New compilation and review reporting requirements issued

May 24, 2018

New compilation and review reporting requirements issued

 

The AICPA Accounting and Review Services Committee issued a new standard Wednesday containing revised compilation and review reporting requirements.

The requirements are contained in Statement on Standards for Accounting and Review Services (SSARS) No. 24, Omnibus Statement on Standards for Accounting and Review Services — 2018.

Most significantly, SSARS No. 24 creates new AR-C Section 100 in the AICPA Professional Standards to provide requirements and guidance for an accountant engaged to perform a compilation or review when:

  • The financial statements have been prepared in accordance with a financial reporting framework generally accepted in another country, or
  • The compilation or review is to be performed in accordance with both SSARSs and another set of compilation or review standards.

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