The American Institute of CPAs is broadening the range of services to which its Statements on Standards for Accounting and Review Services apply, covering not only reviews of financial statements, but also preparation of financial statements and compilation of prospective financial information.
A new standard from the AICPA’s Accounting and Review Services Committee, SSARS No. 23, expands the subject matter to which the standards apply.
The main changes will allow SSARS to be applicable to engagements performed on certain subject matter other than financial statements. Those include preparation of financial statements and compilation of prospective financial information.
SSARS No. 23 will take effect for prospective financial information prepared on or after May 1, 2017, and compilation reports dated on or after May 1, 2017.