The American Institute of CPAs’ Accounting and Review Services Committee has issued three proposed Statements on Standards for Accounting and Review Services, or SSARS, related to prospective and pro forma financial information.

One of the proposed SSARS, “Compilation of Prospective Financial Information,” would move and change some of the requirements and guidance for compilations of prospective financial information from the Statements on Standards for Attestation Engagements to the SSARSs literature.

Another proposed SSARS, “Compilation of Pro Forma Financial Information,” would clarify and supersede AR section 120 of the same title.

The third proposed SSARS, “Omnibus Statement on Standards for Accounting and Review Services—2016,” would amend various existing SSARS literature to incorporate the concepts and provisions of the first two proposals as well as to require that the accountant follow AR-C section 70, Preparation of Financial Statements, when engaged to prepare prospective financial information but not engaged to perform a compilation, examination, or agreed-upon procedures engagement with respect to that prospective financial information.

The proposals are open for comment through May 6, 2016. Comments may be forwarded toAICPA senior technical manager Mike Glynn at mglynn@aicpa.org.

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