Special Report on
Accounting Changes and Error Corrections
Accounting Changes and Error Corrections - Trends
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In May 2005, the FASB adopted Statement of Financial Accounting Standards (SFAS) No. 154, Accounting Changes and Error Corrections, a replacement of APB Opinion No. 20, Accounting Changes and SFAS 3, Reporting Accounting Changes in Interim Financial Statements. Effective January 1, 2005, the IASB revised IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. This update describes these changes and compares US and IAS GAAP treatment of accounting changes and error corrections. 1 Accounting Changes Both SFAS 154 and IAS 8 mandate use of the retrospective method (application of the new method to all previously ...
Calculating estimates of the collectibility of accounts receivable and auditing those estimates is difficult. This article describes three techniques for assessing allowance for doubtful accounts estimates and complying with Statement on Auditing Standards (SAS) no. 57 and AU section 342, Auditing Accounting Estimates , which suggest auditors compare prior accounting estimates with subsequent results to evaluate the reliability of the process used to develop estimates. Accountants have typically relied on accounts receivable aging as the primary tool for evaluating collectibility. ... Read More
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