Exposure Drafts, Comment Letters, and Statements of Position



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The first Statement on Standards for Accounting and Review Services (SSARS) , Compila-tion and Review of Financial Statements, was issued in December 1978. It provides guidance for reporting on unaudited financial statements of nonpublic entities . It is effective for reports on financial statements for periods ending on or after July 1, 1979. In light of these developments, the AICPA Auditing Standards Board is proposing the accompanying changes to existing AICPA pronouncements applicable to unaudited financial statements. The AICPA also plans to withdraw the publication Guide For Engagements of CPAs to Prepare Unaudited Financial Statements on July 1, 1979. The proposed SAS defines association as it is used in the fourth reporting standard and identifies the professional standards applicable when an accountant is associated with (1) the financial statements of a public entity or (2) a nonpublic entity's financial statements he has been engaged to examine in conformity with generally accepted auditing standards . It is not applicable to situations covered by SSARS No. 1. The proposed SAS also provides guidance for reports on comparative financial statements when only one period has been audited. A proposed Statement on Standards for Accounting and Review Services entitled Reporting on Comparative Financial Statements is also being exposed to provide guidance for reporting on comparative financial statements of a nonpublic company that have been compiled or reviewed.

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Financial statements -- United States -- Auditing


Accounting | Taxation


Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Proposed statement on auditing standards : Association with financial statements;Association with financial statements; Exposure draft (American Institute of Certified Public Accountants), 1979, May 31



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