CPA Government & Nonprofit Report articles from December 2005

CPA Government & Nonprofit Report archives from December 2005

AICPA issues SAS 103 on Audit Documentation.(American Institute of Certified Public Accountants)(Statement on Auditing Standards)
December 1, 2005... In December 2005, the AICPA issued Statement on Auditing Standards (SAS) 103, "Audit Documentation" that supersedes SAS 96 of the same title. It is effective for audits of financial statements for periods ending on or after Dec. 15, 2006,...

Editor's note.
December 1, 2005... SAS 103 will affect all auditors in various ways. Some auditors are currently doing their audit documentation under SAS 103, while some auditors will need to make more revisions to meet the requirements. One of the key changes in SAS 103 is the...

FASB 154 changes coming in reporting accounting changes.(Financial Accounting Standards Board)
December 1, 2005... In 2005, FASB issued Statement 154, "Accounting Changes and Error Corrections" to address the inconsistency between generally accepted accounting principles in the United States versus those of the International Accounting Standards Board...

Determining when a government grant is an exchange transaction or a contribution.
December 1, 2005... One of the most confusing aspects of applying FASB 116 is the determination of government grants. Many nonprofit organizations and their auditors have determined that government grants are "temporarily restricted net assets." However, when...