Agreed-on procedures: new standards applied to developers' and lenders' specifications

Article Abstract:

New standards issued by the American Institute of Certified Public Accountants (AICPA) will save real estate developers and lenders the time and costs of completing financial statement audits. The new standards will allow CPAs to perform certain services, including consultation and reviews, but the burden of the responsibility for following AICPA standards is on the real estate developer and lender. Agreed-on procedures and reports performed by CPA cost much less than a full audit, and can be used to give credibility to financial reports.

Land Subdivision and Land Development, Subdividers & Developers, Subdividers and Developers, Standards, Services, Accounting and auditing, Auditors, Auditing Standards Board

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Accounting for fraud procedures

Article Abstract:

A new auditing standard of the Association of Independent Certified Public Accountants clarifies the auditor's responsibilities to find fraudulent financial transactions. The new standard provides techniques to detect potential fraud, the kinds of fraud that can be committed and the risks in every audit. Real estate industry fraud examples are provided.

Accounting, auditing, & bookkeeping, Accounting & Auditing Services, Accounting, Tax Preparation, Bookkeeping, and Payroll Services, Accounting firms, Accounting services, Crime

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Helping real estate developers better account for guarantees and other financial obligations

Article Abstract:

The Financial Accounting Standards Board issued FASB Interpretation (FIN) no. 45 to provide better matched, more consistent and fuller reporting for guaranteed obligations for the developers. The report stated that the new provisions are expected to improve the comparability and usefulness of the overall financial reporting process.

United States, Legal issues & crime, Government regulation (cont), Government regulation, Science & research, Legal/Government Regulation, Research, Real property, Financial Accounting Standards Board

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