Proposals address compilations of prospective and pro forma financial information

The AICPA Accounting and Review Services Committee (ARSC) has issued three proposed standards on preparation and compilation of prospective financial information and compilation of pro forma financial information.

Comments on the proposed Statements on Standards for Accounting and Review Services (SSARSs) will be accepted through May 6 and can be submitted to Mike Glynn at

All three proposals are available in one exposure draft at the AICPA website. The proposals are as follows:

  • Proposed SSARS, Compilation of Prospective Financial Information, would move and change some of the requirements and guidance for compilations of prospective financial information from the Statements on Standards for Attestation Engagements to the SSARSs literature.
  • Proposed SSARS, Compilation of Pro Forma Financial Information, would clarify and supersede AR Section 120 of the same title.
  • Proposed SSARS, Omnibus Statement on Standards for Accounting and Review Services—2016, would amend various existing SSARSs literature to incorporate the concepts and provisions of the first two proposals. This proposal also would require that the accountant follow AR-C Section 70, Preparation of Financial Statements, when engaged to prepare prospective financial information but not engaged to perform a compilation, examination, or agreed-upon procedures engagement with respect to that prospective financial information. 


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