General ArticlesTim Arter

AICPA Standards Change

By November 5, 2014 January 21st, 2020 No Comments

In August 2014, the AICPA Accounting and Review Services Committee (ARSC) approved clarified and revised standards for reviews, compilations, and engagements to prepare financial statements. The standards will be issued in 2014 fourth quarter, effective for periods ending on or after December 15, 2015, with early implementation permitted.

The standards provide clarity and revision on:

  1. When the accountant is engaged to prepare financial statements, but is not engaged to perform an audit, review, or compilation on those financial statements.
  2. Guidance when an accountant is engaged to perform a compilation engagement on financial statements, including compilation report requirements.
  3. Review engagement requirements.

For a brief article by the AICPA on related topics click here or contact Timothy Arter at (231) 726-5820.

Leave a Reply