AICPA publishes article geared toward entities issuing tax-exempt debt and their auditors.

The AICPA has posted to its Web site a nonauthoritative article authored by an ad hoc group of AICPA members, Tax-Exempt Bonds--Accounting and Auditing Considerations in the Current Environment. The article has a particular focus on debt that is referred to as (1) auction rate securities (ARSs) and (2) variable rate demand obligations (VRDOs), and provides issuers of tax-exempt debt and their auditors an overview of the accounting and auditing considerations that may be relevant...