Plain paper: gone but not forgotten.On October 13, 1997, the American Institute of CPAs accounting and review services committee (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 ) voted to withdraw Proposed Statement on Standards for Accounting and Review Services (SSARS SSARS Statements on Standards for Accounting and Review Services ), Assembly of Financial Statements for International Use Only, and concluded that CPAs should not be permitted to issue plain-paper financial statements. After years of debate, these committee decisions may seem to put an end to to destroy.
See also: End a contentious issue, but the problems plain-paper was supposed to address remain. (See "SSARS Hearing Yields No New Answers," JofA, Nov.97, page 13.) "Even the CPAs who didn't want plain-paper statements realized this," ARSC chairwoman Wanda Lorenz told the Journal. "The committee is starting with a clean slate Noun 1. clean slate - an opportunity to start over without prejudice
fresh start, tabula rasa
chance, opportunity - a possibility due to a favorable combination of circumstances; "the holiday gave us the opportunity to visit Washington"; "now is your chance" ."
According to Lorenz, ARSC may now expose for comment a draft statement the committee had approved but was holding until the plain paper issue was resolved. This statement covers CPAs who serve as controllers-for-hire for companies. "Those CPAs effectively become part of management and could find themselves reporting on their own assertions." She hopes the statement will clarify various controllership issues.
The committee also is considering drafting amendments or interpretations to SSARS that cover applicability and submissions, including the so-called inadvertent compilation. "When the AICPA AICPA
See American Institute of Certified Public Accountants (AICPA). first issued SSARS, firms and companies used computer processing services or an in-house mainframe for their accounting needs. Now, PCs have changed the accounting environment." She cited one CPA (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. who received financial statements from clients on disks, posted and adjusted items and sent them back. "She didn't realize you needed to do a compilation on the information on those disks. The medium doesn't matter."
At Journal press time, the committee was planning to meet again in December 1997.