Roland S. Hill and Joseph V. Weber on Current Developments.
评论了1988年6月美国会计行业动态，包括FASB关于金融工具披露的征求意见稿和AICPA关于政府承包商审计的新指南。
Abstract This article presents a commentary on happenings related to the accounting profession in the United States as of June 1988. In response to the recent proliferation of new and innovative financing transactions and financial instruments, including off-balance sheet financing arrangements, the Financial Accounting Standards Board (FASB) has issued the Exposure Draft for increased disclosures about financial statements. The Exposure Draft defines financial instruments as any contract that is both a financial asset of one entity and a financial liability or equity instrument of another entity. Further, it is reported that the American Institute of Certified Public Accountants (AICPA) has issued a proposed Audit and Accounting Guide, "Audits of Government Contractors." The proposed Guide would revise the 1975 Guide to reflect significant changes in the government procurement process, financial reporting requirements, and the unique auditing environment that have evolved since the original Guide was issued.