Wiley Practitioner's Guide to GAAS 2015: Covering all SASs, SSAEs, SSARSs, PCAOB Auditing Standards, and Interpretations

AU-C 730 Required Supplementary Information

AU-C ORIGINIAL PRONOUNCEMENT

Original Pronouncement

Statement on Auditing Standards (SASs) 120, 122.

AU-C DEFINITIONS OF TERMS

Source: AU-C 730.04

Applicable financial reporting framework. The financial reporting framework adopted by management and, when appropriate, those charged with governance in the preparation and fair presentation of the financial statements that is acceptable in view of the nature of the entity and the objective of the financial statements, or that is required by law or regulation.

Basic financial statements. Financial statements presented in accordance with an applicable financial reporting framework as established by a designated accounting standards setter, excluding required supplementary information.

Designated accounting standards setter. A body designated by the Council of the AICPA to promulgate generally accepted accounting principles (GAAP) pursuant to Rule 202, Compliance with Standards (ET sec. 202 par. .01), and Rule 203, Accounting Principles (ET sec. 203 par. .01) of the AICPA Code of Professional Conduct.

Prescribed guidelines. The authoritative guidelines established by the designated accounting standards setter for the methods of measurement and presentation of the required supplementary information.

Required supplementary information. Information that a designated accounting standards setter requires to accompany an entity's basic financial statements. Required supplementary information ...