Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

AU-C 730 Required Supplementary Information

AU-C Original Pronouncements

Sources

Statements on Auditing Standards (SASs) 120 and 122.

AU-C Definitions of Terms

Source: AU-C 730.04

1. Applicable financial reporting framework. The financial reporting framework adopted by management and, when appropriate, those charged with governance in the preparation and fair presentation of the financial statements that is acceptable in view of the nature of the entity and the objective of the financial statements, or that is required by law or regulation.
2. Basic financial statements. Financial statements presented in accordance with an applicable financial reporting framework as established by a designated accounting standards setter, excluding required supplementary information.
3. Designated accounting standards setter. A body designated by the Council of the AICPA to promulgate GAAP pursuant to the “Compliance with Standards Rule” (ET sec. 1.310.001) and the “Accounting Principles Rule” (ET sec. 1.320.001) of the AICPA Code of Professional Conduct.
4. Prescribed guidelines. The authoritative guidelines established by the designated accounting standards setter for the methods of measurement and presentation of the required supplementary information.
5. Required supplementary information. Information that a designated accounting standards setter requires to accompany an entity's basic financial statements. Required supplementary information is not part of the basic financial statements; however, ...