Comments on: FASB Reiterates FIN 48 for Private Entities This Year, Makes Minor Changes http://ascpa.wordpress.com/2009/07/09/fasb-reiterates-fin-48-for-private-entities-this-year-makes-minor-changes/ Fri, 18 Dec 2009 12:28:48 +0000 http://wordpress.com/ hourly 1 By: Ed Zollars http://ascpa.wordpress.com/2009/07/09/fasb-reiterates-fin-48-for-private-entities-this-year-makes-minor-changes/#comment-460 Ed Zollars Wed, 15 Jul 2009 13:50:45 +0000 http://ascpa.wordpress.com/2009/07/09/fasb-reiterates-fin-48-for-private-entities-this-year-makes-minor-changes/#comment-460 The changes FASB has made for private companies are all in the disclosure realm, so there would be no impact on no disclosure compilations. However, remember that FIN 48 impacts the measurement of taxes, so if you simply ignored FIN48 entirely, that would be a measurement departure and require comment in the report even in compilations with all disclosures omitted. The changes FASB has made for private companies are all in the disclosure realm, so there would be no impact on no disclosure compilations. However, remember that FIN 48 impacts the measurement of taxes, so if you simply ignored FIN48 entirely, that would be a measurement departure and require comment in the report even in compilations with all disclosures omitted.

]]> By: Randy Elder http://ascpa.wordpress.com/2009/07/09/fasb-reiterates-fin-48-for-private-entities-this-year-makes-minor-changes/#comment-456 Randy Elder Tue, 14 Jul 2009 16:02:11 +0000 http://ascpa.wordpress.com/2009/07/09/fasb-reiterates-fin-48-for-private-entities-this-year-makes-minor-changes/#comment-456 Ed, All of my financial statements omit all disclosures. Can you give me an example of what is required on the report of a compilation where all disclosures are omitted? If none of the items above apply to a financial statements, what would the additional paragraph be for Fin 48? From a peer reviewer standpoint, what comments will be made if no additional paragraph or Fin 48 sentence is included in the report? Randy Ed, All of my financial statements omit all disclosures. Can you give me an example of what is required on the report of a compilation where all disclosures are omitted?
If none of the items above apply to a financial statements, what would the additional paragraph be for Fin 48?
From a peer reviewer standpoint, what comments will be made if no additional paragraph or Fin 48 sentence is included in the report?
Randy

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