Interpretation issued on reporting on uncertaintiec, including entity's ability to continue as going concern.The Accounting and Review Services Committee has issued Interpretation No. 29 to AR section 100. That interpretation, entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Reporting on an Uncertainty, Including an Uncertainty About an Entity's Ability to Continue as a Going Concern," provides accountants with guidance as to: * How they may modify the standard compilation Compiling a program. See compiler. or review report when, during the performance of compilation or review procedures, evidence or information comes to the accountant's attention that there may be an uncertainty about the entity's ability to continue as a going concern for a reasonable period of time, not to exceed one year beyond the date of the financial statements being compiled or reviewed. * What they should consider in deciding whether a report modification A change or alteration in existing materials. Modification generally has the same meaning in the law as it does in common parlance. The term has special significance in the law of contracts and the law of sales. is necessary when, while performing a compilation or review, they become aware of a material uncertainty other than a going concern uncertainty (for example, an uncertainty regarding pending or threatened litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ). As a result of the issuance of Interpretation No. 29, the ARSC ARSC Arctic Region Supercomputing Center ARSC Association for Recorded Sound Collections ARSC Accounting and Review Services Committee ARSC Aircraft Repair and Supply Center (USCG) ARSC Arizona Remote Sensing Center has rescinded Interpretation No. 11, "Reporting on Uncertainties," to AR section 100. Interpretation No. 29 is available at: [email] www.aicpa.org/download/auditstd/ Interpretation_No_29-Reporting_onUncertainties.pdf |
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