Public hearing on SSARS no. 1.The controversial issue of so-called plain-paper financial statements -- "plain" because CPAs do not have to put their names on them -- is being reconsidered at a public hearing. The American Institute of CPAs accounting and review services committee will hold a public hearing titled "The Applicability of Statements on Standards for Accounting and Review Services (SSARS SSARS Statements on Standards for Accounting and Review Services ) and Plain-Paper Financial Statements." The hearing will address questions such as the following:* Can the applicability section of SSARS no. 1, Compilation and Review of Financial Statements, be clarified to help CPAs figure out when they have to compile To translate a program written in a high-level programming language into machine language. See compiler. financial statements? * Should SSARS no. 1 be revised to exempt CPAs from having to compile financial statements in certain types of situations? * Should CPAs be permitted to issue plain-paper financial statements? The hearing is related to the proposed modification of SSARS no. 1, titled Assembly of Financial Statements for Internal Use Only. Judith M. Sherinsky, technical manager, American Institute of CPAs audit and attest To solemnly declare verbally or in writing that a particular document or testimony about an event is a true and accurate representation of the facts; to bear witness to. To formally certify by a signature that the signer has been present at the execution of a particular writing so as standards, told the Journal the assembly exposure draft raised a number of practice problems indicating that SSARS no. 1 may need to be clarified or amended. (For more information on the assembly ED, see "Internal-Use Only Questionnaire Examined," JofA, Sept. 96, page 18.) The public hearing will be held August 27-28 at the Rosemont Convention Center in Rosemont, Illinois Rosemont is a village in Cook County, Illinois, founded in 1956. The population was 4,224 at the 2000 census. Geography Rosemont is located at (41.990730, -87.873816)GR1. , a mile and a half from Chicago's O'Hare airport. Those wishing to speak at the hearing should submit an outline of their remarks by August 8 to Judith Sherinsky, AICPA AICPA See American Institute of Certified Public Accountants (AICPA). , Audit and Attest Standards, 11211 Avenue of the Americas, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York 10036-8775. Outlines also can be e-mailed to jsherinsky@aicpa.org. Participants will have 10 minutes each to present their views. A paper describing the issues to be addressed at the hearing can be requested from Sherinsky or by calling 201-938-3787 (the AICPA faxback system) and selecting document no. 1991. Those interested in attending also will find another reason to make the trip: The Illinois 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. Society will be the host of the Midwest Accounting and Business Show at the Rosemont Convention Center August 26-28. The theme this year is Business and Technology Solutions. Call the Illinois CPA Society at 312-993-0407 for details, or visit the society on the Web at http://www.icpas.org. |
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