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Wiley Practitioner's Guide to GAAS 2018, 2nd Edition
book

Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

by Joanne M. Flood
April 2018
Beginner to intermediate content levelBeginner to intermediate
880 pages
28h 54m
English
Wiley
Content preview from Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

AU-C 570 The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern

AU-C Original Pronouncement

Source Statement on Auditing Standards (SAS) 132.

Technical Alert

In February 2017, the Auditing Standards Board (ASB) issued SAS No. 132, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern. SAS No. 132 supersedes SAS No. 126 and is effective for:

  • Audits of financial statements for periods ending on or after Decembr 15, 2017 and
  • Reviews of interim financial information for interim periods beginning after fiscal years ending on or after December 15, 2017.

SAS No 132 is designed to converge the requirements of ASU 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainty about an Entity's Ability to Continue as a Going Concern, and GASB Statement No. 56, Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards (GASB Statement No. 56).

SAS No. 132 changes are incorporated in this chapter.

AU-C Definition of Term

Source: AU-C 570.11

  1. Reasonable period of time. The period of time required by the applicable financial reporting framework or, if no such requirement exists, within one year after the date that the financial statements are issued (or within one year after the date the financial statements are available to be issued, when applicable).

    Following are the requirements from several standards:

    • FASB—within one ...
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Publisher Resources

ISBN: 9781119396482Purchase book