MayerMeinberg Hosts Presentation to Educate Bankers on the Clarity Project

March 6, 2013 - PRLog -- SYOSSET, NEW YORK CITY, March 5, 2013- In response to the changes made by the AICPA Accounting Standards Board (ASB), MayerMeinberg LLP invited bankers throughout the tri-state area to attend a presentation to learn about the new standards that will be implemented. The presentation was held at the Holiday Inn in Plainview on March 5th at 8:30am and presented by Woody Goldstein, CPA, Senior Manager.

“The Clarity Project” was implemented by the ASB to enhance the quality of the financial statements. The main focus of the project is to address concerns over length and of complexity standards, make standards easier to read, understand and apply, lead to enhancements in audit quality, and converge with International Standards on Auditing.

“Our goal is to help the banking community to learn about the changes and in particular how it will impact their evaluation of clients’ financial statements. Those who attended this presentation gained a key understanding of the changes and how they impact the reports,” said Robert O. Mayer and Mark L. Meinberg, Managing Partners of MayerMeinberg LLP.    

As a result of the ASB’s new codified auditing standards, various segments of the financial statements have been modified, including the Auditor’s Report and notes to the financial statements. Changes include a new look to reports, new terminology and other differences in presentation that impact the documents that bankers will be receiving for audited financials dated after December 25, 2012. Although the Auditor’s Report is unchanged in content, the new format is very different. The standard report is now six paragraphs instead of three, which can be an alarming change if you are not expecting it.  

For more information on these topics and future events call, 516-921-8900, ext. 102.