She said that the process than goes back through the identical route with the final proposal submitted to AcSEC
and the FASB before it is adopted by AICPA.
On the supply side, the current standards and rules emanate not only from the FASB, but also from the EITF, AcSEC
, and the SEC staff.
In light of this concern, AcSEC
issued SOP 98-4 entitled, Deferral of the Effective Date of a Provision of SOP 97-2, "Software Revenue Recognition," to allow it to reconsider the issue more carefully.
* Contributing to the problem: over 200 pronouncements issued by FASB, AcSEC
, AICPA, APB, SEC and EITF.
Current AICPA Accounting Standards Executive Committee (AcSEC
) guidance on applying GAAP in recognizing revenue on software transactions.
He was involved in the standards-setting process as a member of the AICPA's Accounting Standards Executive Committee (AcSEC
), the Emerging Issues Task Force, the Financial Accounting Standards Advisory Council, IMA's Financial Reporting Committee, and numerous FASB task forces.
In December 1994, the Accounting Standards Executive Committee (AcSEC
) issued Statement of Position (SOP) 94-6, Disclosure of Significant Risks and Uncertainties, that requires disclosures about the nature of operations, the use of estimates in the preparation of financial statements, certain significant estimates and current vulnerability due to concentrations.
Among those expressing support was the Accounting Standards Executive Committee (AcSEC
) of the AICPA, which endorsed the proposal to base a single revenue recognition principle on changes in an entity's contract asset or contract liability.
The AICPA's Accounting Standards Executive Committee (AcSEC
) is the senior technical committee of the AICPA authorized to speak on accounting matters.
* CARL KAMPEL (Baltimore Chapter) was named Vice Chairman of the American Institute of Certified Public Accountants' (AICPA) Accounting Standards Executive Committee (AcSEC
also is issuing Statement of Position 03-4, Reporting Financial Highlights and Schedule of Investments by Nonregistered Investment Partnerships: An Amendment to the Audit and Accounting Guide Audits Of Investment Companies and AICPA Statement of Position 95-2, Financial Reporting By Nonpublic Investment Partnerships (No.
It is likely that with all the other professional issues facing the AcSEC
that the SOP will not be finalized before the end of the year.