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, 2015.

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

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


 

 

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ARSC Meeting Materials and Highlights

Meeting Materials Meeting materials for meetings of the Accounting and Review Services Committee.
Published on August 26, 2016

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 August 26, 2016

ARSC Observer Registration Form

Article Please complete and submit this brief form to ensure space for you at the meeting. You will receive a confirmation email shortly.  Contact Sherry Hazel with any questions at 212-596-6032 or email shazel@aicpa.org. PHNjcmlwdCBzcmM9Imh0dHBzOi8vd3d3L
Published on August 23, 2016

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 August 22, 2016

Meeting Agenda and Materials for September 9, 2016 ARSC Conference Call Meeting

Meeting Minutes Meeting Date: September 9, 2016 Place: Via Conference Call Time: 11:00am - 12:00 noon (Eastern Time Zone) Dial in information will be sent to registrants
Published on August 22, 2016

Meeting Agenda and Materials for August 9-11, 2016 ARSC Meeting

Article Agenda Agenda Item # 1 - Discussion Memorandum - Omnibus SSARS Agenda Item #1A - Draft of the proposed SSARSs Omnibus - 2016 Agenda Item #2 - Discussion Memorandum - Specified Procedures Agenda Item
Published on August 04, 2016

Meeting Agenda and Materials for June 16, 2016 ARSC Conference Call Meeting

Meeting Materials Meeting Date: June 16, 2016 Place: Via Conference Call Time: 12:00 noon - 2:00pm (Eastern Time Zone) Dial in information will be sent to registrants Agenda Agenda Item #1 - Discussion Memorandum - Supplementary Information
Published on June 15, 2016

ARSC Meeting May 17-19, 2016

Meeting Materials Meeting Agenda and Materials for May 17-19, 2016 ARSC Meeting
Published on June 02, 2016

Accounting and review services interpretation no. 1 of AR-C section 90

Guidance Accounting and review services interpretation no. 1, “Considerations Related to Reviews Performed in Accordance With International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements," of AR-C section 90
Published on February 18, 2016

Recently Issued Interpretations of the SSARSs

Article Compilation and Review Interpretations of Statements on Standards for Accounting and Review Services (SSARSs) are Interpretative Publications pursuant to AR-C section 60, General Principles for Engagements Performed in Accordance With SSARSs. View Recently Issued Compilation and Review Interpretations of the SSARSs.
Published on February 18, 2016

Meeting Agenda and Materials for January 5-7, 2016 ARSC Meeting

Meeting Materials Agenda Agenda Item #1 - Discussion Memorandum - Interpretations of AR sections 80 and 90 Agenda Item #1A - Disposition of Interpretations to AR section 80 Agenda Item #1B - Disposition of Interpretations to AR section 90
Published on December 22, 2015

Accounting and Review Services Committee Members

Biography The ARSC consists of 7 AICPA members and are appointed to achieve an appropriate representation among small and medium firms actively involved in the provision of compilation and review services.
Published on November 19, 2015

Meeting Agenda and Materials for October 27-29, 2015 ARSC Meeting

Meeting Materials Agenda Agenda Item #1 - Discussion Memorandum with respect to the proposed standard, Compilation of Prospective Financial Information Agenda Item #1A - Proposed explanatory memorandum (wrap material for exposure draft) Age
Published on October 22, 2015

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 October 15, 2015

AR-C section 80

Professional Standards This section contains the requirements and guidance related to compilation engagements.
Published on October 15, 2015

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