Compilation and Review Standards

    Compilation and Review Standards 


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    Statements on Standards for Accounting and Review Services (SSARSs) are issued by the AICPA Accounting and Review Services Committee (ARSC), the senior technical committee of the AICPA designated to issue pronouncements in connection with the unaudited financial statements or other unaudited financial information of a nonpublic entity. AICPA Council has designated ARSC as a body to establish technical standards under Rule 202 of the Institute's Code of Professional Conduct.

    Interpretations are issued to provide guidance on the application of SSARSs. Interpretations are issued after all members of ARSC have been provided an opportunity to consider and comment on whether the proposed interpretation is consistent with SSARSs. An interpretation is not as authoritative as a SSARS, but members should be aware that they may have to justify a departure from an interpretation if the quality of their work is questioned.

    SSARS No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification, was issued in October 2014. SSARS No. 21 represents the AICPA’s Accounting and Review Services Committee's efforts to clarify and revise the standards for reviews, compilations, and engagements to prepare financial statements. SSARS No. 21 includes significant revisions that affect the standards for accountants in public practice who prepare financial statements for their clients.

    SSARS No. 21 is effective for reviews, compilations, and engagements to prepare financial statements for periods ending on or after December 15, 2015. Early implementation is permitted.

    Below are the standards and related interpretations that are current as of June 1, 2014.

    Original
    Standard
    No.

    Title & Synopsis Section in
    Professional
    Standards
    Interpretations (if applicable)

    SSARS No. 2 (as amended by SSARS Nos. 3, 4, 5, 7, 11, 12, 15, 17, and 19)

    Reporting on Comparative Financial Statements
    This section establishes standards for reporting on comparative financial statements of a nonissuer when financial statements of one or more periods presented have been compiled and reported on or reviewed in accordance with SSARS No. 19.

     

     

     

     

     

     

    AR sec. 200

    AR sec. 9200

     

    SSARS No. 3 (as amended by SSARS Nos. 5 , 7, 15, 17, and 19)

    Compilation Reports on Financial Statements Included in Certain Prescribed Forms
    This section provides for an alternative form of standard compilation report when the prescribed form or related instructions call for departure from generally accepted accounting principles.

    AR sec. 300

    AR sec. 9300

    SSARS No. 4 (as amended by SSARS Nos. 7, 9, 15, 17, and 19)

    Communications Between Predecessor and Successor Accountants
    This section provides guidance on communications between a predecessor and successor accountant when the successor accountant decides to communicate with the predecessor accountant regarding acceptance of an engagement to compile or review the financial statements of a nonissuer.

     

     

     

     

     

     

     

     

    AR sec. 400

    AR sec. 9400

     

    SSARS No. 6 (as amended by SSARS No. 19)

    Reporting on Personal Financial Statements Included in Written Personal Financial Plans
    This section provides provides an exemption from SSARS No. 19 for personal financial statements that are included in written personal financial plans prepared by an accountant.

     

     

     

     

     

     

     

     

    AR sec. 600

    AR sec. 9600

    SSARS No. 13 (as amended by SSARS Nos. 17 and 19)

    Compilation of Specified Elements, Accounts, or Items of a Financial Statement
    This section expands the standards 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.

     

     

     

     

     

     

     

     

    AR sec. 110

     

    SSARS No. 14 (as amended by SSARS Nos. 17 and 19)

    Compilation of Pro Forma Financial Information
    This section expands the standards to apply when an accountant is engaged to compile or issues a compilation report on pro forma financial information.

     

     

     

     

     

     

     

     

    AR sec. 120

     

    SSARS No. 19

    Framework for Performing and Reporting on Compilation and Review Engagements
    This section establishes a framework for the performance and reporting on compilation and review engagements.

    AR sec. 60

    Compilation of Financial Statements
    This section establishes standards and provides guidance on compilations of financial statements.

    AR sec. 80

    AR sec. 9080

    Review of Financial Statements
    This section establishes standards and provides guidance on reviews of financial statements.

    AR sec. 90

    AR sec. 9090

    SSARS No. 20

    Revised Applicability of Statements on Standards for Accounting and Review Services
    This section amends paragraph .01 of AR section 90 so that SSARSs do not apply when the provisions of SAS No. 100, Interim Financial Information, as amended by SAS No. 116, Interim Financial Information, and SAS No. 121, Revised Applicability of Statement on Auditing Standards No. 100, Interim Financial Information, apply.

    AR sec. 90


     

     

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    Accounting and Review Services Committee Overview

    Overview ARSC is an AICPA senior committee for compilations or reviews and is designated to issue pronouncements in connection with the unaudited financial statements or other unaudited financial information of nonpublic entities.
    Published on November 25, 2014

    ARSC Meeting Materials and Highlights

    Meeting Materials Meeting materials for meetings of the Accounting and Review Services Committee.
    Published on November 21, 2014

    AR section 9600

    Professional Standards This section includes all of the interpretations of AR section 600.
    Published on November 18, 2014

    AR section 600

    Professional Standards This section provides an exemption from AR section 100, as amended, for personal financial statements that are included in written personal financial plans prepared by an accountant.
    Published on November 18, 2014

    AR section 500

    Professional Standards Deleted, November 1992, by the issuance of SSARS No. 7.
    Published on November 18, 2014

    AR section 9400

    Professional Standards This section includes all of the interpretations of AR section 400.
    Published on November 18, 2014

    AR section 400

    Professional Standards This section provides guidance on communications between a predecessor and successor accountant when the successor accountant decides to communicate with the predecessor accountant regarding acceptance of an engagement to compile or review the financial statements of a nonissuer.
    Published on November 18, 2014

    AR section 9300

    Professional Standards This section includes all of the interpretations of AR section 300.
    Published on November 18, 2014

    AR section 300

    Professional Standards This section amends AR section 100 and AR section 200 to provide for an alternative form of standard compilation report when the prescribed form or related instructions call for departure from generally accepted accounting principles.
    Published on November 18, 2014

    AR section 9200

    Professional Standards This section includes all of the interpretations of AR section 200.
    Published on November 18, 2014

    AR section 200

    Professional Standards This section establishes standards for reporting on comparative financial statements of a nonissuer when financial statements of one or more periods presented have been compiled and reported on or reviewed in accordance with SSARS No. 1.
    Published on November 18, 2014

    AR section 120

    Professional Standards This section expands the standards to apply when an accountant is engaged to compile or issues a compilation report on pro forma financial information.
    Published on November 18, 2014

    AR section 110

    Professional Standards This section expands the standards 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.
    Published on November 18, 2014

    AR section 9090

    Professional Standards This section includes the interpretations of AR section 90.
    Published on November 18, 2014

    AR section 90

    Professional Standards This section establishes standards and provides guidance on reviews of financial statements.
    Published on November 18, 2014

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