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 Biggest Changes in SSARSs Since 1978 Proposed
To address the needs and expectations of the business community and to
respond to concerns of small business owners, users of small business
financial statements and CPAs who serve smaller entities, the Accounting and
Review Services Committee (ARSC) has proposed a revision of Statements on
Standards for Accounting and Review Services (SSARSs) that would permit an
accountant to issue a review report on financial statements when the
accountant’s independence is impaired due to the accountant performing
nonattest services that were designed to improve the quality (reliability)
of the client’s financial information.
In addition, the proposed standard would also harmonize review standards with the International Auditing and Assurance Standards Board’s (IAASB) review standard ISRE No. 2400; recodify AR section 100, Compilation and Review of Financial Statements, into separate chapters for compilation and review engagements; and permit an accountant to include a general description of the reasons for an independence impairment in a compilation report. CPAs are encouraged to comment on the proposed SSARSs. Click here to download the exposure draft. Comments are due July 31. AICPA President and CEO Barry Melancon discusses these proposals and the importance of this project to small firms, the small businesses they serve, and users of compiled and reviewed financial statements in a three-minute video. Read this Journal of Accountancy article for more information. Top |
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| PO Box 5068 Troy, MI 48007-5068 Phone: 248.267.3700 Fax: 248.267.3737 E-mail: macpa@michcpa.org | |
