Accounting Standards

On July 1, 2009 the Financial Accounting Standards Board (FASB) changed the organization of the U.S. accounting standards with the launch of the Codification. The biggest change is how things are organized by topic (i.e. assets, liabilities etc.). The Codification supersedes all previously issued standards, interpretations and EITF issues and became the single source of nongovernmental accounting standards for interim and annual reporting periods ending after 9/15/2009.

Accounting Standard Update (ASU) 2009-05, Fair Value Measurements (amendment to Topic 820): provides amendments for the fair value measurement of liabilities and necessary disclosures. This standard update is effective for the first reporting period beginning after August 2009.

ASU 2009-06, Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities (amendment to Topic 740): provides guidance for nonpublic entities accounting for uncertainty in tax positions and what required disclosures are needed. This standard update is effective for financial statements issued for interim and annual periods ending after September 15, 2009.

 

Statement on Auditing Standards (SAS) No. 115, Communicating Internal Control Related Matters identified in an Audit (Supersedes SAS 112): This standard establishes standards and provides guidance on communicating matters related to an entity’s internal control over financial reporting identified in an audit of financial statements. It is applicable whenever an auditor expresses or disclaims an opinion on financial statements.

 

If you have any questions as to whether any of these new standards or any existing standards apply to you business please contact either your Kiesling representative or nearest office.