Technical Questions and Answers: 2020(AICPA)

Find the answers to the questions accountants, CPA, and clients are asking the AICPA in Technical Questions and Answers, a compilation of popular Q&As from the AICPA's Technical Hotline. This resource includes non-authoritative literature on the following subjects: Financial Statement Presentation Assets Liabilities and Deferred Credits Capital Revenue and Expense Specialized Industry Problems Specialized Organizational Problems Audit Fieldwork Auditor's Reports Attestation Engagements New Q&As have been added for: Revised Section 163(j) limitation and evaluation of the realizability of a Section 163(j) carryforward (sections 3300.01-.02) Accounting for costs incurred in connection with the implementation of electronic health record systems (section 6400.53) Financial presentation considerations related to transactions involving provider taxation programs and similar arrangements (section 6400.54) Auditor assessment of a special-purpose government's only immaterial fiduciary fund (sections 6950.23-.24) Reporting guidance upon initial implementation of Statement on Auditing Standards no. 134, as amended (section 8100.04) OMB 2019 Compliance Supplement (sections 9110.24-.27) Q&As under the following topics have also been revised: Statement of cash flows (section 1300), Consolidated financial statements (section 1400), Notes to financial statements (section 1800), Cash (section 2110), Fixed assets (section 2210), Long-term investments (section 2220), Health care entities (section 6400), Investment companies (section 6910), Financial Statement Reporting and Disclosure — Employee Benefit Plans (section 6931), Auditing Employee Benefit Plans (section 6933), Predecessor auditors (section 8900), Special reports (section 9110), Attestation reports (section 9510), and Attest engagement: American Land Title Association best practices framework (section 9540).

Table of Contents:
1000 Financial Statement Presentation 3 1100 Statement of Financial Position 1200 Income Statement 1300 Statement of Cash Flows 1400 Consolidated Financial Statements 1500 Financial Statements Prepared in Accordance With a Special Purpose Framework 1600 Personal Financial Statements 1700 Prospective Financial Statements 1800 Notes to Financial Statements 1900 Interim Financial Information 2000 Assets 43 2110 Cash 2120 Temporary Investments 2130 Receivables 2140 Inventories 2210 Fixed Assets 2220 Long-Term Investments 2230 Noncurrent Receivables 2240 Cash Surrender Value of Life Insurance 2250 Intangible Assets 2260 Other Assets 3000 Liabilities and Deferred Credits 111 3100 Current Liabilities 3200 Long-Term Debt 3300 Deferred Taxes 3400 Contingent Liabilities 3500 Commitments 3600 Deferred Credits 3700 Pension Obligations 4000 Capital 135 4110 Issuance of Capital Stock 4120 Reacquisition of Capital Stock 4130 Warrants 4150 Stock Dividends and Stock Splits 4160 Contributed Capital 4200 Retained Earnings 4210 Dividends 4230 Capital Transactions 5000 Revenue and Expense 153 5100 Revenue Recognition 5210 Depreciation and Depletion 5220 Interest Expense 5230 Employee Benefit Plans 5240 Cost Allocation 5250 Tax Allocation 5260 Estimated Losses 5290 Other Expenses 5400 [Deleted] 5500 Earnings per Share 5600 Leases 5700 Contributions Made 6000 Specialized Industry Problems 201 6130 Finance Companies 6140 Not-For-Profit Entities 6300 Insurance Companies 6400 Health Care Entities 6500 Extractive Industries 6600 Real Estate 6700 Construction Contractors 6910 Investment Companies 6930 Employee Benefit Plans 6931 Financial Statement Reporting and Disclosure — Employee Benefit Plans 6932 ERISA Reporting and Disclosures 6933 Auditing Employee Benefit Plans 6934 Limited-Scope Audits — Employee Benefit Plans 6935 Multiemployer Plans 6936 Auditing Defined Contribution Plans 6937 Auditing Defined Benefit Plans 6938 Auditing Health and Welfare Plans 6939 Auditor’s Reports — Employee Benefit Plans 6940 Franchisors 6950 State and Local Governments 6960 Colleges and Universities 6970 Entertainment Industry 6980 Brokers and Dealers 6985 U.S. Department of Housing and Urban Development (HUD) Programs 6000 Specialized Industry Problems—continued 6990 Common Interest Realty Associations 6995 Credit Unions 7000 Specialized Organizational Problems 427 7100 Definition of a Public Business Entity 7200 Partnerships 7400 Related Parties 7500 Estates and Trusts 7600 Business Combinations—General 7610 Purchase Method 7620 Applicability of Pooling of Interests Method 7630 Application of Pooling of Interests Method 8000 Audit Field Work 465 8100 Generally Accepted Auditing Standards 8200 Internal Control 8220 Sampling 8310 Audit Evidence: Securities 8320 Audit Evidence: Inventories 8330 Audit Evidence: Fixed Assets 8340 Audit Evidence: Confirmation Procedures 8345 Audit Evidence: Destruction of Documents 8350 Audit Evidence: Audit Documentation 8700 Subsequent Events 8800 Audits of Group Financial Statements and Work of Others 8900 Predecessor Auditors 9000 Auditors' Reports 535 9030 Accounting Changes 9060 Uncertainties 9070 Subsequent Events 9080 Audited Financial Statements 9100 Signing and Dating Reports 9110 Special Reports 9120 Reliance on Others 9130 Limited Scope Engagements 9150 Preparation, Compilation and Review Engagements 9160 Other Reporting Issues 9170 Supplementary Information 9180 Required Supplementary Information 9500 Attestation Engagements 609 9510 Attestation Reports 9520 [Deleted] 9530 [Deleted] 9540 Attest Engagement: American Land Title Association Best Practices Framework Q&A Topical Index 633

About the Author :
The American Institute of CPAs (AICPA) is the world's largest member association representing the CPA profession, with more than 429,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the procession.