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Industry: Email Alert RSS FeedSEC bulletin addresses misstatements
California CPA, Nov, 2006
The SEC has released a Staff Accounting Bulletin providing guidance on how the effects of the carryover or reversal of prior year misstatements should be considered in quantifying a current year misstatement.
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In the bulletin, the SEC suggests that registrants quantify errors using both a balance sheet and an income statement approach, and then evaluate whether either approach results in quantifying a material misstatement.
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Download the bulletin at www.sec.gov/interps/account/sab108.pdf.>
COPYRIGHT 2006 California Society of Certified Public Accountants
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