|Original Pronouncement||Statement on Auditing Standards (SAS) 120.|
|Effective Date||These standards currently are effective.|
|Applicability||Audits of financial statements that are required to be accompanied by certain supplementary information.|
To address practice issues, SAS No. 120, Required Supplementary Information, was one of the clarified standards issued before SAS No. 122. It was issued in February 2010 and is effective for audits of financial statements for periods beginning on or after December 15, 2010.
SAS No. 120 was codified in AU 558 when issued, but was moved to AU-C 730 with the issuance of SAS No. 122. Some conforming changes were made in specific paragraphs and footnotes due to the issuance of SAS No. 122, but no substantive changes were made.
Applicable financial reporting framework. The financial reporting framework that has been adopted by management for the preparation of its financial statements.
Basic financial statements. Financial statements that are presented in accordance with an applicable financial reporting framework established by a designated accounting standard setter.
Designated accounting standard setter. A body designated by the American Institute of Certified Public Accountants (AICPA) council to establish GAAS, which are the Financial Accounting ...