ASB Meeting Agenda and Materials, May 2011
The Accounting Standards Board (ASB) will hold a meeting on May 3-5, 2011 in Aria Resort & Casino, Las Vegas Boulevard South, Las Vegas, Nevada.
The meeting will have three agendas: interim reviews, reporting on compliance and comfort letters.
Under interim reviews, the following topics will be discussed: discussion memorandum, proposed clarified SAS – marked from January draft, proposed clarified SAS – clean and matrix of proposed SAS and extant AU sections 722.
Under reporting on compliance, discussion memorandum, SAS reporting on compliance with aspects of contractual agreements or regulatory requirements in connection with audited financial statements (marked from January 2011 ASB meeting (revised draft) will be discussed.
Under comfort letters, discussion Memorandum, proposed clarified SAS – marked from January draft, proposed clarified SAS – clean and matrix of proposed SAS and extant AU sections 634 will be discussed.
ASB is a standard-setting body that collaborates accounting standard-setters from other countries and the International Accounting Standards Board (IASB) both in order to guide the development of international standards and in order to see to it that its standards are developed with due regard to international developments.
The accounting standards developed by ASB are established as financial reporting standards.
Statements on Auditing Standards, commonly abbreviated as SAS, are standards that provide guidance to external auditors on generally accepted auditing standards (abbreviated as GAAS) in regards to auditing an entity and issuing a report. They are usually issued by the certified public accountant authoritative body in the region where the standards apply, such as the American Institute of Certified Public Accountants in the United States.