Guide : prospective financial information / American Institute of Certified Public Accountants.

Format:

Book

Contributor:

American Institute of Certified Public Accountants.

Series:

THEi Wiley ebooks.

THEi Wiley ebooks

Language:

English

Subjects (All):

Financial statements--Standards--United States--Periodicals.

Financial statements.

Physical Description:

1 online resource (247 pages) : illustrations

Edition:

1st ed.

Place of Publication:

New York, New York : American Institute of Certified Public Accountants, Inc., 2017.

System Details:

Access using campus network via VPN at home (THEi Users Only).

Summary:

This resource provides interpretive guidance and implementation strategies for all preparation, compilation examination and agreed upon procedures on prospective financial information: * Helps with establishing proven best-practices. * Provides practical tools and resources to assist with compliance. * Exposes potential pitfalls associated with independence and ethics requirements. * SSAE No. 18 * SSARS No. 23 * Preparation and compilation engagements now fall under the SSARSs * The attestation engagements require an assertion from the responsible party

Contents:

Intro

Title Page

Copyright Page

Preface

Part 1-General Guidance Regarding Prospective Financial Information

Chapter 1 Introduction

Structure of the Guide

Relationship to Other Literature

Chapter 2 Scope

Presentations

Practitioners' Services

Chapter 3 Definitions

Chapter 4 Types of Prospective Financial Information and Their Uses

Chapter 5 Responsibility for Prospective Financial Information

Part 2-Guidance for Entities That Issue Prospective Financial Statements

Chapter 6 Preparation Guidelines

Chapter 7 Reasonably Objective Basis

Chapter 8 Presentation Guidelines

Prospective Financial Statements

Uses of Prospective Financial Statements

Responsibility for Prospective Financial Statements

Title

Format

Date

Accounting Principles and Policies

Materiality

Presentation of Amounts

Assumptions

Period to Be Covered

Distinguishing From Historical Financial Statements

Correction and Updating of a Financial Forecast

Partial Presentations

Uses of Partial Presentations

Preparation and Presentation of Partial Presentations

Chapter 9 Illustrative Prospective Financial Information

Part 3-Guidance for Practitioners Who Provide Services on Prospective Financial Statements

Chapter 10 Types of Practitioners' Services

Types of Services

Responsibility for Prospective Financial Information

Reasonably Objective Basis for Presentation

Quality Control

Independence

Change in Engagement to a Lower Level of Service

A Practitioner's Responsibility for Prospective Financial Information That Contains Disclosures About Periods Beyond the Prospective Period

Chapter 11 Preparation of Prospective Financial Information

Introduction

Applicability

Requirements.

General Principles for Performing Engagements to Prepare Prospective Financial Information

Preconditions for Accepting an Engagement to Prepare Prospective Financial Information

Agreement on Engagement Terms

Knowledge and Understanding of the Entity's Financial Reporting Framework

Knowledge of Other Matters

Preparing the Prospective Financial Information

Preparation of Prospective Financial Information That Contains a Known Departure or Departures from the AICPA Presentation Guidelines

Preparation of Prospective Financial Information That Omits Substantially All Disclosures Required by the AICPA Presentation Guidelines

Communication With the Responsible Party

Documentation Requirements

Appendix A-Illustrative Engagement Letters for a Preparation Engagement

Chapter 12 Compilation Procedures

Requirements

General Principles for Performing and Reporting on Compilations of Prospective Financial Information

Preconditions for Accepting a Compilation Engagement

Knowledge and Understanding of the Presentation Guidelines and Underlying Accounting Principles Used by the Entity

Reading the Prospective Financial Information

Other Compilation Procedures

Appendix A-Illustrative Engagement Letters for a Compilation

Chapter 13 The Practitioner's Compilation Report

Omission of Substantially All the Disclosures Required by the AICPA Presentation Guidelines

Multiple Periods

Lack of Independence

Known Departures From the AICPA Presentation Guidelines

Supplementary Information

Alert That Restricts the Use of the Practitioner's Compilation Report

Emphasis-of-Matter or Other-Matter Paragraphs

Reference to Historical Financial Statements.

Reporting on a Financial Forecast That Includes a Projected Sale of an Entity's Real Estate Investment at the End of the Forecast Period

Reporting If the Prospective Financial Information Includes Disclosures About Periods Beyond the Prospective Period

Chapter 14 Examination Procedures

Engagement Acceptance

Training and Proficiency

Requesting a Written Assertion

Planning an Examination Engagement

Engagement Understanding

Engagement Strategy

Assessing Risks of Material Misstatement

Procedures to Evaluate Assumptions

Development of Assumptions

Evaluation of Assumptions

Support for Assumptions

Evaluating the Preparation and Presentation of Prospective Financial Information

Written Representations

Assumptions Dependent on the Actions of Users

Additional Considerations for Partial Presentations

Other Information

Illustrative Examination Procedures

Appendix A-Illustrative Engagement and Representation Letters for an Examination

Chapter 15 The Practitioner's Examination Report

Modifications to the Practitioner's Opinion

Reporting on a Financial Forecast That Includes a Projected Sale of an Entity's Real Estate Investment at the End of the Forecast Period

Reporting If the Examination Is Part of a Larger Engagement

Chapter 16 Application of Agreed-Upon Procedures

Nature of an Agreed-Upon Procedures Engagement

Change to an Agreed-Upon Procedures Engagement From Another Form of Engagement

Written Assertion

Procedures to Be Performed

Use of Specialists and Internal Auditors

Representation Letter.

Adding Parties as Specified Parties (Nonparticipant Parties)

Appendix A-Illustrative Engagement and Representation Letters for Agreed-Upon Procedures Engagements

Chapter 17 The Practitioner's Report on the Results of Applying Agreed-Upon Procedures

Findings

Explanatory Language

Restrictions on the Performance of Procedures

Responsible Party Refuses to Provide a Written Assertion

Adding Nonparticipant Parties

Knowledge of Matters Outside Agreed-Upon

Appendix A Overview of Statements on Quality Control Standards

Appendix B Schedule of Changes Made to the Text From the Previous Edition

EULA.

ISBN:

9781119473350

1119473357

9781119449997

1119449995

9781943546879

1943546878

OCLC:

1004201262