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Compilations of financial statements that omit substantially all disclosures can provide challenges for CPAs as the pandemic hurts clients’ businesses. Here’s how CPAs can handle the challenging judgments in these engagements.
In an effort to promote convergence with international standards, the AICPA Accounting and Review Services Committee (ARSC) recently proposed changes to standards for review services.
A proposal issued by the AICPA Accounting and Review Services Committee would promote convergence with international standards for review services.
Provisions take effect June 15, 2019.
The AICPA Accounting and Review Services Committee issued Statement on Standards for Accounting and Review Services No. 24, which revises reporting requirements for compilations and reviews.
SSARS No. 24 will create and amend AR-C sections.
A new Statement on Standards for Accounting and Review Services will be issued in late May in an effort to decrease the impact on practitioners during busy season.
SSARSs are extended to certain prospective, pro forma, and historical financial information.
SSARS No. 22 pertains to pro forma compilation reports.
SSARS No. 23 results in the SSARSs being applicable to engagements performed on certain subject matter other than financial statements.
New standards for accounting and review services include significant changes for accountants in public practice who prepare financial statements for clients. Find out more about the changes contained in newly issued Statement on Standards for Accounting and Review Services (SSARS) No. 21.
It took years of deliberation and professionwide collaboration to produce Statement on Standards for Accounting and Review Services (SSARS) No. 21. Here’s how the AICPA Accounting and Review Services Committee (ARSC) developed the standard, which was issued Oct. 23: Initial exposure draft On June 29, 2012, ARSC initially exposed for
Clarified and revised standards for compilations and engagements to prepare financial statements released Thursday create a bright line between accounting (preparation) and reporting (compilation) services. The AICPA Accounting and Review Services Committee (ARSC) released Statement on Standards for Accounting and Review Services (SSARS) No. 21, which contains significant changes for
Section 70, Preparation of Financial Statements, of Statement on Standards for Accounting and Review Services No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification, applies when an accountant in public practice is engaged to prepare financial statements. The following table provides examples of services that the
The AICPA Accounting and Review Services Committee (ARSC) voted during its meeting this month to approve clarified and revised standards for reviews, compilations, and engagements to prepare financial statements. The clarified and revised standards for compilations and engagements to prepare financial statements create a bright line between accounting (preparation) services
Three proposed standards were exposed for public comment by the AICPA Accounting and Review Services Committee (ARSC) on Oct. 23.
A new proposal by the AICPA Accounting and Review Services Committee (ARSC) will provide a framework for performing and reporting on compilation and review engagements. The proposal, resulting from ARSC’s clarity project, also sets forth the meaning of certain terms used in Statements on Standards for Accounting and Review Services
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
From Staff Reports Three new standards the AICPA Accounting and Review Services Committee (ARSC) voted Thursday to propose would help practitioners clearly distinguish between preparation and reporting services. ARSC voted to expose for public comment proposals titled Preparation of Financial Statements, Compilation Engagements, and Association With Financial Statements. An exposure
A much awaited summary of provisional findings of the U.K. Competition Commission (CC) stated that companies are reluctant to change auditors because they have difficulty comparing alternatives with their existing auditor, prefer continuity, and face significant costs in switching auditors. In addition, the provisional findings, released Friday, stated that instead
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Getting leases in lineASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.