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Compilation and Review Developments - Compilation and Review Alert 2011/12
Description
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This Alert is intended to provide accountants with an update on common implementation issues regarding SSARS No. 19, Compilation and Review Engagements, and other current practice issues. This alert can also be used by an entity’s internal management to address areas of concern.
This alert provides information on recently issued and proposed professional standards affecting practitioners providing compilation and review services, including:
- SSARS No. 20, Revised Applicability of Statements on Standards for Accounting and Review Services
- SSAE No. 17, Reporting on Compiled Prospective Financial Statements When the Practitioner’s Independence Is Impaired
- Interpretation No. 17, “Required Supplementary Information That Accompanies Compiled Financial Statements,” of AR section 80
- Interpretation No. 11, “Required Supplementary Information That Accompanies Reviewed Financial Statements,” of AR section 90
- Proposed SSARS, The Use of the Accountant’s Name in a Document or Communication Containing Unaudited Financial Statements That Have Not Been Compiled or Reviewed
This alert also provides information on emerging issues and developments affecting compilation and review engagements, including:
- The new compilation reporting option when independence is impaired and the new compilation and review reporting requirements
- Designing and performing review procedures, including the effects of the current economic conditions on such procedures
- The disposition of interpretations to extant AR section 100
- Obtaining engagement letters
- Compilation and review engagements performed on personal financial statements
- Recent peer review findings related to compilations and reviews
- Current accounting and review services committee projects
- The SSARS Clarity Project
- Performing compilation engagements when the accountant is also performing management functions
- Consideration of international compilation and review standards
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Table of Contents
- How This Alert Helps You
- Economic Developments
- The Current Economic Crisis
- Government Intervention to Curtail the Economic Crisis
- Recently Issued SSARS
- Issuance of SSARS No. 18
- Recently Issued Compilation and Review Interpretations
of SSARSs
- Interpretation No. 31 of AR section 100
- Exposure Draft to Revise Standards for Compilation
and Review Engagements
- Current Status of the Proposed SSARS
- Current Practice Issues
- Determining Whether Financial Statements Have Been Prepared by the Accountant
- Engagement Letters
- Analytical Procedures in a Review Engagement
- Representation Letters
- Current Accounting and Reporting Issues
- Other Comprehensive Bases of Accounting Disclosures
- Accounting Issues and Developments
- FASB Statement No. 168
- FASB ASC
- Consolidation of Variable Interest Entities
- Accounting for Transfers of Financial Assets
- Subsequent Events
- Fair Value
- Other-Than-Temporary Impairment
- Accounting for Losses Due to Fraud
- Liquidity Restrictions
- Convergence With IFRSs
- Recent Accounting Pronouncements and Related Guidance for Nonpublic Companies
- Internal Control Issues and Developments
- Recent AICPA Independence and Ethics Pronouncements
- On the Horizon
- Compilation and Review Engagements Guide
- SSARS Pipeline
- Accounting Pipeline
- Other Accounting Projects
- Resource Central
- Publications
- AICPA reSOURCE: Accounting and Auditing Literature
- CPE
- Webcasts
- Member Service Center
- Hotlines
- Appendix—Additional Web Resources
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Excerpts
How This Alert Helps You
.01 This Compilation and Review Alert (alert) is designed to help you as you plan and perform your compilation and review engagements. This alert discusses recent Statements on Standards for Accounting and Review Services (SSARSs) developments, addresses emerging practice issues, and provides valuable information regarding current accounting developments.
.02 Certain accounting guidance referenced in this alert has been codified into the Financial Accounting Standards Board (FASB) Accounting Standards Codification™ (ASC). On June 30, 2009, FASB issued FASB Statement No. 168, The FASB Accounting Standards Codification™ and the Hierarchy of Generally Accepted Accounting Principles—a replacement of FASB Statement No. 162, which is codified in FASB ASC 105, Generally Accepted Accounting Principles.On the effective date of this statement, FASB ASC became the source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the Securities and Exchange Commission (SEC). At that time, FASB ASC superseded all then-existing, non-SEC accounting and reporting standards for nongovernmental entities. Once effective, all other nongrandfathered, non-SEC accounting literature not included in FASB ASC became nonauthoritative. See the discussion of FASB ASC in the "Accounting Issues and Developments" section of this alert.
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