Academic journal article Journal of Accountancy

Public Hearing on SSARS No. 1

Academic journal article Journal of Accountancy

Public Hearing on SSARS No. 1

Article excerpt

The controversial issue of so-called plain-paper financial statements -- "plain" because CPAs do not have to put their names on them -- is being reconsidered at a public hearing. The American Institute of CPAs accounting and review services committee will hold a public hearing titled "The Applicability of Statements on Standards for Accounting and Review Services (SSARS) and Plain-Paper Financial Statements." The hearing will address questions such as the following:

* Can the applicability section of SSARS no. 1, Compilation and Review of Financial Statements, be clarified to help CPAs figure out when they have to compile financial statements?

* Should SSARS no. 1 be revised to exempt CPAs from having to compile financial statements in certain types of situations?

* Should CPAs be permitted to issue plain-paper financial statements?

The hearing is related to the proposed modification of SSARS no. 1, titled Assembly of Financial Statements for Internal Use Only. Judith M. Sherinsky, technical manager, American Institute of CPAs audit and attest standards, told the Journal the assembly exposure draft raised a number of practice problems indicating that SSARS no. 1 may need to be clarified or amended. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.