This short blog will address a new Technical Q&A that the AICPA issued regarding the proper reporting for comparative financial statements in the year of adoption of SAS 134. The effective date and the fact that you can’t early adopt created questions as to what the proper format would be in the year of adoption. The TQA offers two methods of presentation for auditors to choose between.

You can read the two-page “Q&A Section 8100: Generally Accepted Auditing Standards” document here:

https://www.aicpa.org/content/dam/aicpa/interestareas/frc/downloadabledocuments/tqa-sections/tqa-section-8100-04.pdf

What questions do you have? Send your questions to melisa@galassolearningsolutions.com.

Upcoming Broadcast Note: Join Melisa Galasso at 9 p.m. on Tuesday, Dec. 10, for a one-hour credit A&A Rebroadcast Course on “The New AICPA Auditor’s Report,” a must-see for auditors. During SCACPA’s broadcast, Melisa will monitor a live Q&A chatroom.

SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.

Melisa was a speaker on audit topics at SCACPA’s 2019 Spring Splash. Look for her to return this November for Fall Fest as well as many seminars and rebroadcasts.

You can read SCACPA’s Q&A with Melisa conducted during some break time at Spring Splash here.