To comply with the professional standards, auditors need to understand the industry, regulatory, and other external factors that affect the entity and its environment.
This completely revised edition helps you identify those factors for real estate and construction industries, and how they may pose a source of risk. This Audit Risk Alert not only helps you plan and perform your engagements with targeted information on current economic, accounting and auditing developments, but it also provides a look at what’s in the pipeline that may affect your audits.
This new edition covers:
Multi-employer pension plan accounting.
FRF-SMEs as a non-GAAP reporting framework.
The new Rev Rec and leases proposed standards.
Information on the work of the Private Company Council (PCC).
This Alert is also a valuable resource for an entity’s internal management as an important tool to help you identify the significant risks that may result in the material misstatement of financial statements.
New accounting and auditing guidance that is particularly significant to this alert include:
Accounting Standards Update No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income
ASU No. 2011-10, Property, Plant, and Equipment (Topic 360): Derecognition of in Substance Real Estate—a Scope Clarification (a consensus of the FASB Emerging Issues Task Force)
ASU No. 2011-09, Compensation—Retirement Benefits—Multiemployer Plans (Subtopic 715-80): Disclosures about an Employer’s Participation in a Multiemployer Plan