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Wiley Practitioner's Guide to GAAS 2013: Covering all SASs, SSAEs, SSARSs, and Interpretations by Joanne M. Flood

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AU 328: Auditing Fair Value Measurements and Disclosures

AU-C 540: Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures

AU EFFECTIVE DATE AND APPLICABILITY

Original Pronouncement Statement on Accounting Standards (SAS) 101.
Effective Date This standard currently is effective.
Applicability Audits of financial statements in accordance with generally accepted auditing standards (GAAS).
NOTE: The section does not address specific types of assets, liabilities, components of equity, transactions, or industry-specific practices. Such guidance can be found in other SASs, such as Section 332, “Auditing Derivative Instruments, Hedging Activities, and Investments in Securities.”

AU-C EFFECTIVE DATE AND SUMMARY OF CHANGES

SAS No. 122, Codification of Auditing Standards and Procedures, is effective for audits of financial statements with periods ending on or after December 15, 2012.

AU-C 540 does not change extant requirements in any significant respect. AU-C 540 supersedes AU-C 328, Auditing Fair Value Measurements and Disclosures, and AU 342, Auditing Accounting Estimates.

AU DEFINITIONS OF TERMS

Fair value. According to the Financial Accounting Standards Board (FASB) Statement of Financial Accounting Concepts 7, Using Cash Flow Information and Present Value in Accounting Measurements, the fair value of an asset or liability is the amount at which that asset (liability) could be bought (incurred) or sold (settled) in a current ...

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