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ARSC plans public hearing

Please note: This item is from our archives and was published in 1997. It is provided for historical reference. The content may be out of date and links may no longer function.

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Public Hearing on SSARS no. 1

T he controversial issue of so-called plain-paper financial statements— “plain” because CPAs do not have to put their names on them—is being reconsidered at a public hearing. The American Institute of CPAs accounting and review services committee will hold a public hearing titled “The Applicability of Statements on Standards for Accounting and Review Services (SSARS) and Plain-Paper Financial Statements.” The hearing will address questions such as the following:

  • Can the applicability section of SSARS no. 1, Compilation and Review of Financial Statements , be clarified to help CPAs figure out when they have to compile financial statements?
  • Should SSARS no. 1 be revised to exempt CPAs from having to compile financial statements in certain types of situations?
  • Should CPAs be permitted to issue plain-paper financial statements?

The hearing is related to the proposed modification of SSARS no. 1, titled Assembly of Financial Statements for Internal Use Only . Judith M. Sherinsky, technical manager, American Institute of CPAs audit and attest standards, told the Journal the assembly exposure draft raised a number of practice problems indicating that SSARS no. 1 may need to be clarified or amended. (For more information on the assembly ED, see “Internal-Use Only Questionnaire Examined,” JofA, Sept.96)

The public hearing will be held August 27-28 at the Rosemont Convention Center in Rosemont, Illinois, a mile and a half from Chicagos OHare airport. Those wishing to speak at the hearing should submit an outline of their remarks by August 8 to Judith Sherinsky, AICPA, Audit and Attest Standards, 1211 Avenue of the Americas, New York, New York 10036-8775. Outlines also can be e-mailed to jsherinsky@aicpa.org . Participants will have 10 minutes each to present their views. A paper describing the issues to be addressed at the hearing can be requested from Sherinsky or by calling 201-938-3787 (the AICPA faxback system) and selecting document no. 1991.

Those interested in attending also will find another reason to make the trip: The Illinois CPA Society will be the host of the Midwest Accounting and Business Show at the Rosemont Convention Center August 26-28. The theme this year is Business and Technology Solutions. Call the Illinois CPA Society at 312-993-0407 for details, or visit the society on the Web at http://www.icpas.org .