Kan. Admin. Regs. § 74-5-2 - Definitions
Each of the following terms, wherever used in this article of the board's regulations, shall have the meaning specified in this regulation:
(a) "AICPA" means American
institute of certified public accountants.
(b) "AICPA professional standards" means the
standards specified in this subsection, including definitions and
interpretations, published by the AICPA, which are hereby adopted by reference.
As used in the following AICPA professional standards, "member" shall mean a
person or firm subject to the board's regulation:
(1) "U.S. auditing standards-AICPA
(clarified)" in "AICPA professional standards," volume 1, pages 37-1364, except
pages 1279-1285, as in effect on June 1, 2016, and statement on auditing
standards no. 132, "the auditor's consideration of an entity's ability to
continue as a going concern," dated February 2017;
(2) "statements on standards for attestation
engagements" in "AICPA professional standards," volume 1, pages 1373-1705, as
in effect on June 1, 2016;
(3)
"U.S. attestation standards-AICPA (clarified)" in "AICPA professional
standards," volume 1, pages 1727-2095, as in effect on June 1, 2016;
(4) "statements on standards for accounting
and review services [clarified]" in "AICPA professional standards," volume 2,
pages 2719-2882, as in effect on June 1, 2016, and the following statements
issued after June 1, 2016:
(A) Statement on
standards for accounting and review services no. 22, "compilation of pro forma
financial information," except the three unnumbered pages before the table of
contents, issued September 2016; and
(B) statement on standards for accounting and
review services no. 23, "omnibus statement on standards for accounting and
review services-2016," except the six unnumbered pages before the table of
contents, issued October 2016;
(5) "code of professional conduct" in "AICPA
professional standards," volume 2, pages 2883-3076, as in effect on June 1,
2016, except for the following sections in Part 1:
(A) Section 1.800.001, "form of organization
and name";
(B) section 1.810.020,
"partner designation";
(C) section
1.810.030, "a member's responsibility for nonmember practitioners";
(D) section 1.810.040, "attest engagement
performed with a former partner";
(E) section 1.810.050, "alternative practice
structures"; and
(F) section
1.820.040, "use of a common brand name in firm name";
(6) "statements on standards for valuation
services" in "AICPA professional standards," volume 2, pages 3293-3344, as in
effect on June 1, 2016;
(7)
"consulting services" in "AICPA professional standards," volume 2, pages
3345-3350, as in effect on June 1, 2016;
(8) "quality control" in "AICPA professional
standards," volume 2, pages 3353-3386, as in effect on June 1, 2016;
(9) "standards for performing and reporting
on peer reviews" in "AICPA professional standards," volume 2, pages 3387-3588,
as in effect on June 1, 2016;
(10)
"tax services" in "AICPA professional standards," volume 2, pages 3589-3630, as
in effect on June 1, 2016; and
(11)
"personal financial planning" in "AICPA professional standards," volume 2,
pages 3639-3654, as in effect on June 1, 2016.
All definitions included in the standards adopted in this subsection shall apply only to the documents adopted by reference.
(c) "Audit" means an
independent examination of financial information or assertions of any entity,
regardless of profit orientation, size, and legal form, if the examination is
conducted to express an opinion thereon.
(d) "Board" means Kansas board of
accountancy.
(e) "Certified public
accountant" and "CPA" mean any of the following:
(1) A holder of a Kansas
certificate;
(2) a person
practicing certified public accountancy under the authorization to practice as
provided in
K.S.A. 1-322 and amendments thereto; or
(3) a firm.
(f) "Compilation" shall have the meaning
specified in
K.S.A. 1-321 and amendments thereto.
(g) "Firm" shall have the meaning specified
in K.S.A. 1-321 and amendments thereto.
(h) "Generally accepted accounting
principles" and "GAAP" mean the following standards, as applicable, in effect
as specified and hereby adopted by reference:
(1) "Federal accounting standards," issued by
the federal accounting standards advisory board (FASAB) in "FASAB handbook of
federal accounting standards and other pronouncements, as amended," as in
effect on June 30, 2016, except for the following portions: the forward, the
preamble, and appendixes A-F. The following standards issued after June 30,
2016 are also adopted:
(A) Statement of
federal financial accounting standards 50, "establishing opening balances for
general property, plant, and equipment: amending statement of federal financial
accounting standards (SFFAS) 6, SFFAS 10, SF-FAS 23, and rescinding SFFAS 35,"
dated August 4, 2016; and
(B)
statement of federal financial accounting standards 51, "insurance programs,"
dated January 18, 2017;
(2) accounting principles as adopted by the
financial accounting standards board (FASB) and contained in "FASB accounting
standards codification," including accounting standards updates, as contained
in volumes 1 through 5, published by the financial accounting standards board
(FASB), as in effect on October 31, 2016;
(3) financial accounting principles for state
and local governments as adopted by the governmental accounting standards board
(GASB) as follows:
(A) "GASB codification of
governmental accounting and financial reporting standards," issued by the
governmental accounting standards board, as in effect on June 30,
2016;
(B) GASB statement no. 83,
"certain asset retirement obligations," except appendices A and B, issued
November 2016;
(C) GASB statement
no. 84, "fiduciary activities," except appendices A and B, issued January 2017;
and
(D) GASB statement no. 85,
"omnibus 2017," except appendices A and B, issued March 2017; and
(4) international accounting and
reporting principles established by the international accounting standards
board (IASB) as contained in "IFRS® standards," part A, issued by the
international accounting standards board, as in effect on January 1, 2017,
except part A, pages A7-A25.
(i) "Government auditing standards" means the
"government auditing standards" issued by the United States government
accountability office, 2011 revision, revised on January 20, 2012, which is
hereby adopted by reference, except pages 1-3 and appendixes I and
III.
(j) "NASBA" means the national
association of state boards of accountancy.
(k) "PCAOB" means the public company
accounting oversight board created by the Sarbanes-Oxley act of 2002.
(l) "Practice of certified public
accountancy" means performing or offering to perform attest or nonattest
services for the public while using the designation "certified public
accountant" or "CPA" in conjunction with these services. "Attest" and
"nonattest" services shall have the meaning specified in
K.S.A. 1-321 and amendments thereto.
(m) "Standards of the PCAOB" means the
following, which are hereby adopted by reference:
(1) In "public company accounting oversight
board bylaws and rules-rules-professional standards" as in effect on December
31, 2016, section 3, "auditing and related professional practice standards,"
part 1, "general requirements," and part 5, "ethics and
independence";
(2) "auditing
standards-reorganized," issued by the PCAOB as in effect on December 31, 2016;
and
(3) "attestation standard no.
1" and "attestation standard no. 2," issued by the PCAOB as in effect on
December 31, 2016.
(n)
"Staff accountant" means a certified public accountant who meets the following
requirements:
(1) Holds both a Kansas
certificate and a Kansas permit;
(2) is an employee of a firm that is the
certified public accountant's primary employer; and
(3) works at least 1,040 hours for the firm
during a calendar year.
Notes
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