Technical Questions and Answers: 2020

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Technical Questions and Answers: 2020

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Find the answers to the questions accountants, CPA, and clients are asking the AICPA in Technical Questions and Answers, a compilation of popular Q&As from the AICPA's Technical Hotline. This resource includes non-authoritative literature on the following subjects:
- Financial Statement Presentation
- Assets
- Liabilities and Deferred Credits
- Capital
- Revenue and Expense
- Specialized Industry Problems
- Specialized Organizational Problems
- Audit Fieldwork
- Auditor's Reports
- Attestation Engagements
New Q&As have been added for:
- Revised Section 163(j) limitation and evaluation of the realizability of a Section 163(j) carryforward (sections 3300.01-.02)
- Accounting for costs incurred in connection with the implementation of electronic health record systems (section 6400.53)
- Financial presentation considerations related to transactions involving provider taxation programs and similar arrangements (section 6400.54)
- Auditor assessment of a special-purpose government's only immaterial fiduciary fund (sections 6950.23-.24)
- Reporting guidance upon initial implementation of Statement on Auditing Standards no. 134, as amended (section 8100.04)
- OMB 2019 Compliance Supplement (sections 9110.24-.27)
Q&As under the following topics have also been revised: Statement of cash flows (section 1300), Consolidated financial statements (section 1400), Notes to financial statements (section 1800), Cash (section 2110), Fixed assets (section 2210), Long-term investments (section 2220), Health care entities (section 6400), Investment companies (section 6910), Financial Statement Reporting and Disclosure — Employee Benefit Plans (section 6931), Auditing Employee Benefit Plans (section 6933), Predecessor auditors (section 8900), Special reports (section 9110), Attestation reports (section 9510), and Attest engagement: American Land Title Association best practices framework (section 9540).
1000 Financial Statement Presentation 3

1100 Statement of Financial Position

1200 Income Statement

1300 Statement of Cash Flows

1400 Consolidated Financial Statements

1500 Financial Statements Prepared in Accordance With a Special Purpose Framework

1600 Personal Financial Statements

1700 Prospective Financial Statements

1800 Notes to Financial Statements

1900 Interim Financial Information

2000 Assets 43

2110 Cash

2120 Temporary Investments

2130 Receivables

2140 Inventories

2210 Fixed Assets

2220 Long-Term Investments

2230 Noncurrent Receivables

2240 Cash Surrender Value of Life Insurance

2250 Intangible Assets

2260 Other Assets

3000 Liabilities and Deferred Credits 111

3100 Current Liabilities

3200 Long-Term Debt

3300 Deferred Taxes

3400 Contingent Liabilities

3500 Commitments

3600 Deferred Credits

3700 Pension Obligations

4000 Capital 135

4110 Issuance of Capital Stock

4120 Reacquisition of Capital Stock

4130 Warrants

4150 Stock Dividends and Stock Splits

4160 Contributed Capital

4200 Retained Earnings

4210 Dividends

4230 Capital Transactions

5000 Revenue and Expense 153

5100 Revenue Recognition

5210 Depreciation and Depletion

5220 Interest Expense

5230 Employee Benefit Plans

5240 Cost Allocation

5250 Tax Allocation

5260 Estimated Losses

5290 Other Expenses

5400 [Deleted]

5500 Earnings per Share

5600 Leases

5700 Contributions Made

6000 Specialized Industry Problems 201

6130 Finance Companies

6140 Not-For-Profit Entities

6300 Insurance Companies

6400 Health Care Entities

6500 Extractive Industries

6600 Real Estate

6700 Construction Contractors

6910 Investment Companies

6930 Employee Benefit Plans

6931 Financial Statement Reporting and Disclosure — Employee Benefit Plans

6932 ERISA Reporting and Disclosures

6933 Auditing Employee Benefit Plans

6934 Limited-Scope Audits — Employee Benefit Plans

6935 Multiemployer Plans

6936 Auditing Defined Contribution Plans

6937 Auditing Defined Benefit Plans

6938 Auditing Health and Welfare Plans

6939 Auditor’s Reports — Employee Benefit Plans

6940 Franchisors

6950 State and Local Governments

6960 Colleges and Universities

6970 Entertainment Industry

6980 Brokers and Dealers

6985 U.S. Department of Housing and Urban Development (HUD) Programs

6000 Specialized Industry Problems—continued

6990 Common Interest Realty Associations

6995 Credit Unions

7000 Specialized Organizational Problems 427

7100 Definition of a Public Business Entity

7200 Partnerships

7400 Related Parties

7500 Estates and Trusts

7600 Business Combinations—General

7610 Purchase Method

7620 Applicability of Pooling of Interests Method

7630 Application of Pooling of Interests Method

8000 Audit Field Work 465

8100 Generally Accepted Auditing Standards

8200 Internal Control

8220 Sampling

8310 Audit Evidence: Securities

8320 Audit Evidence: Inventories

8330 Audit Evidence: Fixed Assets

8340 Audit Evidence: Confirmation Procedures

8345 Audit Evidence: Destruction of Documents

8350 Audit Evidence: Audit Documentation

8700 Subsequent Events

8800 Audits of Group Financial Statements and Work of Others

8900 Predecessor Auditors

9000 Auditors' Reports 535

9030 Accounting Changes

9060 Uncertainties

9070 Subsequent Events

9080 Audited Financial Statements

9100 Signing and Dating Reports

9110 Special Reports

9120 Reliance on Others

9130 Limited Scope Engagements

9150 Preparation, Compilation and Review Engagements

9160 Other Reporting Issues

9170 Supplementary Information

9180 Required Supplementary Information

9500 Attestation Engagements 609

9510 Attestation Reports

9520 [Deleted]

9530 [Deleted]

9540 Attest Engagement: American Land Title Association Best Practices Framework

Q&A Topical Index 633
The American Institute of CPAs (AICPA) is the world's largest member association representing the CPA profession, with more than 429,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the procession.