Accounting
AICPA Issues SSARS 24 to Address International Reporting Issues in Compilations and Reviews
Of most significance, SSARS No. 24 will create a new AR-C section 100 in AICPA Professional Standards to provide requirements and guidance for a CPA engaged to perform a compilation or review when:
Jun. 01, 2018
The AICPA Accounting and Review Services Committee has issued SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services—2018.
Of most significance, SSARS No. 24 will create a new AR-C section 100 in AICPA Professional Standards to provide requirements and guidance for a CPA engaged to perform a compilation or review when:
(a) the financial statements have been prepared in accordance with a financial reporting framework generally accepted in another country or,
(b) the compilation or review is to be performed in accordance with both SSARSs and another set of compilation or review standards.
SSARS No. 24 will also amend AR-C section 60, General Principles for Engagements Performed in Accordance With Statements on Accounting and Review Services, and AR-C section 90, Review of Financial Statements, to harmonize the requirements and guidance regarding the accountant’s consideration of going concern in a review of financial statements with the corresponding requirements and guidance in AU-C section 930, Interim Financial Information, and will preclude an accountant from referencing, in an accountant’s review report, the review or audit report of other accountants if such accountant’s report includes an alert that restricts the use of such report.
Practitioners should be aware an amendment to paragraph .39 of AR-C section 90, to make the requirements regarding the contents of the accountant’s review report consistent with the illustrative examples in exhibit C of AR-C section 90, is effective upon issuance.
All other provisions of SSARS No. 24 become effective for compilations and reviews of financial statements for periods ending on or after June 15, 2019. Early implementation is permitted.