Overview

This practice aid is intended to provide accounting and auditing professionals with guidelines and best practices to promote consistency and for resolving the difficult questions of special purpose framework application, specifically for the financial statements of state and local governments. Although this practice aid is the best source for such guidance, it is nonauthoritative and should not be used as a substitute for the preparer's professional judgment. This publication is not intended for use by governments that are required by law, regulation, contract, or policy to prepare financial statements in accordance with GAAP. Key Benefits Include: Clarified and additional guidance and practice points related to the treatment of defined benefit pension plan and OPEB benefit costs Additional practice points on accounting and reporting issues related to the timing of payroll payments and the impact of the use of special purpose frameworks on single audit low risk auditee status Refinements to illustrative auditor reports and an added illustrative auditor report dealing with financial statements presented using both GAAP and special purpose frameworks Who Will Benefit: Auditors for state and local governments Financial statement preparers for state and local governments

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9781943546350

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Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting profession nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession's technical and ethical standards. The AICPA's founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.

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