particularly significant to this alert and covered in just the right amount of detail include:

• FASB ASU No. 2011-01, Receivables (Topic 310): Deferral of the Effective date of Disclosures About Troubled Debt Restructurings in Update 2010-20
• FASB ASU No. 2011-04, Fair Value measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
• FASB ASU No. 2010-29, Business Combinations (Topic 805): Disclosures of Supplementary Pro Forma Information for Business Combinations
• ASU No. 2010-11, Derivatives and Hedging (Topic 815): Scope Exception Related to Embedded Credit Derivatives
• PCAOB Auditing Standards on Risk Assessment (Auditing Standard Nos. 8-15)

This alert also includes information on emerging issues such as:

• FASB and IASB Convergence Projects
• ASB Clarity Project

To comply with the professional standards, auditors need to understand the economic environment, regulatory, and other external factors that affect the entity. This helps you identify those factors and how they may be a source of risk. You’ll not only find targeted discussion of new developments and considerations, but also a look at what’s in the pipeline that may affect your engagements.

If purchasing this title as an eBook, please note that it is intended for a single user. An eBook is a downloadable file that will be accessible immediately after completing your purchase. Access to the download link expires 21 days from the purchase date. Download the file before this time elapses. Before downloading your eBook, you must:

• Download and activate Adobe Digital Editions^® - a free program for accessing eBooks
• Return to CPA2Biz.com and go to My Account > My Downloads
• Click the eBook title to download and open automatically in Adobe Digital Editions

Note: To access your eBook on a smartphone, tablet or other reading device, see our FAQ. This product is refundable within 10 days of your purchase date. For more information about this product or service concerns, please contact the CPA2Biz/AICPA Service Center at service@cpa2biz.com or call 888-777-7077.