AICPA issues SSARS EDs.

The Institute's Accounting and Review Services Committee (ARSC) released three exposure drafts (EDs) (www.aicpa.org/members/div/auditstd/drafts.asp). Compilation of Specified Elements, Accounts, or Items of a Financial Statement and Pro Forma Financial Information, if adopted, will expand the applicability of Statements on Standards for Accounting and Review Services (SSARS), which now pertain only to financial statements. This statement would permit accountants to compile or review certain information--that is not a financial statement--in accordance with SSARS and would be effective for engagements entered into after December 15, 2005. Restricting the Use of an Accountant's Compilation or Review Report, if issued as final, will define the terms general use and restricted use, provide guidance on language permitted in--and restrictions on the use of--reports issued pursuant to SSARS and will take effect upon issuance. Omnibus Statement on Standards for Accounting and Review Services-2005, if issued, will amend certain provisions of SSARS no. 1, Compilation and Review of Financial Statements, and SSARS no. 2, Reporting o, Comparative Financial Statements, and will be effective for compilations and reviews of financial statements for periods ending on or after December 15, 2005. Send comments on the EDs by June 10, 2005 to [e-mail].