Significant changes to compilation included in 3 proposed standards


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.

SPONSORED REPORT

Get your clients ready for tax season

Upon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.