AN G: Rules of engagement

Article Abstract:

The Accounting Standards Board issued Application Note G (AN G) to emphasize that there was no alteration in the long-standing principles of valuing work-in-progress (WIP) as per SSAP 9. 'Stocks and Long-Term Contracts'. But the Urgent Issues Task Force (UITF) draft's repeated reference to recognition of revenue on contracts that are essentially for the supply of time is a matter of concern and hence WIP must be valued above cost.

Accounting Standards Board, Inventories, Inventory accounting

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Qualified audit reports: Please don't show them to the FRRP

Article Abstract:

An argument is presented that the Financial Reporting Review Panel's (FRRP) proposals to encourage auditors to voluntarily disclose qualified audit reports will not serve the public interest.

Management dynamics, Public affairs, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Reporting & Disclosure, Financial Regulation & Reporting, Practice, Public relations, Auditors, Company public relations, Financial disclosure, Viewpoint essay

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