The majority of them file audited financial statements with banks and creditors based on historical costs and for the most part current GAAE
By April 2009, FASB is expected to make the codification the single source of authoritative GAAE
overriding all existing literature.
O'Dell: In terms of existing GAAE
we recommended the delay in the implementation of FIN 48 for private companies, which was granted by FASB.
10 says that the disclosures for depreciation, long-term debt, and owners' equity should be "comparable to" those in financial statements prepared in conformity with GAAE
That paragraph then states that the auditor "should also consider" the need for disclosure of matters that are not specifically identified on the Pace of the statements, such as (a) related party transactions, (b) restrictions on assets and owners' equity, (c) subsequent events, and (d) uncertainties.
They want to do something that makes sense intuitively, but we sometimes have to tell them it's not GAAE
On occasion, I have to remind people that I didn't write the opinion"