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Required Supplementary Information - SAS No. 120
Description
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This SAS is effective for audits of financial statements for periods beginning on or after December 15, 2010. Early application is permitted. This Standard supersedes the requirements and guidance in AU section 558. This Standard
- defines required supplementary information and designated accounting standard setter.
- establishes the auditor’s objectives when a designated accounting standard setter requires information to accompany an entity’s basic financial statements.
- establishes presumptively mandatory performance requirements for required supplementary information.
- establishes presumptively mandatory reporting requirements for required supplementary information.
Table of Contents
Excerpts
Scope of This Statement on Auditing Standards
1. This Statement on Auditing Standards (SAS) addresses the auditor’s responsibility with respect to information that a designated accounting standard setter requires to accompany an entity’s basic financial statements (hereinafter referred to as required supplementary information). In the absence of any separate requirement in the particular circumstances of the engagement, the auditor’s opinion on the basic financial statements does not cover required supplementary information. (Ref: par. A1)
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