The American Institute of CPAs’ Accounting and Review Services Committee has voted to issue an omnibus update to the Statement on Standards for Accounting and Review Services after tax season.

The AICPA said Monday that SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services—2018, will be issued in late May after busy season is over. It will be effective for compilations and reviews of financial statements for periods ending after June 15, 2019 except for one amendment that makes the requirements for the contents of the accountant’s review report consistent with some illustrative examples. That amendment will be effective when SSARS No. 24 is issued in May.

The committee determined the standards should include requirements and guidance when an accountant is engaged to perform a compilation or review of financial statements prepared in accordance with a financial reporting framework generally accepted in another country or in accordance with both SSARS and another set of compilation or review standards. It also decided to make some revisions to harmonize the requirements for the accountant’s consideration of an entity’s ability to continue as a going concern and to include a written representation about the disclosure of all information relevant to the use of the going concern assumption in the financial statements.

In addition, it identified some practice issues that accountants could encounter when using the work of other accountants as part of the accountant’s review of financial statements.

AICPA building in Durham, N.C.
AICPA building in Durham, N.C. Photo: AICPA

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Michael Cohn

Michael Cohn

Michael Cohn, editor-in-chief of, has been covering business and technology for a variety of publications since 1985.