The Tax & Accounting business of Thomson Reuters has released a revised edition of PPCs Guide to Compilation & Review Engagements to help practitioners comply with recent accounting standards.
The 2010 revised guide, and related Checkpoint Tools, provides the information needed to comply with the AICPA Accounting and Reviews Services Committees Statement on Standards for Accounting & Review Services No. 19. SSARS 19 establishes a more detailed framework for performing and reporting on compilation and review engagements. It is effective for periods ending on or after Dec. 15, 2010.
The PPC guide includes engagement and management representation letters; accountants reports; procedure checklists to ensure the new documentation requirements are efficiently met; sample financial statements and financial statement disclosures; and discussions to help in understanding the new requirements.
As a result of SSARS 19, practitioners are facing the most significant changes to the AICPAs compilation and review standards since their inception in 1978, said Chas McElroy, a member of the AICPAs Accounting & Review Services Committee, executive principal with LarsonAllen, and contributing author of PPCs Guide to Compilation & Review Engagements. The 2010 edition of this guide has all the practice aids and new report examples our professionals need and is a must-have to reduce risk of noncompliance with this new standard.
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