Codification of Statements on Standards for Accounting and Review Services

This 2016 edition includes the authoritative standards and interpretations applicable to preparation, compilation, and review engagements. These standards provide the requirements for practitioners performing these engagements.

Since the highly anticipated release of SSARS No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification, practitioners have been preparing for the most significant revisions to the nonaudit literature in over 35 years. SSARS No. 21 completely superseded all prior standards except for those pertaining to the compilation of pro forma financial information. The more significant changes attributed to SSARS No. 21 include:

• Introduction of a new type of engagement for practitioners to prepare financial statements in accordance with SSARSs
• Revisions to the applicability of the compilation engagement, moving away from being submission driven to engagement driven

This codification delivers SSARS No. 21 in the traditional codified format, complete with the following sections:

• AR–C Section 60, General Principles for Engagements Performed in Accordance With Statements on Standards for Accounting and Review Services
• AR–C Section 70, Preparation of Financial Statements
• AR–C Section 80, Compilation Engagements
• AR–C Section 90, Review of Financial Statements

New since the previous edition is Interpretation No. 1, "Considerations Related to Reviews Performed in Accordance With International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements," of AR–C section 90, Review of Financial Statements.

You′ll find that this codification is fully indexed and arranged by subject. The guidance (and related interpretations to the extent applicable) help you apply the standards in specific circumstances and clearly show amendments, deleted or superseded portions, and conforming changes due to the issuance of other authoritative guidance.

Who Will Benefit:

• Accountants performing preparation, compilation, or review engagements in accordance with SSARS