Discussion:Bookkeeping client needs Financial Statements that comform with GAAP & FASB
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Discussion Forum Index --> Accounting Questions --> Bookkeeping client needs Financial Statements that comform with GAAP & FASB
| 14 September 2007 | |
| I have a bookkeeping client that is applying for certification with the National Minority Supplier Development Council (NMSDC). At this point, I simply provide this client with a Balance Sheet, P&L, monthly transaction detail out of Quickbooks. I have my CPA designation but only do a little tax & bookkeeping on the side. I don't do reviews, audits, etc.
The NMSDC is requesting the following: Financial Statements (Income Statement, Statement of Cash Receipts and Disbursements Statement, Balance Sheet). All documents must conform to accounting and reporting standards of the Financial Accounting Standards Board (FASB) and Generally Accepted Accounting Principles (GAAP). If your firm has Notes Payable, an explanation is required. (NOTE: equity must be a real tangible assets that impact “working capital.” For this area, a Certified Public Accountant (CPA) is beneficial. How can I provide Financial Statements as required above, from the data I have in Quickbooks? Thanks. | |
| September 14, 2007 | |
| Well, it sounds like a compilation would work in this instance. I would recommend you take a look at the Statements on Stardards for Accounting and Review Services issued by the AICPA and probably a publication like the PPC's Compilation and Review Services library. FYI the FASB issues statements that are a part of GAAP.
I'm curious, what is a "Statement of Cash Receipts and Disbursements Statement." It sounds almost like they are interested in a cash flow statement. And what about a Balance Sheet? Before you issue any statements, I would recommend you speak with someone at the NMSDC to find out exactly what they need. Sometimes they think they want one thing, but then when you talk to them, you realize it's something different. | |
| 17 September 2007 | |
| I know this does not help right now, BUT ....If you ever have a chance to go to one of Bob Jennings seminars, try to go. www.taxspeaker.com He spoke for our state accounting association (GAPA) last year, and he was great on this very issue. He also had great materials. I am not a CPA, but my undergraduate education in in accounting. P.S. I went to that website, and he offers his materials (Compilations & Reviews 2007) as self-study. I know that the 2006 materials were excellent, especially if you are not called upon to do this all the time. | |
| September 28, 2007 | |
| "....At this point, I simply provide this client with a Balance Sheet, P&L, monthly transaction detail out of Quickbooks"
Need more information to answer your question. Do you currently do OCBOA statements? Mgt use only? Plain paper engagements without reports? What does your accountant's letter say? Do you hold yourself out to be a CPA to your client? | |
