Financial Reporting Center
The Financial Reporting Center helps CPAs meet the challenges of providing high quality financial reporting. Whether you are a financial statement preparer or a member in public practice, this center provides resources for the entire financial reporting process providing you the information you need to know when you need it.
The AICPA has developed the AICPA Competency Framework: Assurance Services designed to help CPAs understand the knowledge and skills necessary to perform high-quality audit, attestation, review, compilation and preparation engagements. The framework is underpinned by the need for objectivity, integrity and ethical behavior and includes a commitment to continuously acquire new skills and knowledge.
The AICPA and CIMA also previously developed the CGMA Competency Framework designed to help management accountants and their employers understand the knowledge requirements and assess the skills needed for both current and desired roles.
News
AICPA Seeks Input on Guide to Valuation of Venture Capital and Private Equity Investments; Comments due August 15
The AICPA’s Financial Reporting Executive Committee has issued a working draft of the AICPA Accounting and Valuation Guide Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies and is requesting feedback. This guide provides nonauthoritative guidance and illustrations for preparers of financial statements, independent auditors, and valuation specialists regarding the accounting for and valuation of portfolio company investments held by investment companies within the scope of FASB ASC 946 (including private equity funds, venture capital funds, hedge funds, and business development companies). This guide may also be useful for non-investment companies, such as corporate venture capital groups or pension funds, which make investments in similar types of portfolio companies and pursue similar strategies (however, the numerous and varied aspects of these non-investment entities were not considered or contemplated in the preparation of this guide.) This guide addresses many accounting and valuation issues that have emerged over time to assist investment companies in addressing the challenges in estimating fair value of these investments.
Accounting & Financial Reporting
CPAs are facing unprecedented changes in financial reporting. Transactions are more complex; economic and regulatory forces demand higher-quality reporting; and FASB convergence efforts propose major changes to U.S. GAAP. Stay up to date through these resources.
Review, Compilation and Preparation
Review, compilation and preparation services represent a large portion of many small and medium size firms’ services. Ensure you have the resources needed to execute these engagements.
AICPA TV
This two-minute video highlights the features and benefits of the AICPA's Financial Reporting Framework for Small- and Medium-Sized Entities.
More on AICPA TVAudit & Attest
Keeping up with accounting and attest standards consistently ranks as a top member need. Let us help with these resources.
- Audit and Attest
- The SAS Clarity Project
- The Attest Clarity Project
- Audit and Attest Standard Setting
- Standards Tracker
- Recently Issued Audit Interpretations
- Recently Issued Technical Q&As
- Advocacy
Key differences exist between the resources available on the Financial Reporting Center for audits, compilations and reviews. The AICPA has developed a comparative overview of the distinctions for when your clients have questions about the levels of services.
Assurance & Advisory
The Assurance Services Executive Committee addresses the needs of CPAs who prepare or attest to information not covered by other authoritative standards.
Industry Insights
Knowing you need information specific to your industry or your clients' industries, Industry Insights provides financial reporting information for topics important to your industry.
