Content area
Full Text
Major changes in the the hierarchy of generally accepted accounting principles are spelling compliance headaches for some small firms.
"These dramatic changes to the GAAP hierarchy are significant to all CPAs who do audits, reviews or compilations," says Stuart Harden, vice president and director of auditing and forensic accounting at Silva Harden & Co. in Fresno, Calif.
"We're facing standards overload," says Steven B. Morris, a CPA on his own account in Norcross, Ga., an Atlanta suburb. "We now have so many sources of high-level GAAP being thrown at us that it's harder to keep track of everything."
Statement of Auditing Standards 69, released by the Auditing Standards Board of the American Institute of CPAs, elevates the consensus positions of the Emerging Issues Task Force of the Financial Accounting Standards Board above industry practice and on a par...