Required Supplementary Information - SAS No. 120

This SAS is effective for audits of financial statements for periods beginning on or after December 15, 2010. Early application is permitted. This Standard supersedes the requirements and guidance in AU section 558. This Standard

• defines required supplementary information and designated accounting standard setter.
• establishes the auditor’s objectives when a designated accounting standard setter requires information to accompany an entity’s basic financial statements.
• establishes presumptively mandatory performance requirements for required supplementary information.
• establishes presumptively mandatory reporting requirements for required supplementary information.