PCAOB Q&A on references to standards
03 Sep 2009
The US Public Company Accounting Oversight Board has published Staff Questions and Answers on References to Authoritative Accounting Guidance in PCAOB standards.
As a result of FASB's new Codification, some PCAOB standards include descriptions of and references to accounting requirements that are no longer current. Also, some PCAOB standards include descriptions of accounting requirements that may not represent the final language as adopted in the Codification. The Q&As alert auditors that the FASB Codification now represents the single source of authoritative US GAAP. Auditors should look to the FASB Codification and the rules of the US Securities and Exchange Commission for authoritative US GAAP guidance for SEC registrants, even though PCAOB standards may contain descriptions of and references to pre-Codification US GAAP.
