Open Access. Powered by Scholars. Published by Universities.®

Business Commons

Open Access. Powered by Scholars. Published by Universities.®

Statements of Position

1977

Keyword

Articles 1 - 20 of 20

Full-Text Articles in Business

Proposed Statement On Auditing Standards : Client Representations;Client Representations; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Jan. 31, American Institute Of Certified Public Accountants. Auditing Standards Executive Committee Jan 1977

Proposed Statement On Auditing Standards : Client Representations;Client Representations; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Jan. 31, American Institute Of Certified Public Accountants. Auditing Standards Executive Committee

Statements of Position

This Statement establishes a requirement that the independent auditor obtain certain written representations from management as a part of an examination made in accordance with generally accepted auditing standards and provides guidance concerning the representations to be obtained.


Proposed Statement On Auditing Standards : Segment Information ;Segment Information; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Aug. 31, American Institute Of Certified Public Accountants. Auditing Standards Executive Committee Jan 1977

Proposed Statement On Auditing Standards : Segment Information ;Segment Information; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Aug. 31, American Institute Of Certified Public Accountants. Auditing Standards Executive Committee

Statements of Position

The proposed Statement provides guidance to an auditor in examining and reporting on financial statements that are required to include segment information in conformity with FASB Statement No. 14, "Financial Reporting for Segments of a Business Enterprise." According to the proposed Statement, an examination made for the purpose of expressing an opinion on financial statements taken as a whole ordinarily would not be sufficient to enable the auditor to express a separate opinion on the segment information. It states that the objective of auditing procedures applied to segment information should be to provide the auditor with a reasonable basis for ...


Accounting For Interfund Transfers Of State And Local Government Units : Proposal To Financial Accounting Standards Board To Amend Aicpa Industry Audit Guide On Audits Of State And Local Governmental Units; Statement Of Position 77-2;, American Institute Of Certified Public Accountants. Accounting Standards Division Jan 1977

Accounting For Interfund Transfers Of State And Local Government Units : Proposal To Financial Accounting Standards Board To Amend Aicpa Industry Audit Guide On Audits Of State And Local Governmental Units; Statement Of Position 77-2;, American Institute Of Certified Public Accountants. Accounting Standards Division

Statements of Position

No abstract provided.


Accounting For Service Transactions; Exposure Draft (American Institute Of Certified Public Accountants), 1977, June 30, American Institute Of Certified Public Accountants. Accounting Standards Executive Committee Jan 1977

Accounting For Service Transactions; Exposure Draft (American Institute Of Certified Public Accountants), 1977, June 30, American Institute Of Certified Public Accountants. Accounting Standards Executive Committee

Statements of Position

Because of the wide variety of types of service transactions and the different characteristics of each type, diverse accounting methods have evolved to apply the fundamental principles to service revenues and costs. Furthermore, diverse accounting methods are used by entities engaging in similar transactions. The Division believes that the range of alternative accounting methods should be narrowed.


Audit And Accounting Guide For Savings And Loan Associations; Exposure Draft (American Institute Of Certified Public Accountants), 1977, July, American Institute Of Certified Public Accountants. Committee On Savings And Loan Associations Jan 1977

Audit And Accounting Guide For Savings And Loan Associations; Exposure Draft (American Institute Of Certified Public Accountants), 1977, July, American Institute Of Certified Public Accountants. Committee On Savings And Loan Associations

Statements of Position

Savings and loan associations are corporations chartered either by the state in which they operate or the Federal Home Loan Bank Board (FHLBB). All associations chartered by the FHLBB are known as "federal" associations and have the word "Federal" in their corporate names. The majority of the savings and loan associations are mutual institutions; they are owned by the savers who, together with the borrowers, are members entitled to vote at annual meetings. Most states provide for the organization of mutual associations. In addition, several states provide for capital stock associations that are authorized by state charter to issue and ...


Financial Accounting And Reporting By Hospitals Operated By A Governmental Unit; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Aug. 15, American Institute Of Certified Public Accountants. Accounting Standards Executive Committee Jan 1977

Financial Accounting And Reporting By Hospitals Operated By A Governmental Unit; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Aug. 15, American Institute Of Certified Public Accountants. Accounting Standards Executive Committee

Statements of Position

The AICPA Industry Audit Guide, Hospital Audit Guide, does not specifically address the financial accounting and reporting practices of hospitals that are operated by a governmental unit, but states that the practices it discusses apply to all hospitals. The AICPA Industry Audit Guide on Audits of State and Local Governmental Units refers specifically to government operated hospitals as being within the scope of the Guide. This ambiguity has caused questions to be raised as to the financial accounting and reporting practices that should be followed by hospitals that are operated by governmental units.


Application Of The Deposit, Installment, And Cost Recovery Methods In Accounting For Sales Of Real Estate; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Aug. 15, American Institute Of Certified Public Accountants. Committee On Accounting Jan 1977

Application Of The Deposit, Installment, And Cost Recovery Methods In Accounting For Sales Of Real Estate; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Aug. 15, American Institute Of Certified Public Accountants. Committee On Accounting

Statements of Position

Questions have arisen with respect to the application of the general principles and specific conclusions set forth in the AICPA Industry Accounting Guide, Accounting for Profit Recognition on Sales of Real Estate, issued in 1973. The Division addressed some of those questions in Statement of Position No. 75-6, issued on December 29, 1975. This Statement presents recommendations as a result of questions concerning the application of the deposit, installment, and cost recovery methods, which are described in paragraphs 34 to 37 of the Guide, in accounting for sales of real estate. The Guide does not specifically address the application of ...


Proposed Statement On Auditing Standards : Planning And Supervision;Planning And Supervision; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Aug. 31, American Institute Of Certified Public Accountants. Auditing Standards Executive Committee Jan 1977

Proposed Statement On Auditing Standards : Planning And Supervision;Planning And Supervision; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Aug. 31, American Institute Of Certified Public Accountants. Auditing Standards Executive Committee

Statements of Position

The proposed Statement provides guidance to the auditor making an examination in accordance with generally accepted auditing standards on the considerations and procedures applicable to planning and supervision, including preparing audit programs, obtaining knowledge of the entity's business, and dealing with differences of opinion among firm personnel. The Statement, if adopted, would require an auditor to prepare a written audit program that sets forth in reasonable detail the audit procedures that the auditor believes are necessary to accomplish the objectives of the examination. It would also require the auditor to obtain a knowledge of matters that relate to the ...


Proposed New Rule 502 Passed By Aicpa Council 9/17/77 (Awaiting Mail Vote Of Aicpa Membership); Exposure Draft (American Institute Of Certified Public Accountants), 1977, Sept. 28, American Institute Of Certified Public Accountants. Task Force On Advertising Jan 1977

Proposed New Rule 502 Passed By Aicpa Council 9/17/77 (Awaiting Mail Vote Of Aicpa Membership); Exposure Draft (American Institute Of Certified Public Accountants), 1977, Sept. 28, American Institute Of Certified Public Accountants. Task Force On Advertising

Statements of Position

It was apparent to the Task Force that its initial task was to evaluate and attempt to perceive the public interest and the changes that may have occurred in it. This included consideration of the positions and statements of various consumer groups as they could be ascertained by the Task Force. In the course of its deliberations the Task Force considered actions such as that by the Federal Trade Commission against the American Medical Association, the Justice Department against the American Bar Association and investigation of the AICPA by both these regulatory bodies. It also considered the Supreme Court decision ...


Proposed Statement On Auditing Standards : Auditor's Report When There Are Contingencies;Auditor's Report When There Are Contingencies; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Oct. 31, American Institute Of Certified Public Accountants. Auditing Standards Executive Committee Jan 1977

Proposed Statement On Auditing Standards : Auditor's Report When There Are Contingencies;Auditor's Report When There Are Contingencies; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Oct. 31, American Institute Of Certified Public Accountants. Auditing Standards Executive Committee

Statements of Position

This Statement applies to auditor's reports issued in connection with examinations of financial statements prepared in conformity with generally accepted accounting principles. Its purpose is to describe the auditor's reporting considerations when there are contingencies that may have a material effect on the financial statements being examined.


Proposed Statement Of Position On Accounting For Property And Liability Insurance Companies;Accounting For Property And Liability Insurance Companies; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Oct. 31, American Institute Of Certified Public Accountants. Insurance Companies Committee Jan 1977

Proposed Statement Of Position On Accounting For Property And Liability Insurance Companies;Accounting For Property And Liability Insurance Companies; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Oct. 31, American Institute Of Certified Public Accountants. Insurance Companies Committee

Statements of Position

In recent years, accountants, investors, and other users of financial statements have expressed concern over the acceptability of alternative accounting methods for similar business transactions. The Accounting Standards Division believes that it is not desirable to have acceptable alternative accounting methods in the property and liability insurance industry. Therefore, the Division is expressing in this Statement its position on preferable accounting methods in each of the areas in which alternative:; exist, except for the issue of discounting loss reserves as more fully described on page 11, and the issue of using anticipated investment income in the computation of premium deficiencies ...


Proposed Statement Of Position On Accounting For Advance Refundings Of Debt;Accounting For Advance Refundings Of Debt; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Dec. 27, American Institute Of Certified Public Accountants. Accounting Standards Division Jan 1977

Proposed Statement Of Position On Accounting For Advance Refundings Of Debt;Accounting For Advance Refundings Of Debt; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Dec. 27, American Institute Of Certified Public Accountants. Accounting Standards Division

Statements of Position

A refunding of debt is the replacement of old debt with new debt and takes place to obtain a preceived economic adavantage. This statement of position addresses accounting for advance refundings. It is not intended to modify APB Opinion 26, Early Extinguishment of Debt, or FASB Statement 4, Reporting Gains and Losses from Extinguishment of Debt. This statement of position should be applied to regulated companies that are subject to the rate-making process in accordance with the provisions of the Addendum.


Financial Accounting And Reporting By Investment Companies, April 15, 1977 : Proposal To Financial Accounting Standards Board To Amend Aicpa Industry Audit Guide On Audits Of Investment Companies; Statement Of Position 77-1;, American Institute Of Certified Public Accountants. Accounting Standards Division Jan 1977

Financial Accounting And Reporting By Investment Companies, April 15, 1977 : Proposal To Financial Accounting Standards Board To Amend Aicpa Industry Audit Guide On Audits Of Investment Companies; Statement Of Position 77-1;, American Institute Of Certified Public Accountants. Accounting Standards Division

Statements of Position

No abstract provided.


Accounting For Interfund Transfers Of State And Local Government Units; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Jan. 14, American Institute Of Certified Public Accountants. Accounting Standards Executive Committee Jan 1977

Accounting For Interfund Transfers Of State And Local Government Units; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Jan. 14, American Institute Of Certified Public Accountants. Accounting Standards Executive Committee

Statements of Position

Chapter 2 of the AICPA Industry Audit Guide,, Audits of State and Local Governmental Units, includes accounting guidelines for four categories of interfund transfers. The first category includes transactions that would be treated as revenues or expenditures had they been conducted with outsiders. These transfers are accounted for as revenues of the recipient fund and expenditures of the disbursing fund. The second category includes reimbursements of expenditures made by one fund for another. The reimbursement reduces the expenditures of the recipient fund. The third category includes recurring annual transfers between two or more budgetary funds and shifts resources from a ...


University Education For Management Consulting; Exposure Draft (American Institute Of Certified Public Accountants), 1977, April 23, American Institute Of Certified Public Accountants. Mas University Education Task Force Jan 1977

University Education For Management Consulting; Exposure Draft (American Institute Of Certified Public Accountants), 1977, April 23, American Institute Of Certified Public Accountants. Mas University Education Task Force

Statements of Position

While the AICPA is concerned with management consulting as performed by CPA firms, the suggested learning objectives described in this document generally pertain to the application of consulting skills in many different environments, including business and government as well as consulting organizations. Clearly, assimilating the suggested learning objectives into programs offered to students majoring in accounting, business, engineering, science, and other subjects would tend to improve the overall management, analytical, and communications skills of graduates. This document is intended for both educators and management consulting practitioners. It should help them to focus on what can be accomplished and encourage them ...


Proposed Statement Of Position On Accounting By Cable Television Companies;Accounting By Cable Television Companies; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Nov. 30, American Institute Of Certified Public Accountants. Accounting Standards Executive Committee Jan 1977

Proposed Statement Of Position On Accounting By Cable Television Companies;Accounting By Cable Television Companies; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Nov. 30, American Institute Of Certified Public Accountants. Accounting Standards Executive Committee

Statements of Position

Cable television (CATV) companies have developed diverse specialized industry accounting practices over a period of years, with the result that their financial statements lack comparability. This statement of position summarizes CATV companies' current specialized industry accounting practices. A study of those accounting practices by the AICPA accounting standards division indicates a need for clarification and narrowing of alternative accounting practices within the industry.


Proposed Statement Of Position On Accounting Practices Of Real Estate Investment Trusts : An Amendment Of Position 75-2 ;Accounting Practices Of Real Estate Investment Trusts : An Amendment Of Position 75-2; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Dec. 20, American Institute Of Certified Public Accountants. Accounting Standards Division Jan 1977

Proposed Statement Of Position On Accounting Practices Of Real Estate Investment Trusts : An Amendment Of Position 75-2 ;Accounting Practices Of Real Estate Investment Trusts : An Amendment Of Position 75-2; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Dec. 20, American Institute Of Certified Public Accountants. Accounting Standards Division

Statements of Position

The recommended accounting for real estate loans and foreclosed properties in Statement of Position (SOP) 75-2, Accounting Practices of Real Estate Investment Trusts, issued June 27, 1975, is inconsistent with certain provisions of Statement of Financial Accounting Standards (SFAS) no. 15, Accounting by Debtors and Creditors for Troubled Debt Restructurings, issued by the Financial Standards Board in June 1977. The accounting standards division believes that SOP 75-2 should be amended to conform its recommendations to the provisions of SFAS no. 15.


Accounting For Investments In Real Estate Ventures; Exposure Draft (American Institute Of Certified Public Accountants), 1977, July 22, American Institute Of Certified Public Accountants. Committee On Real Estate Accounting Jan 1977

Accounting For Investments In Real Estate Ventures; Exposure Draft (American Institute Of Certified Public Accountants), 1977, July 22, American Institute Of Certified Public Accountants. Committee On Real Estate Accounting

Statements of Position

The accompanying exposure draft has been prepared by the Committee on Real Estate Accounting of the AICPA's Accounting Standards Division to obtain the comments of interested persons and organizations. It is intended to help focus attention on the issues considered and foster the interchange of ideas among those interested in improving accounting and reporting standards. The Committee urges respondents to give particular attention to paragraph 7 of the exposure draft. Paragraph 7 describes two alternative methods of reporting noncontrolling investors' equity in real estate general partnerships: (1) reporting the investor's equity as a single investment amount in the ...


Accounting For Costs To Sell And Rent, And Initial Rental Operations Of, Real Estate Projects; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Aug. 1, American Institute Of Certified Public Accountants. Real Estate Accounting Committee Jan 1977

Accounting For Costs To Sell And Rent, And Initial Rental Operations Of, Real Estate Projects; Exposure Draft (American Institute Of Certified Public Accountants), 1977, Aug. 1, American Institute Of Certified Public Accountants. Real Estate Accounting Committee

Statements of Position

The Accounting Standards Division has noted that diverse practices are followed in accounting for both costs to sell and costs to rent real estate projects. It has also noted that diverse practices are followed in accounting for costs and revenues during the initial operating period of a rental project, before occupancy stabilizes (sometimes referred to as the "rent-up" period). The Division believes that narrowing the range of those practices is desirable. This Statement of Position sets forth the Division's recommendations on accounting for costs to sell and costs to rent real estate projects and for initial rental operations of ...


Guide To Implement The Voluntary Quality Control Review Program For Cpa Firms; Performing And Reporting On Quality Control Compliance Reviews; Discussion Draft (American Institute Of Certified Public Accountants), 1977, October 28, American Institute Of Certified Public Accountants. Special Committee On Proposed Standards For Quality Control Policies And Procedures Jan 1977

Guide To Implement The Voluntary Quality Control Review Program For Cpa Firms; Performing And Reporting On Quality Control Compliance Reviews; Discussion Draft (American Institute Of Certified Public Accountants), 1977, October 28, American Institute Of Certified Public Accountants. Special Committee On Proposed Standards For Quality Control Policies And Procedures

Statements of Position

No abstract provided.