Samuel R Baker CPA, CFP®
1-847-478-9901 Serving Northern Illinois
318 Half Day Rd #288, Buffalo Grove IL 60089
AICPA brings accounting and review standards into the 21st century
November 6, 2014
The American Institute of Certified Public Accountants (AICPA) has issued Statement on Standards for Accounting and Review Services (SSARS) No. 21. Some analysts say this update is the biggest change to the accounting and review standards since they were issued more than 35 years ago..
Accounting and review standards clarified
SSARS 21 uses the reference “AR-C” to distinguish the clarified accounting and review standards from the old (“AR”) ones. For instance, AR-C 60, General Principles for Engagements Performed in Accordance With Statements on Standards for Accounting and Review Services,provides an overview to clarify accountants’ professional responsibilities when performing preparation, compilation and review engagements. As CPA firms implement SSARS 21 during the next year, they’ll follow three other clarified standards, listed in ascending order of ssurance each service level provides: 1) AR-C 70, Preparation of Financial Statements, 2) AR-C 80, Compilation Engagements,and 3) AR-C 90, Review of Financial Statements.
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