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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 625: Reports on the Application of Accounting Principles

AU-C 915: Reports on Application of Requirements of an Applicable Financial Reporting Framework

AU EFFECTIVE DATE AND APPLICABILITY

Original Pronouncement Statements on Auditing Standards (SASs) 50 and 97.
Effective Date These statements currently are effective.
Applicability Reports providing advice on the application of accounting principles to specific transactions or providing advice on the type of opinion that may by rendered made as a part of a proposal or otherwise by an accountant other than the entity’s continuing accountant. (See the following sections.)

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 915 does not change extant requirements in any significant respect.

The term “financial reporting framework” replaces the term “generally accepted accounting principles,” and “requirements of an applicable financial reporting framework” replaces “application of accounting principles.”

APPLICABILITY

Section 625 applies to providing written advice

1. On the application of accounting principles to specified transactions (completed or proposed) involving facts and circumstances of a specific entity
2. On the type of opinion that may be rendered on a specific entity’s financial statements

The section applies to these situations whether the advice ...

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