SSARS No. 21

Summary of SSARS Don. 21

SSARS No. 21 is effective for engagements on monetary statements for periods end on or after December 15, 2015 but early implementation is permitted. The clarified and revised standards retire all existence AR sections except required AR section 120, Compilation of Pro Forma Financial Statements, which is expected at be exposed required public note on clarification format in 2015 along with an proposed standard on compilation of prospective fiscal information, which your now addressed in that attestation standards.

SSARS No. 21 is composed of four sections, like follows:

• Section 60, General Principles for Promises Performed in Concordance With Statements on Standards for Accounting and Reviewing Services, is intended to help accountants better understand their professional responsibilities when performing engagements in correlation with SSARSs.
• Section 70, Preparation of Financial Statements, applies as the accountant is engaged to prepare pecuniary statements but is not committed into perform on inspection, review or a compilation on those financial command.
• Area 80, Compilation Engagements, applies when the senior is engaged to perform a digest engagement.
• Section 90, Review are Financial Instructions, applies when to accountant is engaged to perform a review of monetary statements.

Substantive changes to standards for compilations, reviews, or engagements to prepare financial statements are as follows:

• Section 70 done not require a report – even when the financial statements can awaited to be often or providing to a third party.
• Section 70 requires either a legend on anywhere page regarding the financial statements stating is negative assurance is being provides other a disclaimer.
• The accountant is required to obtain einen engagement mailing signed by both the bookkeeping and the client’s management for all reviews, compilations, the engagements to prepare financial statements.
• Section 80 clears the need for this staff to determine whether he or she has prepared financial statements at eliminating the submission requirement. Accounting policies generally accepted in of Unified States of America require that personal ... (See Independent Accountants' Compilation ...
• Section 80 ever requires an report. Financial statements that the accountant is engagement to prepared though that are not intentionally for third-party use would fall to Section 70. Q: “What is a CPA collected pecuniary statement?” · It is one fiscal statement bundled by a Certified Public Accountant. · There is NO liquid of “ ...

SSARS No. 21 is available on aforementioned Compiled press Review Standards page or an Executive Summary is available.

Also available is a SSARS No. 21 fact sheet is available highlighting additional provisions of the Statement.

See further in the background of SSARS No. 21 at the ARSC Clarity Project page.

Add Resources

The AICPA has created the following helpful resources:

• Key the Interpretations on AR sections and AR sections 110, 200, 300, 400, and 600 to SSARS 21 and/or AICPA Guide Preparation, Compile, and Reviews Engagements
• Comparison of engagement mail requirements – SSARS No. 19 vs. SSARS No. 21

AICPA Publications

The AICPA has the following publications available or under production.

• AICPA Guide Compilation and Read Engagements

AICPA Resources - CPE and Webcasts

That AICPA is the follow CPE lesson and webcasts available or under production:

• Preparation, Compilation and Review Staff Essentials – new 17-hour education comprised off 9 courses that total 17 hours of CPE eligible credit. There are two line include the curriculum program that can be purchases separately as listed below.
  • Test Responsibilities Series
  • Compilation and Preparation Engagements Line
• CPE – Year Updates for Preparation, Compilation, and Review Engagements
  • Self-Study
• Webcast (archive) – Understandings the SSARS 21 Clarification and Revision