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Auditing Paper

744 words - 3 pages

This memorandum will provide information pertaining to share-based payment reporting and special purpose entities (SPE) reporting. A description of what to look for to see if the client is consistent with the generally accepted accounting principles (GAAP) will be provided, while focusing on accounting treatment of share-based payment and accounting consolidation theory as it relates to special purpose entities.
A special purpose entity (SPE) has certain rules to follow to meet or exceed generally accepted accounting principles (GAAP). A special purpose entity can be a partnership, corporation, trust, or joint venture created for a limited purpose, limited life, limited activities, ...view middle of the document...

The FASB further defines how to address an asset when a company has a controlling interest in an SPE, but has no voting rights in FIN No. 46 (Schroeder, Clark, Cathey, 2011). The FASB referred to the entities as a variable interest entity (VIE) instead of a SPE under the FIN No. 46, and modified SFAS No. 146 to include: The transferred assets have been put beyond the reach of the powers of a bankruptcy trustee or other receiver for the transferor or any consolidated affiliate of the transferor that is not a VIE (Schroeder, Clark, Cathey, 2011, p. 531, para. 2).
The FASB further amended FIN No. 46 in SFAS No. 167 to include the power to direct the activities of a VIE that most significantly affect the entity’s economic performance. In addition to the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE (Schroeder, Clark, Cathey, 2011, p. 531, para. 5-6).
IFRS Share-based Payment requires an entity to recognize share-based payment transactions (such as granted shares, share options, or share appreciation rights) in its financial statements, including transactions with employees or other parties to be settled in cash, other assets, or equity instruments...

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