Accounting and Review Services Committee issues new standards.The AICPA's Accounting and Review Services Committee has issued Statement on Standards for Accounting and Review Services No. 12, Omnibus Statement on Standards for Accounting and Review Services--2005 (No. 060650CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. 09). Statement on Standards for Accounting and Review Services No. 13, Compilation of Specified Elements, Accounts, or Items of a Financial Statement (No. 06065 ICPA ICPA Institute Communications and Public Affairs (Georgia Tech) ICPA International Chiropractic Pediatric Association ICPA International Corrections and Prisons Association (Ottawa, Ontario, Canada) 09), and Statement on Standards for Accounting and Review Services No. 14. Compilation of Pro Forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma Financial Information (No. 060652CPA09). SSARS SSARS Statements on Standards for Accounting and Review Services 12 amends SSARS No. 1 in various ways, including new requirements with respect to establishing an understanding with the client and communicating to management and others regarding fraud and illegal acts that may have occurred. It also amends SSARS No. 2 to provide guidance in circumstances where the successor accountant is engaged to report on a restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. adjustment with respect to prior-period financial statements that have been restated while indicating that a predecessor accountant reported on the financial statements of the prior period before restatement. SSARS 13 expands SSARS to apply when an accountant is engaged to compile or issues a compilation report on one or more specified elements, accounts, or items of a financial statement. SSARS 14 expands SSARS to apply when an accountant is engaged to compile or issues a compilation report on pro forma financial information. To obtain copies of SSARS 12, 13 or 14. contact the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). Service Center (see page 6: price each: $19 member/$23.75 nonmember). In addition to these new standards, the ARSC ARSC Arctic Region Supercomputing Center ARSC Association for Recorded Sound Collections ARSC Accounting and Review Services Committee ARSC Aircraft Repair and Supply Center (USCG) ARSC Arizona Remote Sensing Center also has issued updated illustrative engagement letters for compilation of financial statements, compilation of financial statements not intended for third-party use, and review of financial statements. It also issued illustrative engagement letters for compilation of specified elements, accounts, or items of a financial statement and compilation of pro forma financial information. Each of the illustrative financial statements are available at www.aicpa.org/members/ div/auditstd/technic_arsc.asp. |
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