NEW YORK (Dec. 9, 2010) —As the Dec. 15 effective date of several new standards rapidly approaches, the American Institute of Certified Public Accountants is providing accountants with an updated source containing all current AICPA standards so they can stay up to date on the rules governing the profession and better serve their clients
“Every member in public practice has a responsibility to stay current with respect to new audit, attestation, compilation and review standards that impact how they deliver those services to their clients,” said Arleen Thomas, AICPA senior vice president for member competency and development. “CPAs need to be aware of recent changes to comply with professional standards.”
The updated AICPA Professional Standards contains authoritative guidance in a single reference source, including five new standards with pending effective dates. The following new standards will be effective this month:
· SSARS No. 19, Compilation and Review Engagements (AR sections 60, 80 and 90)
· SAS No 118, Other Information in Documents Containing Audited Financial Statements (AU section 550)
· SAS No. 119, Supplementary Information in Relation to the Financial Statements as a Whole (AU section 551)
· SAS No. 120, Required Supplementary Information (AU section 558)
An additional standard - SSAE No. 16, Reporting on Controls at a Service Organization (AT section 801) - is effective for reporting periods ending on or after June 15, 2011.
Early adoption is permitted for certain standards.
AICPA Professional Standards is available for purchase in both online (frequently updated) and paperback formats (annual edition).