New Standard for Review’s and Compilations, SSARS No. 19, is Effective for Statements after December 15, 2010

by

Via Journal of Accountancy

The AICPA’s Accounting and Review Services Committee issued Statement on Standards for Accounting and Review Services no. 19 in December, and it is effective for compilations and reviews of financial statements for periods ending on or after December 15, 2010.  The standard brings significant changes to compilation and review services, including the disclosure of reasons for lack of independence in a compilation report, and the separation of compilation and review guidance.

The AICPA’s Journal of Accountancy has prepared a great article explaining the new standard, including illustrations of the differences between the new and old standards here.

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