ARSC Issues Omnibus SSARS to Amend AR-C Sections
The AICPA’s Accounting and Review Services Committee has issued Statement on Standards for Accounting and Review Services (SSARS) No. 23, Omnibus Statement on Standards for Accounting and Review Services—2016, to amend AR-C section 60, General Principles for Engagements Performed in Accordance With Statements on Accounting and Review Services; AR-C section 70, Preparation of Financial Statements; AR-C section 80, Compilation Engagements; and AR-C section 90, Review of Financial Statements (AICPA, Professional Standards). The most significant amendments result SSARSs being applicable to engagements performed on certain subject matter other than financial statements. Preparation of financial statements and compilation of prospective financial information are now covered by AR-C sections 70 and 80, respectively. SSARS No. 23 is effective upon issuance except for the amendments to AR-C sections 70 and 80 with respect to prospective financial information that are effective for prospective financial information prepared on or and after May 1, 2017, and for compilation reports on prospective financial information dated on or after May 1, 2017, respectively.