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Fraud Risk AssessmentCurrent Developments and Other Matters – Appendix B This Statement provides financial reporting guidance for deferred outflows of resources and deferred inflows of resources. Concepts Statement No. 4, Elements of Financial Statements, introduced and defined those elements as a consumption of net assets by the government that is applicable to a future reporting period, and an acquisition of net assets by the government that is applicable to a future reporting period, respectively. Previous financial reporting standards do not include guidance for reporting those financial statement elements, which are distinct from assets and liabilities. Concepts Statement 4 also identifies net position as the residual of all other elements presented in a statement of financial position. This Statement amends the net asset reporting requirements in Statement No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, and other pronouncements by incorporating deferred outflows of resources and deferred inflows of resources into the definitions of the required components of the residual measure and by renaming that measure as net position, rather than net assets. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2011. Earlier application is encouraged. How the Changes in This Statement Will Improve Financial Reporting The requirements of this Statement will improve financial reporting by standardizing the presentation of deferred outflows of resources and deferred inflows of resources and their effects on a government’s net position. It alleviates uncertainty about reporting those financial statement elements by providing guidance where none previously existed. 5. GASB Comprehensive Implementation Guide (CIG) – 2012-2013 is available within Checkpoint. 6. AICPA SAS 121, Revised Applicability of SAS 100, Interim Financial Information 7. AICPA SAS 122, Clarification and Recodification This statement contains the Preface to Codification of Statements on Auditing Standards, Principles Underlying an Audit Conducted in Accordance With Generally Accepted Auditing Standards, and 39 clarified SASs. This statement recodifies and supersedes all outstanding SASs through No. 121 except • SAS 51, Reporting on Financial Statements Prepared for Use in Other Countries; • SAS 59, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern, as amended; • SAS 65, The Auditor’s Consideration of the Internal Audit Function in an Audit of Financial Statements; • SAS 87, Restricting the Use of an Auditor’s Report; • the following clarified SASs that were issued to address practice issues timely and are already effective: ‣ SAS 117, Compliance Audits (issued December 2009); ‣ SAS 118, Other Information in Documents Containing Audited Financial Statements (issued February 2010); ‣ SAS 119, Supplementary Information in Relation to the Financial Statements as a Whole (issued February 2010); and APP.B-7
Fraud Risk AssessmentCurrent Developments and Other Matters – Appendix B ‣ SAS 120, Required Supplementary Information (issued February 2010). This statement also withdraws SAS 26, Association With Financial Statements, as amended. This statement contains “AU-C” section numbers instead of “AU” section numbers. “AU-C” is a temporary identifier to avoid confusion with references to existing “AU” sections, which remain effective through 2013, in AICPA Professional Standards. The “AU-C” identifier will revert to “AU” in 2014, by which time this statement becomes fully effective for all engagements. This statement recodifies the AU section numbers as designated by SAS 1–121. AU-C section numbers for clarified SASs based on equivalent ISAs are the same as the equivalent ISA numbers. AU-C section numbers for clarified SASs with no equivalent ISAs have been assigned new numbers. The ASB believes that this recodification structure will aid firms and practitioners that use both ISAs and generally accepted auditing standards. The exhibit, “List of AU-C Sections Designated by Statement on Auditing Standards 122, Statements on Auditing Standards: Clarification and Recodification, Cross Referenced to List of AU Sections in AICPA Professional Standards,” to this statement contains a complete two-part cross-reference listing of AU-C and AU section numbers as designated by this statement. This statement is effective for audits of financial statements for periods ending on or after December 15, 2012. Refer to individual AU-C sections for specific effective date language. This statement is a stand-alone SAS and is not a codification of all clarified SASs. This statement has been codified in AICPA Professional Standards, which contains a complete codification of the Statements on Auditing Standards. Practitioners are advised to use the codified version of this SAS as they prepare to evaluate and update their audit methodologies, and prepare for changes precipitated by the clarity project. 8. AICPA SAS 123, Omnibus Statement on Auditing Standards – 2011 This statement contains amendments to SASs 117–118 and SAS 122, AU-C sections ‣ 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards ‣ 230, Audit Documentation ‣ 260, The Auditor’s Communication With Those Charged With Governance ‣ 705, Modifications to the Opinion in the Independent Auditor’s Report ‣ 915, Reports on Application of Requirements of an Applicable Financial Reporting Framework These amendments conform SASs 117–118 to SAS 122 and address other changes necessitated by the Clarity Project. These amendments, which have been issued in this statement to aid transparency in following the disposition of the amendments proposed in the exposure draft of this SAS, have been codified in AICPA Professional Standards, which contains a complete codification of the SASs. Practitioners are advised to use the codified version of this SAS as they prepare to evaluate and update their audit methodologies, and prepare for changes precipitated by the clarity project. APP.B-8
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