Wiley Practitioner's Guide to GAAS 2015: Covering all SASs, SSAEs, SSARSs, PCAOB Auditing Standards, and Interpretations

AU-C 800 Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks

AU-C EFFECTIVE DATE AND APPLICABILITY

Original Pronouncements	Statements on Auditing Standards (SASs) 122, 125, 127.
Effective Date	These statements are currently effective.
Applicability

AU-C DEFINITIONS OF TERMS

Source: AU-C 800.07

Special purpose financial statements. Financial statements prepared in accordance with a special purpose framework.

Special purpose framework. A financial reporting framework other than GAAP that is one of the following bases of accounting:

1. Cash basis. A basis of accounting that the entity uses to record cash receipts and disbursements and modifications of the cash basis having substantial support (for example, recording depreciation on fixed assets).
2. Tax basis. A basis of accounting that the entity uses to file its income tax return for the period covered by the financial statements.
3. Regulatory basis. A basis of accounting that the entity uses to comply with the requirements or financial reporting provisions of a regulatory agency to whose jurisdiction the entity is subject (for example, a basis of accounting that insurance companies use pursuant to the accounting practices prescribed or permitted by a state insurance commission).
4. Contractual basis. A basis of accounting that the entity uses to comply with an agreement between the entity and one or more third parties other than the auditor.
5. Other basis. A basis of ...