Recently the inclusion of land under roads as an asset in financial reports by Australian local governments has led to several concerns arising from dissatisfaction with certain elements of the new accounting standards and concepts, particularly, the Australian Accounting Standard AAS 27 "Financial Reporting by Local Governments" and the Standard Accounting Concepts SAC 4 "Definition and Recognition of the Elements of Financial Statements." These concerns have also meant that most local governments are opposing the recognition of land under roads as an asset for financial reporting purposes. With the inclusion of land under roads dominating the asset element of financial reports, the relevance and reliability of valuation of land under roads needs to be examined. Using an Australian cas...
The accounting profession has long contended that an audit conducted in accordance with generally accepted auditing standards provides "reasonable assurance" that the subject financial statements are free of material misstatements. Just as troubling is the lack of a definition of what constitutes "a high level of assurance." Some might characterize it as being somewhat greater than the "more likely than not" threshold required for tax opinions. Those members of the profession that oppose the proposed references to "a high level of assurance" also argue that there is no pressing need to adopt this potentially misleading language. It is also worth noting that there is a qualitative difference between the level of assurance that can be attained by testing the effectiveness of internal cont...
... The definition of "financial statements" is expanded by RP 2011-1...
Among the seven basic elements identified in GASB Concepts Statement No. 4, Elements of Financial Statements were deferred inflows and deferred outflows. Given the strictness of this definition, some have gone so far as to question whether anything, in fact, would meet the definitions of a deferred inflow or a deferred outflow found in GASB Concepts Statement No. 4. A good example, however, is provided by SGAS 48, Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues.
The GASB met once in person and twice by conference call in April to discuss issues related to several of its ongoing technical agenda projects. The GASB decided to make several changes to the final version of its forthcoming concepts statement on Financial Statement Elements, including clarifying that the categories deferred outflows and deferred inflows will be limited to just those items specifically identified as such in authoritative accounting standards. The GASB agreed that entities generally should not be required to disclose the detailed terms and individual fair values of investment derivatives. The board agreed to eliminate the requirement to include a narrative discussion of the actuarial measurement process in the notes to the financial statements. The GASB tentatively agre...
...Fund balance and fund-type definitions. The GASB tentatively agreed to refrain from propo...
...) from the previous year's audited financial statement plus interest expense. The calculation c... in the most recent audited financial statements and as of the date of distribution;. (4) Days in A...
... Standards/ Effective Date/ Objectives/ Definition/ Requirements Evaluating Consistency/ Change in Ac...
...(NYSE: TWC) today reported financial results for its fourth quarter and full year ended... accompanying consolidated financial statements for a definition of OIBDA and Adjusted OIBDA. (b)....
... are more easily identifiable, the definition of "user" to a privately held company may vary. As...
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