other Flashcards
Supplemental Information
Information presented with the financial statements that is not part of the basic financial statements, whether required to be presented or not. There are 3 categories of supplemental information (SI):
Other Information (OI)—unaudited SI voluntarily provided (eg, financial summaries or highlights, financial ratios, etc.)
Supplemental Information (SI)—audited SI, voluntary or required (eg, additional details on items in or related to basic F/S, consolidating info, historical summaries, statistical data.)
Required Supplemental Information (RSI)—unaudited SI required (eg, certain disclosures required by FASB, GASB, or FASAB outside the basic F/S.)
Supplemental Information
Information presented with the financial statements that is not part of the basic financial statements, whether required to be presented or not. There are 3 categories of supplemental information (SI):
Other Information (OI)—unaudited SI voluntarily provided (eg, financial summaries or highlights, financial ratios, etc.)
Supplemental Information (SI)—audited SI, voluntary or required (eg, additional details on items in or related to basic F/S, consolidating info, historical summaries, statistical data.)
Required Supplemental Information (RSI)—unaudited SI required (eg, certain disclosures required by FASB, GASB, or FASAB outside the basic F/S.)
Other Comprehensive Basis of Accounting (OCBOA)
A financial reporting framework, other than GAAP or International Financial Reporting Standards (IFRS), that consists of a comprehensive set of criteria with substantial support for the presentation of financial information, such as the cash basis or tax basis. Also referred to as a special purpose financial reporting framework.
Other Comprehensive Basis of Accounting (OCBOA)
A financial reporting framework, other than GAAP or International Financial Reporting Standards (IFRS), that consists of a comprehensive set of criteria with substantial support for the presentation of financial information, such as the cash basis or tax basis. Also referred to as a special purpose financial reporting framework.
Attestation Engagements
Engagements performed in accordance with SSAE (ie, Examinations*, Reviews, and Agreed-Upon Procedures—ERA). They may relate to the reliability of an assertion of another party or specific subject matter, including prospective financial statements, pro forma financial information, compliance, management’s discussion and analysis, or controls at a service organization.
*There are two types of examinations: assertion-based examinations and direct examinations.
Agreed-upon Procedures Engagement
An attestation engagement in which the end result is a report of the accountant’s findings (i.e., no opinion or conclusion) regarding agreed-upon procedures applied to subject matter for the use of specified parties. The procedures will depend on the agreement made among the parties to the engagement.
Prospective Financial Statements
Financial statements for a future period that incorporate various assumptions and which may be in the form of forecasts or projections.
Forecast
A set of financial statements for one or more future periods that reflect management’s assumptions as to their expectations for future results.
Projection
A set of financial statements for one or more future periods that reflect management’s assumptions as to the results they expect would be achieved if one or more hypothetical assumptions as to future events or circumstances are valid, such as the expected results if a new location is opened.
Pro Forma Financial Statements
Financial statements derived from historical financial statements that reflect what management believes that information would have been if certain events or circumstances had or had not occurred.
Pro Forma Financial Statements
Financial statements derived from historical financial statements that reflect what management believes that information would have been if certain events or circumstances had or had not occurred.
Management Discussion & Analysis (MD&A)
Disclosures required by the SEC to accompany the financial statements of public entities that a CPA may be engaged to review or examine.
Generally Accepted Government Auditing Standards (GAGAS)
Guidelines for the audits of governmental entities or entities receiving governmental financial assistance, also referred to as “yellow book” standards.
Title 2 of the Code of Federal Regulations (CFR)
Additional guidelines that are required to be incorporated into an audit of an entity receiving major federal financial assistance.
