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More About This Title Audit Risk Alert: General Accounting and AuditingDevelopments, 2017/18
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Updated annually, this useful resource contains a description of all recent auditing, accounting and regulatory developments to ensure that the accountant has a robust understanding of the business, economic, and regulatory environments in which they and their clients operate. In addition, this alert ensures that the accountant has a full understanding of emerging practice issues, with targeted analysis of new developments and how they may affect your engagements, including:
• Recent Economic Trends
• Recent Legislative and PCAOB Developments
• Developments in Peer Review
• Recent Ethics Interpretations
It also contains new accounting and auditing guidance related to derivatives and hedging, service concession agreements, discontinued operations, stock compensation, and moreEnglish
Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting professional nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups, and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession's technical and ethical standards.
The AICPA's founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public trust.
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How This Alert Helps You 01-03
Economic and Industry Developments 04-08
The Current Economy 04-05
Key Economic Indicators 06-08
Legislative and Regulatory Developments 09-37
Inspections of Broker-Dealer 09-37
Audit and Attestation Issues and Developments 38-119
The AICPA Enhancing Audit Quality Initiative 38-49
Cybersecurity 50-51
Auditing Standards Board 52-87
Accounting and Review Services Committee 88-96
The Public Company Accounting Oversight Board 97-106
Developments in Peer Review 107
Common Peer Review Findings 108-119
Attestation Clarity Project 120-127
Restructuring the Attestation Standards 124-127
Revenue Recognition 128-163
Overview 128-130
Effective or Applicability Date 131-132
Overview of the New Guidance 133-135
Understanding the Five-Step Process 136-147
Additional Guidance Under the New Standard 148-149
Transition Resource Group 150-151
Latest Developments 152-162
Conclusion 163
New Leases Standard Will Change Financial Statement
Presentation 164-193
Issuance and Objective 164-165
Applicability and Effective Date 166-167
Main Provisions 168-178
Lessee Accounting 179-185
Lessor Accounting 186-190
Sale and Leaseback Transactions 191-192
Leveraged Lease Arrangements 193
Accounting for Financial Instruments 194-217
Overview 194-195
Applicability and Effective Date 196-199
Impairment 200-214
Hedge Accounting 215-216
Conclusion 217
Other Accounting Issues and Developments 218-323
Income Taxes 219-223
Consolidation 224-231
Restricted Cash 232-236
Business Combinations 237-246
Simplifying the Test for Goodwill Impairment 247-256
Other Income 257-271
Retirement Benefits 272-277
Nonrefundable Fees and Other Costs 278-284
Stock Compensation 285-292
Service Concession Arrangements 293-303
Financial Instruments With Characteristics of Liabilities
and Equity 304-312
Financial Instruments With Characteristics of Liabilities
and Equity 313-323
Recent Pronouncements at a Glance 324-326
Recent Auditing and Attestation Pronouncements
and Guidance 324
Recent Accounting and Financial Reporting Guidance 325
Recently Issued Technical Questions and Answers 326
Recent AICPA Independence and Ethics Developments 327-356
AICPA Conceptual Frameworks Toolkits 327-328
Definition of a Client 329
New Independence Interpretation—Hosting Services 330-356
On the Horizon 357-392
Auditing and Attestation Pipeline—Nonissuers 359-362
Auditing and Attestation Pipeline—Issuers 363-370
Accounting and Financial Reporting Pipeline 371-382
Independence and Ethics Pipeline 383-392
Resource Central 393-409
Publications 394
Continuing Professional Education 395-398
Webcasts 399
Member Service Center 400
Hotlines 401-408
Industry Websites 409
