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  ARE YOU READY FOR THE NEW FASB CODIFICATION? This presentation has not been approved, disapproved, or otherwise acted up...
Today’s Objectives <ul><li>Today’s session is designed to help you better understand  </li></ul><ul><ul><li>the purpose, m...
What is the Codification?
What is the Codification? <ul><li>The source of authoritative US GAAP recognized by FASB to be applied by all nongovernmen...
What is the Codification? (cont.) <ul><li>It is NOT intended to change U.S. GAAP. </li></ul><ul><li>It supersedes existing...
Why Codify U.S. GAAP?  <ul><li>Constituent concern was that U.S. GAAP was overly confusing and difficult to research. </li...
Goals of the Codification <ul><li>Simplify user access to all authoritative U.S. GAAP </li></ul><ul><li>Reduce the amount ...
Goals of the Codification (cont.) <ul><li>Assist FASB with the research and international convergence efforts required dur...
How to Access the Codification <ul><li>It is available online, after a quick registration, at http://asc.fasb.org and as a...
The Codification Timeline and What it Means for You
Release of the Codification as Authoritative <ul><li>June 3, 2009, FASB voted to approve the Codification as the source of...
Referencing the Codification in Financial Statements <ul><li>An entity should reflect the Codification in its financial st...
Referencing the Codification in Financial Statements <ul><li>What this means for non public entities: </li></ul><ul><ul><l...
Referencing the Codification in Financial Statements <ul><li>What this means for public entities: </li></ul><ul><ul><li>Fo...
Referencing the Codification in Financial Statements <ul><li>While an entities’ financial statements may not include Codif...
Referencing the Codification in Financial Statements <ul><li>It is prudent to expect that audit, attest, or compilation an...
Codification Content
Codification Content <ul><li>Includes  authoritative guidance (for example, standards sections, implementation guidance, a...
Codification Content (cont.) <ul><li>Content Approach and Features </li></ul><ul><ul><li>The Codification uses a current t...
Codification Content (cont.) <ul><li>The following literature is included in the Codification: </li></ul><ul><ul><li>FASB ...
SEC Content in the Codification <ul><li>SEC content is the domain of the SEC.  </li></ul><ul><li>SEC content is included i...
Excluded Content <ul><li>The Codification does not include the following: </li></ul><ul><ul><li>Guidance for non-GAAP matt...
Excluded Content (cont.) <ul><ul><li>Nonessential material such as redundant summaries of existing standards, historical c...
Excluded Content (cont.) <ul><ul><li>As of the date FASB Statement No. 168 was issued, the Codification did not include th...
Codification Structure
How is the  Codification Structured? <ul><li>Areas </li></ul><ul><ul><li>Topics </li></ul></ul><ul><ul><ul><li>  Subtopics...
How is the  Codification Structured? (cont.) <ul><li>Example of referencing </li></ul><ul><ul><li>FASB  Accounting Standar...
How is the  Codification Structured? (cont.) <ul><li>Areas—groupings of topics  </li></ul><ul><ul><li>General Principles <...
How is the  Codification Structured? (cont.) <ul><li>Topics </li></ul><ul><ul><li>Broadest categorization of related conte...
How is the  Codification Structured? (cont.) <ul><li>Sections </li></ul><ul><ul><li>Represent the nature of the content in...
How is the  Codification Structured? (cont.) <ul><li>Standard Sections </li></ul><ul><ul><ul><li>00-Status </li></ul></ul>...
How is the  Codification Structured? (cont.) <ul><li>Standard Sections </li></ul><ul><ul><ul><li>25-Recognition </li></ul>...
How is the   Codification Structured? (cont.) <ul><li>Standard Sections (continued) </li></ul><ul><ul><ul><li>55-Implement...
How is the   Codification Structured? (cont.) <ul><li>Subsections </li></ul><ul><ul><li>Allow further segregation and navi...
Topic Subtopics Sections Subsections Leases Scope Disclosure Scope Scope Disclosure Disclosure Capital Leases Operating Le...
A Look at the Codification
 
A Look at the Cross Reference Tool
A Look at the Cross Reference Tool (cont.) <ul><li>Cross Reference Search by Standard Type </li></ul><ul><ul><li>AAG AICPA...
A Look at the Cross Reference Tool (cont.) <ul><li>Cross Reference Search by Standard Type (continued) </li></ul><ul><ul><...
 
 
 
Ongoing  Standard Setting Process
Exposure Drafts <ul><li>Exposure drafts are located on the FASB web site </li></ul><ul><li>The standard FASB due process f...
Ongoing Standard Setting Process <ul><li>New standards will consist of the standard and an appendix of Accounting Standard...
Ongoing Standard Setting Process (cont.) <ul><li>Upon release, the actual standard will not be authoritative; the Accounti...
Transitional Matters
Feedback <ul><li>The Codification has a submit feedback feature throughout where constituents can give FASB comments on th...
Resources <ul><ul><li>Web sites </li></ul></ul><ul><ul><ul><li>Codification site is available at FASB’s site  www.fasb.org...
AICPA Codification Resource <ul><ul><li>AICPA Resource Accounting Guidance Library </li></ul></ul><ul><ul><ul><li>In AICPA...
Summary and Questions
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AICPA FASB Accounting Standards Presentation

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The U.S. GAAP Financial Accounting Standards Board (FASB) Codification™ is fully effective for all entities. The Codification is effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Codification has created an entirely new topically organized system for all accountants to learn.

Learn more about Codification at:
http://ugaap.com/blog/?p=234#comments

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Transcript of "AICPA FASB Accounting Standards Presentation"

  1. 1. ARE YOU READY FOR THE NEW FASB CODIFICATION? This presentation has not been approved, disapproved, or otherwise acted upon by any senior technical committees of the AICPA, nor does it represent the views or an official position of the AICPA. This presentation is not intended as legal, accounting, or other professional advice and should not be relied upon as such. © 2009 The American Institute of Certified Public Accountants
  2. 2. Today’s Objectives <ul><li>Today’s session is designed to help you better understand </li></ul><ul><ul><li>the purpose, meaning, and structure of the Codification </li></ul></ul><ul><ul><li>how to implement FASB Accounting Standards Codification TM (ASC); and </li></ul></ul><ul><ul><li>available resources to aid in the transition. </li></ul></ul>
  3. 3. What is the Codification?
  4. 4. What is the Codification? <ul><li>The source of authoritative US GAAP recognized by FASB to be applied by all nongovernmental entities </li></ul><ul><li>An effort to reduce the complexity of accounting standards and to facilitate international convergence. </li></ul><ul><ul><li>The effort resulted in a major restructuring of accounting and reporting standards. </li></ul></ul><ul><li>Level A – D U.S. GAAP (previously issued by a standard setter) was codified into a topically organized format (approximately 90 topics). </li></ul>
  5. 5. What is the Codification? (cont.) <ul><li>It is NOT intended to change U.S. GAAP. </li></ul><ul><li>It supersedes existing sources of U.S. GAAP, and any prior sources of U.S. GAAP not included in the Codification or grandfathered are not authoritative. </li></ul><ul><li>It is the authoritative source for U.S. GAAP in addition to guidance issued by the SEC. </li></ul><ul><li>It eliminates the four prior levels of the U.S. GAAP hierarchy (for nongovernmental entities) and instead integrates U.S. GAAP in which all guidance carries an equal level of authority. </li></ul>
  6. 6. Why Codify U.S. GAAP? <ul><li>Constituent concern was that U.S. GAAP was overly confusing and difficult to research. </li></ul><ul><li>Multiple types of standards, multiple standard setters, multiple indexing schemes, and different levels of authority made it difficult to ensure completeness of all relevant guidance and accuracy of its application to an accounting issue. </li></ul>
  7. 7. Goals of the Codification <ul><li>Simplify user access to all authoritative U.S. GAAP </li></ul><ul><li>Reduce the amount of time and effort required to solve an accounting research issue </li></ul><ul><li>Mitigate the risk of noncompliance with standards through improved usability of the literature </li></ul><ul><li>Provide accurate information with real-time updates as new standards are released </li></ul>
  8. 8. Goals of the Codification (cont.) <ul><li>Assist FASB with the research and international convergence efforts required during the standard-setting process </li></ul><ul><li>Become the authoritative source of literature for the completed eXtensible business reporting language (XBRL) taxonomy </li></ul><ul><li>Clarify that guidance not contained in the Codification is not authoritative </li></ul>See the FASB’s Codification Notice to Constituents for a full discussion on the goals of the Codification.
  9. 9. How to Access the Codification <ul><li>It is available online, after a quick registration, at http://asc.fasb.org and as a link from fasb.org. </li></ul><ul><li>There is </li></ul><ul><ul><li>free access to a basic view of the Codification. </li></ul></ul><ul><ul><li>fee based subscription to the professional view which has enhanced functionality (search and retrieval functions, printer-friendly with sources utility, cross reference features, personal annotations, and dynamic linking capabilities). </li></ul></ul><ul><li>FASB plans to issue the Codification in print. </li></ul>
  10. 10. The Codification Timeline and What it Means for You
  11. 11. Release of the Codification as Authoritative <ul><li>June 3, 2009, FASB voted to approve the Codification as the source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the SEC. </li></ul><ul><li>June 30, 2009, FASB issued FASB Statement No. 168 which flattens the GAAP hierarchy into the two new levels of: authoritative (in the Codification) and nonauthoritative (not in the Codification) </li></ul><ul><li>Financial statement preparers, auditors, and academics alike must use the Codification. </li></ul>
  12. 12. Referencing the Codification in Financial Statements <ul><li>An entity should reflect the Codification in its financial statements issued for interim and annual periods ending after September 15, 2009. </li></ul><ul><li>Prior to the issuance of the Codification it was not unusual for footnotes to refer to specific standard numbers (for example, “as required by FASB Statement No. 133). These references are no longer the authoritative source of GAAP, and such references will change. </li></ul><ul><li>FASB encourages the use of plain English to describe references in the future (for example, “as required by the Derivatives and Hedging Topic of the FASB Accounting Standards Codification.“) </li></ul>
  13. 13. Referencing the Codification in Financial Statements <ul><li>What this means for non public entities: </li></ul><ul><ul><li>For non public entities without interim filings, preparers choosing to reference specific accounting guidance in financial statements would make those references to the Codification for the first annual period ending after September 15, 2009. </li></ul></ul><ul><ul><ul><li>For example, a non public entity with a 7/31/09 year end would not reference the Codification in its financial statements. </li></ul></ul></ul><ul><ul><ul><li>A non public entity with a 12/31/09 year end would reference the Codification in its financial statements. </li></ul></ul></ul>
  14. 14. Referencing the Codification in Financial Statements <ul><li>What this means for public entities: </li></ul><ul><ul><li>For public entities, preparers choosing to reference specific accounting guidance in financial statements would make those references to the Codification for the first financial statements issued for interim or annual periods ending after September 15, 2009. </li></ul></ul><ul><ul><ul><li>For example, a public entity filing financial statements for the quarter ended 6/30/09 would not reference the Codification in its financial statements. </li></ul></ul></ul><ul><ul><ul><li>A public entity filing financial statements for the quarter ended 9/30/09 would reference the Codification in its financial statements. </li></ul></ul></ul>
  15. 15. Referencing the Codification in Financial Statements <ul><li>While an entities’ financial statements may not include Codification references until after September 15, 2009, begin using the Codification now. </li></ul><ul><li>Also, since the Codification is not intended to change GAAP, the consistent use of references only to the Codification for all periods presented (including periods before the authoritative release of the Codification) would be reasonable. </li></ul>
  16. 16. Referencing the Codification in Financial Statements <ul><li>It is prudent to expect that audit, attest, or compilation and review work papers associated with financial statements for a period ending after September 15, 2009 would also reflect the Codification since the underlying financial statements, the subjects of those engagements, reference the Codification. </li></ul><ul><li>If an entity continues to follow grandfathered guidance not included in the Codification, you would still reference those standards (and not FASB ASC). An explanation and a partial listing of grandfathered guidance is included in FASB Statement No. 168. </li></ul>
  17. 17. Codification Content
  18. 18. Codification Content <ul><li>Includes authoritative guidance (for example, standards sections, implementation guidance, and so on) </li></ul><ul><li>Excludes content deemed redundant or nonauthoritative (for example, much of basis for conclusions) </li></ul>
  19. 19. Codification Content (cont.) <ul><li>Content Approach and Features </li></ul><ul><ul><li>The Codification uses a current text approach; it does not identify documents that solely amend other standards. </li></ul></ul><ul><ul><li>The Codification provides references to the standards used in the Codification through the cross-reference tool (available in the basic and professional view). </li></ul></ul><ul><li>The Codification includes all level A – D U.S. GAAP issued by a standard setter, in addition to AICPA TIS 5100, “Revenue Recognition” (paragraphs 38-76). </li></ul>
  20. 20. Codification Content (cont.) <ul><li>The following literature is included in the Codification: </li></ul><ul><ul><li>FASB Statements, Interpretations, Technical Bulletins, Staff Positions, Staff Implementation Guides, and Statement No. 138 Examples </li></ul></ul><ul><ul><li>EITF Abstracts and Topic D </li></ul></ul><ul><ul><li>Derivative Implementation Group Issues </li></ul></ul><ul><ul><li>Accounting Principles Board Opinions </li></ul></ul><ul><ul><li>Accounting Research Bulletins </li></ul></ul><ul><ul><li>FASB Accounting Interpretations </li></ul></ul><ul><ul><li>AICPA Accounting Statements of Position, Practice Bulletins, incremental accounting guidance from Audit and Accounting Guides, and Technical Inquiry Service questions and answers (for Software Revenue Recognition only) </li></ul></ul><ul><ul><li>Select SEC guidance </li></ul></ul>
  21. 21. SEC Content in the Codification <ul><li>SEC content is the domain of the SEC. </li></ul><ul><li>SEC content is included in Codification topics but in separate SEC sections. </li></ul><ul><ul><li>SEC guidance is required only for SEC registrants. </li></ul></ul><ul><ul><li>An “S” precedes any SEC guidance in the Codification. </li></ul></ul><ul><li>SEC material sections include the full text of the relevant guidance. </li></ul><ul><li>SEC sections do not contain the entire population of SEC rules, regulations, interpretive releases, and staff guidance. </li></ul>
  22. 22. Excluded Content <ul><li>The Codification does not include the following: </li></ul><ul><ul><li>Guidance for non-GAAP matters such as OCBOA (including cash basis, income tax basis, or regulatory accounting principles). </li></ul></ul><ul><ul><li>Governmental accounting standards. </li></ul></ul><ul><ul><li>Standards that were outdated or superseded on December 31, 2008 (for example, FAS 141 is not included because FAS 141R is effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008). </li></ul></ul>
  23. 23. Excluded Content (cont.) <ul><ul><li>Nonessential material such as redundant summaries of existing standards, historical content, discussions of previous practice, summaries of constituent feedback, and similar content. </li></ul></ul><ul><ul><li>Grandfathered material; users need to access the relevant standards for such grandfathered items </li></ul></ul>
  24. 24. Excluded Content (cont.) <ul><ul><li>As of the date FASB Statement No. 168 was issued, the Codification did not include the following standards (they remain authoritative until integrated into the Codification) </li></ul></ul><ul><ul><ul><li>FASB Statement No. 164, Not-for-Profit Entities: Mergers and Acquisitions </li></ul></ul></ul><ul><ul><ul><li>FASB Statement No. 166, Accounting for Transfers of Financial Assets </li></ul></ul></ul><ul><ul><ul><li>FASB Statement No. 167, Amendments to FASB Interpretation No. 46(R) </li></ul></ul></ul>
  25. 25. Codification Structure
  26. 26. How is the Codification Structured? <ul><li>Areas </li></ul><ul><ul><li>Topics </li></ul></ul><ul><ul><ul><li> Subtopics </li></ul></ul></ul><ul><ul><ul><ul><li>Sections </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li> Subsections </li></ul></ul></ul></ul></ul>
  27. 27. How is the Codification Structured? (cont.) <ul><li>Example of referencing </li></ul><ul><ul><li>FASB Accounting Standards Codification (ASC) Topic-Subtopic-Section-Paragraph </li></ul></ul><ul><ul><li>FASB ASC 305-10-05-1 (cash-overall-overview and background, paragraph 1) </li></ul></ul>
  28. 28. How is the Codification Structured? (cont.) <ul><li>Areas—groupings of topics </li></ul><ul><ul><li>General Principles </li></ul></ul><ul><ul><li>Presentation </li></ul></ul><ul><ul><li>Assets </li></ul></ul><ul><ul><li>Liabilities </li></ul></ul><ul><ul><li>Equity </li></ul></ul><ul><ul><li>Revenue </li></ul></ul><ul><ul><li>Expenses </li></ul></ul><ul><ul><li>Broad Transactions </li></ul></ul><ul><ul><li>Industry </li></ul></ul>
  29. 29. How is the Codification Structured? (cont.) <ul><li>Topics </li></ul><ul><ul><li>Broadest categorization of related content (for example, FASB ASC 405, Liabilities ) </li></ul></ul><ul><ul><li>Correlate with IFRS / IAS standards </li></ul></ul><ul><li>Subtopics </li></ul><ul><ul><li>Represent subsets of a topic (for example, FASB ASC 405-20, which discusses the extinguishment of liabilities) </li></ul></ul><ul><ul><li>Generally distinguished by type or scope </li></ul></ul>
  30. 30. How is the Codification Structured? (cont.) <ul><li>Sections </li></ul><ul><ul><li>Represent the nature of the content in a subtopic. </li></ul></ul><ul><ul><li>Examples are recognition, disclosure, and subsequent measurement. </li></ul></ul><ul><ul><li>Correlate with IFRS / IAS sections. </li></ul></ul>
  31. 31. How is the Codification Structured? (cont.) <ul><li>Standard Sections </li></ul><ul><ul><ul><li>00-Status </li></ul></ul></ul><ul><ul><ul><li>05-Overview and Background </li></ul></ul></ul><ul><ul><ul><li>10-Objectives </li></ul></ul></ul><ul><ul><ul><li>15-Scope and Scope Exceptions </li></ul></ul></ul><ul><ul><ul><li>20-Glossary </li></ul></ul></ul>
  32. 32. How is the Codification Structured? (cont.) <ul><li>Standard Sections </li></ul><ul><ul><ul><li>25-Recognition </li></ul></ul></ul><ul><ul><ul><li>30-Initial Measurement </li></ul></ul></ul><ul><ul><ul><li>35-Subsequent Measurement </li></ul></ul></ul><ul><ul><ul><li>40-Derecognition </li></ul></ul></ul><ul><ul><ul><li>45-Other Presentation Matters </li></ul></ul></ul><ul><ul><ul><li>50-Disclosure </li></ul></ul></ul>
  33. 33. How is the Codification Structured? (cont.) <ul><li>Standard Sections (continued) </li></ul><ul><ul><ul><li>55-Implementation Guidance and Illustrations </li></ul></ul></ul><ul><ul><ul><li>60-Relationships </li></ul></ul></ul><ul><ul><ul><li>65-Transition and Open Effective Date Information </li></ul></ul></ul><ul><ul><ul><li>70-Grandfathered Guidance </li></ul></ul></ul><ul><ul><ul><li>75-XBRL Definitions </li></ul></ul></ul>
  34. 34. How is the Codification Structured? (cont.) <ul><li>Subsections </li></ul><ul><ul><li>Allow further segregation and navigation of content. </li></ul></ul><ul><ul><li>Occur in a limited number of cases. </li></ul></ul><ul><ul><li>Unlike sections, subsections are not numbered. </li></ul></ul>
  35. 35. Topic Subtopics Sections Subsections Leases Scope Disclosure Scope Scope Disclosure Disclosure Capital Leases Operating Leases Overall Lessees Lessors Note: This is for illustration only and does not include all Topics, Subtopics, Sections, and Subsections. Lessees Lessors Codification Structure Example Lessees Lessees Lessors Lessors Lessors Lessors Lessees Lessees
  36. 36. A Look at the Codification
  37. 38. A Look at the Cross Reference Tool
  38. 39. A Look at the Cross Reference Tool (cont.) <ul><li>Cross Reference Search by Standard Type </li></ul><ul><ul><li>AAG AICPA Audit and Accounting Guide </li></ul></ul><ul><ul><li>AIN AICPA Interpretations </li></ul></ul><ul><ul><li>APB APB Opinions </li></ul></ul><ul><ul><li>ARB Accounting Research Bulletins </li></ul></ul><ul><ul><li>CFRR Codification of Financial Reporting Releases </li></ul></ul><ul><ul><li>DIG FASB Derivative Implementation Group Issues </li></ul></ul><ul><ul><li>EITF Emerging Issues Task Force </li></ul></ul><ul><ul><li>FAS FASB Statements </li></ul></ul><ul><ul><li>FIN FASB Interpretations </li></ul></ul>
  39. 40. A Look at the Cross Reference Tool (cont.) <ul><li>Cross Reference Search by Standard Type (continued) </li></ul><ul><ul><li>FSP FASB Staff Positions </li></ul></ul><ul><ul><li>FTB FASB Technical Bulletins </li></ul></ul><ul><ul><li>IR SEC Interpretive Release </li></ul></ul><ul><ul><li>PB AICPA Practice Bulletins </li></ul></ul><ul><ul><li>QA FASB Staff Implementation Guides </li></ul></ul><ul><ul><li>SAB SEC Staff Accounting Bulletin </li></ul></ul><ul><ul><li>SOP AICPA Accounting Statement of Position </li></ul></ul><ul><ul><li>SX SEC Regulation S-X </li></ul></ul><ul><ul><li>TIS AICPA Technical Inquiry Service (only for software revenue recognition 5100, pars. 38-76) </li></ul></ul>
  40. 44. Ongoing Standard Setting Process
  41. 45. Exposure Drafts <ul><li>Exposure drafts are located on the FASB web site </li></ul><ul><li>The standard FASB due process for exposure drafts is not changing due to the Codification. </li></ul>
  42. 46. Ongoing Standard Setting Process <ul><li>New standards will consist of the standard and an appendix of Accounting Standards Update instructions. </li></ul><ul><li>Accounting Standards Updates for new standards follow the same referencing system as exposure drafts do (for example, 2010-01 would represent the first Accounting Standards Update issued in 2010). </li></ul><ul><li>All new standards will be issued this way regardless of how such guidance was issued previously (for example, FASB Statements, FASB Staff Positions, and EITF Abstracts). </li></ul>
  43. 47. Ongoing Standard Setting Process (cont.) <ul><li>Upon release, the actual standard will not be authoritative; the Accounting Standards Update instructions will be the source used to update the Codification. </li></ul><ul><li>When amending paragraphs in the Codification, both the old and new paragraphs will be presented until the new guidance is completely effective. </li></ul><ul><li>The Codification Research System will be updated concurrently with the release of a new standard. </li></ul>
  44. 48. Transitional Matters
  45. 49. Feedback <ul><li>The Codification has a submit feedback feature throughout where constituents can give FASB comments on the Codification system and content (included in basic version) </li></ul><ul><li>Examples of feedback FASB is interested in receiving via the submit feedback: </li></ul><ul><ul><li>The Codification times out too often. </li></ul></ul><ul><ul><li>The pooling of interest method better reflects the economics of certain business combinations. </li></ul></ul><ul><ul><li>Fair value is not the proper measurement attribute for derivatives. </li></ul></ul>
  46. 50. Resources <ul><ul><li>Web sites </li></ul></ul><ul><ul><ul><li>Codification site is available at FASB’s site www.fasb.org </li></ul></ul></ul><ul><ul><ul><li>AICPA resources related to the Codification can be found at http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/GAAP+Codification/. </li></ul></ul></ul>
  47. 51. AICPA Codification Resource <ul><ul><li>AICPA Resource Accounting Guidance Library </li></ul></ul><ul><ul><ul><li>In AICPA’s online publications system, Resource </li></ul></ul></ul><ul><ul><ul><li>Will include FASB ASC (similar view to the professional view) </li></ul></ul></ul><ul><ul><ul><li>Will include 7 of the AICPA’s most popular Audit & Accounting Guides (which have been updated for FASB ASC): </li></ul></ul></ul><ul><ul><ul><ul><li>Construction Contractors </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Depository and Lending Institutions </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Employee Benefit Plans </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Investment Companies </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Life and Health Insurance Entities </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Not-for-Profit Entities </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Property and Liability Insurance Entities </li></ul></ul></ul></ul><ul><ul><ul><li>Available only to AICPA members </li></ul></ul></ul><ul><ul><ul><li>Go to www.cpa2biz.com/online for more information </li></ul></ul></ul>
  48. 52. Summary and Questions
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