Financial Reporting Center
The Financial Reporting Center helps CPAs meet the challenges of providing high quality financial reporting. Whether you are a financial statement preparer or a member in public practice, this center provides resources for the entire financial reporting process providing you the information you need to know when you need it.
AICPA Coronavirus (COVID-19) Resource Center
With all the concerns stemming from the COVID-19 pandemic, we want you to know that your well-being and your clients’ well-being are top of mind for us. We know you are doing everything you can to mitigate risks and help keep your firms and businesses running. Your firms, organizations, clients and communities are depending on your expertise during this crisis. And it’s our job to make sure you have the help and information you need to navigate this pandemic.
We’ve created the AICPA Coronavirus (COVID-19) Resource Center to keep you up to date on the latest news, resources, event information and guidance to help you advise your organizations, clients and customers, and better manage our new way of working. Check out the Coronavirus (COVID-19) audit and accounting resources page for A&A specific tools and the most recent guidance on questions we are receiving Bookmark this page and visit often for the latest updates.
The AICPA has developed the AICPA Competency Framework: Assurance Services designed to help CPAs understand the knowledge and skills necessary to perform high-quality audit, attestation, review, compilation and preparation engagements. The framework is underpinned by the need for objectivity, integrity and ethical behavior and includes a commitment to continuously acquire new skills and knowledge.
The AICPA and CIMA also previously developed the CGMA Competency Framework designed to help management accountants and their employers understand the knowledge requirements and assess the skills needed for both current and desired roles.
News
ASB Issues Statement on Auditing Standards No. 145
The Auditing Standards Board (ASB) issued SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, in October 2021. Visit our hub site, Recently Issued Auditing and Attestation Standards: Information and Resources, for the latest information on this standard, and click here to register for an upcoming webcast and learn more about it!
ASB Issues Statement on Auditing Standards No. 144
The Auditing Standards Board (ASB) issued SAS No. 144, Amendments to AU-C Sections 501, 540, and 620 Related to the Use of Specialists and the Use of Pricing Information Obtained From External Information Sources, in June 2021. Visit our hub site, Recently Issued Auditing and Attestation Standards: Information and Resources, for the latest information on this standard.
FinREC Proposes New Construction Contractor Illustrative Financial Statements
FinREC has issued an exposure draft of new illustrative financial statements to be included in the AICPA Audit and Accounting Guide: Construction Contractors , to help apply the disclosure and presentation guidance in FASB ASC 606, Revenue Recognition and ASC 842, Leases, to private construction contractors’ financial statements. The comment period ends July 12, 2021.
ASB Issues Statement on Standards for Attestation Engagements No. 22
The ASB issued SSAE No. 22, Review Engagements, in December 2020. Visit our hub site, Recently Issued Auditing and Attestation Standards: Information and Resources, for the latest information on this standard.
ASB Issues Statement on Standards for Attestation Engagements No. 21
The ASB issued SSAE No. 21, Direct Examination Engagements, in September 2020. Visit our hub site, Recently Issued Auditing and Attestation Standards: Information and Resources, for the latest information on this standard.
ASB Issues Statement on Auditing Standards No. 143
The Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 143, Auditing Accounting Estimates and Related Disclosures, in July 2020. Visit our hub site, Recently Issued Auditing and Attestation Standards: Information and Resources, for the latest information on this standard.
ASB Issues Statement on Auditing Standards No. 142
The ASB issued SAS No. 142, Audit Evidence, in July 2020. Visit our hub site, Recently Issued Auditing and Attestation Standards: Information and Resources, for the latest information on this standard.
Pre-SAS No. 134 Codification of GAAS Now Available
To assist auditors and firms that do not implement SAS Nos. 134–140 prior to December 15, 2021, a “Pre-SAS No. 134” edition of the auditing standards (the AU-C sections) in AICPA Professional Standards is now available. This edition contains SAS Nos. 122–133, as amended, and remains effective through 2021 and should be followed when SAS Nos. 134–140 have not been implemented. Each AU-C section in this edition is designated with a “B” suffix (for example, “AU-C section 200B”) to denote content that does not reflect the codification of SAS Nos. 134–140 or the amendments to other SASs made by SAS Nos. 134–140. Upon implementation of SAS Nos. 134–140, auditors and firms should no longer utilize this edition.
ASB Issues SAS No. 141 to Delay SAS Nos. 134 – 140 Effective Dates, Permit Early Implementation
The ASB issued SAS No. 141, Amendment to the Effective Dates of SAS Nos. 134–140, in May 2020. Visit our hub site, Recently Issued Auditing and Attestation Standards: Information and Resources, for the latest information on this standard.
ASB Issues Statement on Auditing Standards No. 140
The ASB issued SAS No. 140, Amendments to AU-C Sections 725, 730, 930, 935, and 940 to Incorporate Auditor Reporting Changes From SAS Nos. 134 and 137, in April 2020. Visit our hub site, Recently Issued Auditing and Attestation Standards: Information and Resources, for the latest information on this standard.
ASB Issues Statement on Auditing Standards No. 139
The ASB issued SAS No. 139, Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No. 134, in March 2020. Visit our hub site, Recently Issued Auditing and Attestation Standards: Information and Resources, for the latest information on this standard.
ARSC Issues Statement on Standards for Accounting and Review Services No. 25
The Accounting and Review Services Committee (ARSC) issued SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions, in February 2020. Visit our hub site, Recently Issued Review, Compilation and Preparation Standards: Information and Resources, for the latest information on this standard.
The ASB issued SAS No. 138, Amendments to the Description of the Concept of Materiality, and SSAE No. 20 of the same title in December 2019. Visit our hub site, Recently Issued Auditing and Attestation Standards: Information and Resources, for the latest information on these standards.
Accounting & Financial Reporting
CPAs are facing unprecedented changes in financial reporting. Transactions are more complex; economic and regulatory forces demand higher-quality reporting; and FASB convergence efforts propose major changes to U.S. GAAP. Stay up to date through these resources.
- Accounting & Financial Reporting
- Revenue Recognition Center
- Final PE/VC Guide
- Standards Tracker
- Recently Issued Technical Q&As
- Advocacy
- Financial Reporting Framework for Small- and Medium-Sized Entities
- Enhanced Business Reporting
- XBRL
Review, Compilation and Preparation
Review, compilation and preparation services represent a large portion of many small and medium size firms’ services. Ensure you have the resources needed to execute these engagements.
- Review, Compilation, and Preparation
- SSARS 21
- Standard Setting
- Standards Tracker
- Recently Issued Interpretations
- Recently Issued Technical Q&As
- Advocacy
Illustrative review and compilation reports are provided to assist accountants in preparing high quality reports in accordance with AICPA Professional Standards and are in the public interest.
AICPA TV
This two-minute video highlights the features and benefits of the AICPA's Financial Reporting Framework for Small- and Medium-Sized Entities.
More on AICPA TVAudit & Attest
Keeping up with accounting and attest standards consistently ranks as a top member need. Let us help with these resources.
- Audit and Attest
- The SAS Clarity Project
- Audit and Attest Standard Setting
- Standards Tracker
- Recently Issued Audit Interpretations
- Recently Issued Technical Q&As
- Advocacy
Key differences exist between the resources available on the Financial Reporting Center for audits, compilations and reviews. The AICPA has developed a comparative overview of the distinctions for when your clients have questions about the levels of services.
Assurance & Advisory
The Assurance Services Executive Committee addresses the needs of CPAs who prepare or attest to information not covered by other authoritative standards.
Industry Insights
Knowing you need information specific to your industry or your clients' industries, Industry Insights provides financial reporting information for topics important to your industry.
Requests for Staff Presentations
AICPA Audit and Attest Standards Team staff, Auditing Standards Board members, or Accounting and Review Committee members may be available to present at conferences, webcasts/webinars, or any other potential CPE vehicles. To request staff to consider presenting at an event, please complete the Request for Presentation form. The AICPA Audit and Attest Standards Team will respond to this request in a timely manner.
