TAILIEUCHUNG - "ACCOUNTING FOR LIABILITIES OF THE FEDERAL GOVERNMENT"

Panel C of Table 5 describes the board’s audit committee for our restating and control samples. With the exception of one restating firm (Oil-Dry Company), each firm in both our samples has an audit committee. In many respects, the structure of this committee is similar for the two groups of firms. The median size of this committee is three members in each group. The mean (median) proportion of independent directors on this committee (PIDAUD) is about 94 percent (100 percent) in both groups. But there is one striking difference between the two groups. The mean proportion of firms whose audit committees include at least one independent director with. | Accounting for liabilities SFfAs No. 5 Executive Office of the President Office of Management and Budget ACCOUNTING FOR LIABILITIES OF THE FEDERAL GOVERNMENT Statement of Federal Financial Accounting Standards Number 5 September 1995 From Inside Front Cover APPLICABILITY MATERIALITY AND TERMINOLOGY These standards apply to general purpose financial reports of . Government reporting entities. These standards need not be applied to immaterial items. Statement of Federal Financial Accounting Concepts No. 2 SFFAC No. 2 Entity and Display lists criteria for defining Government reporting entities. Paragraph 78 of Entity and Display notes that some of a reporting entity s components may be required by law or policy to issue financial statements in accordance with accounting standards other than those recommended by the FASAB and issued by the OMB and the GAO . accounting standards issued by the Financial Accounting Standards Board or by a regulatory agency. Those components should continue to apply the standards used in these reports. The reporting entities of which the components are a part however need to be sensitive to differences that may arise from different accounting standards. If these differences are material the standards recommended by the FASAB and issued by the OMB and the GAO should be applied. In such cases the components would need to provide any additional disclosures or different measurements required by the accounting standards issued by the OMB and the GAO that would not be required by the other standards. The word disclosure in FASAB s recommended standards indicates reporting information in notes or narrative that is regarded as an integral part of the basic financial statements while supplemental indicates reporting information in schedules or narrative regarded as required supplementary information as that term is used in accounting and auditing standards. Government auditing standards require little auditing assurance for required .

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