ARSC proposes amending standard on reviews of financial statements

By Ken Tysiac

A standard proposed Wednesday would amend the AICPA’s standard on reviews of financial statements.

The AICPA Accounting and Review Services Committee (ARSC) issued an exposure draft, Proposed Statement on Standards for Accounting and Review Services (SSARS), Amendment to Statement on Standards for Accounting and Review Services No. 21 Section 90, Review of Financial Statements.

AR-C Section 90 includes requirements and guidance when supplementary information accompanies reviewed financial statements and the accountant’s review report thereon. ARSC determined that certain revisions are necessary to correct the requirements and guidance related to reporting on supplementary information.

These revisions would be accomplished by amending paragraphs .05 and .80–.82 of AR-C Section 90, Review of Financial Statements, and the corresponding application paragraphs.

Comments are due Sept. 2 and can be sent to Mike Glynn at mglynn@aicpa.org.

Ken Tysiac (ktysiac@aicpa.org) is a JofA editorial director.

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

QUIZ

News quiz: Senate health care bill in the spotlight

Reports related to the Republican bill to repeal many provisions of the PPACA, other tax issues, and the giant AICPA ENGAGE Conference offered a diverse reading list for June. See how much you know about recent news with this short quiz.