Wiley Practitioner's Guide to GAAS 2013: Covering all SASs, SSAEs, SSARSs, and Interpretations

AU 558: Required Supplementary Information

AU-C 730: Required Supplementary Information

AU EFFECTIVE DATE AND APPLICABILITY

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.

AU-C EFFECTIVE DATE AND SUMMARY OF CHANGES

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.

AU DEFINITIONS OF TERMS

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 ...