Exposure Drafts of Proposed Statements on Standards for Accounting and Review Services
The Accounting and Review Services Committee (ARSC) develops and issues standards in the form of Statements on Standards for Accounting and Review Services. The ARSC utilizes a process that includes deliberation in meetings open to the public, public exposure of proposed statements, and a formal vote. Exposure drafts of these statements are issued by the AICPA to invite public comment before a final pronouncement is issued. The public exposure time varies depending on the complexity of the issue and the circumstances surrounding the need for a new standard. A file containing drafts of proposed pronouncements, comment letters received during public exposure periods, and summaries of research data is retained for 10 years.