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 SSARS No. 21 completely superseded all prior standards except for those pertaining to the compilation of pro forma financial information.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:
This codification delivers SSARS No. 21 in the traditional codified format, complete with the following sections:
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the extent applicable) help you apply the standards in specific circumstances and clearly show amendments, deleted or superseded portions, and conforming changes due to the issuance of other authoritative guidance.
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All the requirements for a preparation, compilation, or review engagement, all in one place
Seeking requirements for performing engagements in accordance with Statements on Standards for Accounting and Review Services (SSARS)? We've got you covered in this updated edition, which includes the authoritative standards and interpretations applicable to preparation, compilation, and review engagements.
The guidance and related interpretations will help you apply the standards in specific circumstances. The codification also clearly shows amendments, deleted or superseded content, and conforming changes due to the issuance of other authoritative guidance.
New standard on materiality and increased convergence with other standards
The codification contains all SSARSs, including SSARS No. 21, which is now effective, through SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions.
SSARS No. 25 further converges AR-C section 90 with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements, and minimizes differences with the auditing standards regarding concepts that are consistent regardless of the level of service performed on the financial statements.