Page 1 |
Previous | 1 of 4 | Next |
|
This page
All
Subset |
Statement on June 1980
Auditing Standards 28
Issued by the Auditing Standards Board
AICPA American Institute of
Certified Public Accountants
Supplementary Information on the
Effects of Changing Prices
( This SAS should be read and applied in conjunction with Statement on
Auditing Standards No. 27, Supplementary Information Required by the
Financial Accounting Standards Board.)
1. FASB Statement No. 33, Financial Reporting and Changing
Prices, requires certain p u b l i c entities to present i n f o r m a t i o n on t he
effects of changing prices. 1 I t requires no changes i n t h e basic financ
i a l statements; the r e q u i r e d i n f o r m a t i o n is to be presented as supp
l e m e n t a r y i n f o r m a t i o n i n any p u b l i s h e d annual r e p o r t that contains
1The requirements of FASB Statement No. 3 3 apply to " public enterprises" that
have either ( a) inventories and property, plant, and equipment ( before deducting
accumulated depreciation) of more than $ 1 2 5 million or ( b) total assets of
more than $ 1 billion ( after deducting accumulated depreciation). Public enterprise
is defined in FASB Statement No. 3 3 as " a business enterprise ( a) whose
debt or equity securities are traded in a public market on a domestic stock
exchange or in the domestic over- the- counter market ( including securities
quoted only locally or regionally) or ( b) that is required to file financial statements
with the Securities and Exchange Commission. An enterprise is considered
to be a public enterprise as soon as its financial statements are issued in
preparation for the sale of any class of securities in a domestic market." This
definition differs from the definition of public entity in SAS No. 2 6 , Association
With Financial Statements.
Copyright © 1980 by the
American Institute of Certified Public Accountants, Inc.
1211 Avenue of the Americas, New York, N. Y. 10036
1234567890AudS89876543210
