Discussion:FASb 157
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Discussion Forum Index --> Accounting Questions --> FASb 157
| 4 November 2009 | |
| Client has a sweep cash account. Do I need to have a FASB 157 footnote in an audit report?
I have seen another CPA firm have a 2 page disclosure where their client has money market accounts. Disclosure is about the three levels and where the money markets fall into those levels. Thanks. | |
| November 5, 2009 | |
| Two pages for money market accounts? They must be complicated. It seems like a sweep account would be level 1 and disclosure requirements could be met with a short sentence. | |
| 5 November 2009 | |
| I agree with Natalie. This is what we do. Sounds like severe overkill to describe all three levels if the items in the statement are all level 1. | |
| 5 November 2009 | |
| Oops...just noticed you were asking about the audit report. Is that right or are you asking about footnote disclosure? We don't put anything in our report mentioning FASB 157. As a side note, how long do you think it will be before we quit referring to standards with the FAS #? I'm guessing never:). | |
| 11 November 2009 | |
| Sorry...I meant disclosure in an audited financial statement. | |
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