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For accountants in public practice who prepare financial statements, SSARS No. 21 represents the most significant changes to the professional standards in decades. SSARS No. 21 draws a bright line between accounting (preparation) and reporting (compilation and review) services. This toolkit will help you transition to SSARS No. 21, which is effective for periods ending on or after December 15, 2015.
Navigate the Toolkit Resources
NEW! Download all of the toolkit resources in one zip file. Once you’ve downloaded all the resources, start with the Implementation Checklist as a guide to the toolkit resources.
- Implementation Checklist – Start here and use this document to guide you through the rest of the toolkit.
Learning and Training Resources
- Exploring SSARS No. 21: A Look at Preparation, Compilation and Review Services – This guide provides insight into the key requirements and significant changes required by SSARS No. 21 and helps you apply the new standard in your practice.
- Frequently Asked Questions – The Center for Plain English Accounting is providing these helpful answers to common questions from practitioners regarding the application of SSARS No. 21.
- Staff Training Powerpoint – Use this template to get your staff up-to-speed and discuss how your firm is implementing SSARS No. 21.
- List of Available Illustrative Engagement Letters - Use this list to locate illustrative engagement letters to help you ensure your engagement letters are updated for SSARS No. 21.
Evaluate the Impact on Your Clients
- SSARS No. 21 Engagement Evaluation Tool – Use this excel spreadsheet to plan and document your discussions with each client regarding the impact of SSARS No. 21 on their engagement.
Communicate with Clients
Educating your clients about changes in engagement letters, financial statement reporting and more is a key part of transitioning to SSARS No. 21. Use these customizable resources to educate and communicate in advance. You’ll find an opportunity to strengthen your relationships and build your role as a strategic client adviser.
- Guide to Financial Statement Services: Compilation, Review and Audit (co-brandable) - Easily explain the financial statement services you provide, including, the levels of assurance associated with compilation, review and audit. The Guide has been formatted to print as a document, booklet or brochure to help you engage your target audience. The different formats are available below:
In addition to these brochures, you can present to small business audiences on the Guide to Financial Statement Services: Compilation, Review and Audit using this PowerPoint Presentation.
- New interpretation addresses reviews performed under SSARSs and another set of standards - Accounting and Review Services Interpretation No. 1 to AR-C Section 90 clarifies a permissible reporting convention when a review is performed in accordance with SSARSs and with another set of review standards.