Significant changes to compilation included in 3 proposed standards

November 13, 2013

From Staff Reports

Three standards proposed by the AICPA Accounting and Review Services Committee (ARSC) as part of its clarity project include a proposal that would significantly change compilation literature.

An exposure draft (ED) invites public comment on the proposals. The ED includes:

  • A proposed, revised compilation standard that would apply when the accountant is engaged to perform a compilation engagement on historical financial statements.
  • A new preparation standard that would apply when the accountant is engaged to prepare financial statements for a client, but is not engaged to perform a compilation, review, or audit with respect to those financial statements.
  • A new association standard that would apply when the accountant agrees to permit the use of his or her name in a report, document, or written communication that also includes financial statements that the accountant may or may not have prepared, and for which the accountant did not issue a compilation, review, or report.


ARSC voted in October to expose the proposal for public comment.

Comments are due May 2, 2014, and can be submitted by email to Mike Glynn, CPA, a technical manager for the AICPA Auditing and Attest Standards Team who serves as staff liaison to ARSC, at mglynn@aicpa.org.

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