Exposure Drafts, Comment Letters, and Statements of Position
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Description
An exposure draft of a proposed Statement on Standards for Accounting and Review Services, entitled Reporting on Personal Financial Plans accompanies this letter. SSARS 1 requires, as a minimum that an accountant comply with the standards established for compilation services whenever they submit a financial statement to their client or others. Increasingly, accountants are providing comprehensive personal financial planning services to clients which may include personal financial statements, supplementary explanatory information and prospective financial information. Often personal financial plans present financial information on transactions which may be historical, pro forma or prospective. This information is often interspersed through narrative material and recommendations, which taken as a whole, comprises the overall personal financial plan. Some accountants assert that users of personal financial plans understand the nature, limitations, and objectives of a personal financial plan and that financial statements are incidental to the preparation of the plan. Given those assertions, applying SSARS would require some unusual considerations.
Publication Date
1985
Relational Format
Book
Keywords
Financial statements -- United States; Finance, Personal -- United States -- Accounting -- Standards
Disciplines
Accounting | Taxation
Recommended Citation
American Institute of Certified Public Accountants. Financial Planning Task Force and American Institute of Certified Public Accountants. Accounting and Review Services Committee, "Proposed statement on standards for accounting and review services : reporting on personal financial plans;Reporting on personal financial plans; Exposure draft (American Institute of Certified Public Accountants), 1985, March 4" (1985). Exposure Drafts, Comment Letters, and Statements of Position. 480.
https://egrove.olemiss.edu/aicpa_sop/480
Comments
Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.