The American Institute of CPAs has extended the deadline for comments on the significant changes it is proposing to professional standards.
The AICPA’s Professional Ethics Executive Committee is extending the original Aug. 31, 2012 deadline until Nov. 30 in order to provide AICPA members with additional time to comment.
The proposed revisions to Interpretation 101-3 — Nonattest Services would make clear that the preparation of financial statements is a nonattest service subject to the Interpretation’s requirements.
The AICPA’s Accounting and Review Services Committee has also agreed to extend the comment deadline to Nov. 30 on proposed revisions to Statements on Standards for Accounting and Review Services. The proposed changes would revise the objective of the compilation engagement and provide requirements and guidance when an accountant is associated with financial statements that were not subjected to a compilation, review or audit engagement.