I'm honored to be a part of the conference and addressing you today. My remarks will be focused around the following three topics: I'll do my best to structure my comments to have relevance to everyone, but even when I'm speaking primarily on standards, I think it's beneficial for preparers to have a good understanding of the current auditing issues.
A Accelerated Depreciation Method that records greater depreciation than straight-line depreciation in the early years and less depreciation than straight-line in the later years of an asset's holding period.
Account Formal record that represents, in words, money or other Aicpa comparison of measurement, certain resources, claims to such resources, transactions or other events that result in changes to those resources and claims.
Account Payable Amount owed to a creditor for delivered goods or completed services.
Account Receivable Claim against a debtor for an uncollected amount, generally from a completed transaction of sales or services rendered. Accountant's Report Formal document that communicates an independent accountant's: An accountant's report does not result from the performance of an audit.
Accounting Change Change in 1 an accounting principle; 2 an accounting estimate; or 3 the reporting entity that necessitates disclosure and explanation in published financial reports.
Accrual Basis Method of accounting that recognizes revenue when earned, rather than when collected. Expenses are recognized when incurred rather than when paid. Accumulated Depreciation Total depreciation pertaining to an asset or group of assets from the time the assets were placed in services until the date of the financial statement or tax return.
This total is the contra account to the related asset account. Additional Paid in Capital Amounts paid for stock in excess of its par value or stated value.
Also, other amounts paid by stockholders and charged to equity accounts other than capital stock. Adverse Opinion Expression of an opinion in an auditor's report which states that financial statements do not fairly present the financial position, results of operations and cash flows in conformity with generally accepted accounting principles GAAP.
Affiliated Company Company, or other organization related through common ownership, common control of management or owners, or through some other control mechanism, such as a long-term lease. Analyst Person who evaluates and interprets public company financial statements.
Analytical Procedures Substantive tests of financial information which examine relationships among data as a means of obtaining evidence. Annual Report Report to the stockholders of a company which includes the company's annual, audited balance sheet and related statements of earnings, stockholders' or owners' equity and cash flows, as well as other financial and business information.
Annuity Series of payments, usually payable at specified time intervals. Done by a trained accountant from within the organization internal audit or by an outsider independent audit for the purpose of verifying the accuracy and completeness of the records.
Auditor's Report Written communication issued by an independent certified public accountant CPA describing the character of his or her work and the degree of responsibility taken.
An auditor's report includes a statement that the audit was conducted in accordance with generally accepted auditing standards GAASwhich require that the auditor plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, as well as a statement that the auditor believes the audit provides a reasonable basis for his or her opinion.
B Balance Sum of debit entries minus the sum of credit entries in an account. If positive, the difference is called a debit balance; if negative, a credit balance. Balance Sheet Basic financial statement, usually accompanied by appropriate disclosures that describe the basis of accounting used in its preparation and presentation of a specified date, the entity's assets, liabilities and the equity of its owners.
Also known as statement of financial condition. Bankruptcy Legal process, governed by federal statute, whereby the debts of an insolvent person are liquidated after being satisfied to the greatest extent possible by the debtor's assets.
During bankruptcy, the debtor's assets are held and managed by a court-appointed trustee. Bond One type of long-term promissory note, frequently issued to the public as a security regulated under federal securities laws or state blue sky laws.
Bonds can either be registered in the owner's name or are issued as bearer instruments. C Capital Assets intended to further production. The amount invested in a proprietorship, partnership, or corporation by its owners.
Capital Gain Portion of the total gain recognized on the sale or exchange of a noninventory asset which is not taxed as ordinary income. Capital gains have historically been taxed at a lower rate than ordinary income. Capital Stock Ownership shares of a corporation authorized by its articles of incorporation.
The money value assigned to a corporation's issued shares. The balance sheet account with the aggregate amount of the par value or stated value of all stock issued by a corporation. Capitalized Cost Expenditure identified with goods or services acquired and measured by the amount of cash paid or the market value of other property, capital stock, or services surrendered.
Expenditures that are written off during two or more accounting periods. Capitalized Interest Interest cost incurred during the time necessary to bring an asset to the condition and location for its intended use and included as part of the historical cost of acquiring the asset.
Cash Basis Method of bookkeeping by which revenues and expenditures are recorded when they are received and paid.Reviews of Professional Tax Preparation Systems. CPA Practice Advisor reviews professional tax systems each year.
These systems, designed for CPAs, EAs and other tax preparers, are divided. The AICPA's Twitter account (@AICPA) was hijacked sometime on Sept.
18 by cryptoscammers masquerading as Coinbase. Other AICPA accounts are fine. November 14, walk around Big D’s office without associates crawling all over each other to touch his clothes but these men pale in comparison to the immortal we are about to present to you.
Senior technical committee of the American Institute of Certified Public Accountants (AICPA) which issued pronouncements on accounting principles from The APB was replaced by the Financial Accounting Standards Board (FASB).
comparison of financial information with information of comparable prior periods; (2) comparison of. Advanced Income Tax Accounting Discover specifics you can use to apply ASC (formerly SFAS No. and FIN 48) and the impact that IFRS has had on accounting for income taxes and the impact of dealing with other accounting standards in conjunction with ASC Comparison & Analysis Of PCAOB and AICPA Auditing Standards Home work Template Comparison & Analysis PCAOB (AS#) PCAOB Title AS Description AICPA (SAS#) SAS.
ERP is an acronym for Enterprise Resource Planning which involves systems and applications used by businesses and organizations to manage day-to-day activities and operations.
These activities include accounting, sales and.