Audits

Disclose date of subsequent events evaluation

Don’t forget that FASB statement 165, now located at ASC 855-10-50-1, requires disclosure of the date that the organization has evaluated whether there are any subsequent events that need to be reflected in the financial statements.  That date needs to be described as either the issue date or date the financials were available to be issued.  Unless you are working in the public company arena, I think you will find that ‘available to be issued’ is the norm.

You can read the original FAS 165 here, but remember it has been superseded. Need to register at the FASB web site to read the ASC.

Delay in effective date for all of the rewritten, clarified auditing standards

The Auditing Standards Board is in the process of rewriting all of the Statements on Auditing Standards. They are using a new format for all the clarified and redrafted statements.  The effective date was previously scheduled for periods ending on or after December 15, 2010.  The ASB has moved the effective date back to periods ending on or after December 15, 2012. …