Compilation and Review Standards

Preparation, 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 an entity that is not required to file financial statements with a regulatory agency in connection with the sale or trading of its securities in a public market. AICPA Council has designated ARSC as a body to establish technical standards under the "General Standards Rule" (ET sec. 1.310.001) and the "Compliance With Standards Rule" (ET sec. 1.300.001) 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, 2016.

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

 

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

 

SSARS No. 21

General Principles for Engagements Performed in Accordance With Statements on Standards for Accounting and Review Services
This section includes the general principles for engagements performed in accordance with SSARSs.

AR-C sec. 60

Preparation of Financial Statements
This section contains the requirements and guidance related to engagements to prepare financial statements.

AR-C sec. 70

Compilation Engagements
This section contains the requirements and guidance related to compilation engagements.

AR-C sec. 80

Review of Financial Statements
This section contains the requirements and guidance related to review engagements and is essentially a clarity redraft of the review literature in SSARS No. 19, with few changes.

AR-C sec. 90

AR-C sec. 9090


 

 

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AR-C section 90

Professional Standards This section contains the requirements and guidance related to review engagements and is essentially a clarity redraft of the review literature in SSARS No. 19, Compilation and Review Engagements, with few changes.
Published on July 21, 2017

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 July 14, 2017

ARSC Meeting Materials and Highlights

Meeting Materials Meeting materials for meetings of the Accounting and Review Services Committee.
Published on June 06, 2017

Meeting Agenda and Materials for May 9-11, 2017 ARSC Meeting

Meeting Materials Agenda Proposed Revisions to AIRSICK Operating Policies document - to be approved at May 2017 ARSC meeting Agenda Item #1 - Discussion Memorandum - Selected Procedures Agenda Item #1A - Proposed AT-C section 105,
Published on May 09, 2017

Meeting Agenda and Materials for January 17-19, 2017 ARSC Meeting

Meeting Materials Agenda Agenda Item #1 - Discussion Memorandum - International Reporting Issues Agenda Item #1A -Draft proposed SSARS Considerations for Compilations and Reviews of Financial Statements Prepared in Accordance With a Financial Re
Published on May 03, 2017

Preparation, Compilation and Review Standards

Overview Statements on Standards for Accounting and Review Services (SSARSs) are issued by the AICPA Accounting and Review Services Committee (ARSC), learn more about 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.
Published on March 24, 2017

AR section 9080

Professional Standards This section includes interpretations of AR section 80.
Published on February 08, 2017

AR-C Section 9090

Professional Standards Review of Financial Statements: Accounting and Review Services Interpretation of Section 90
Published on February 08, 2017

AR-C section 80

Professional Standards This section contains the requirements and guidance related to compilation engagements.
Published on February 08, 2017

AR-C section 70

Professional Standards This section contains the requirements and guidance related to engagements to prepare financial statements.
Published on February 08, 2017

AR-C section 60

Professional Standards This section includes the general principles for engagements performed in accordance with SSARSs
Published on February 08, 2017

AR section 9600

Professional Standards This section includes all of the interpretations of AR section 600.
Published on February 06, 2017

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 February 06, 2017

AR section 500

Professional Standards Deleted, November 1992, by the issuance of SSARS No. 7.
Published on February 06, 2017

AR section 9400

Professional Standards This section includes all of the interpretations of AR section 400.
Published on February 06, 2017

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