First-time reporting on financial statements for private enterprises

Have you been engaged to report on the first set of financial statements for a private enterprise? Learn what you need to know on how to report when accounting standards are adopted for the first time.

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If you are the auditor of a private organization that prepares financial statements according to accounting standards for private enterprises (ASPE) for the first time, you need to understand the implications on the audit and auditor’s report.

First-Time Reporting on Financial Statements: Adopting Accounting Standards for Private Enterprises discusses what you need to know for the first-time transition, including helpful examples of independent auditor’s reports.

Topics include:

  • What are the major areas that need to be addressed in the transition?
  • How should the changeover date be handled?
  • What are the implications for the auditor?
  • Which of two audit approaches should you use?