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AICPA’s Accounting and Review Services Committee Completes SSARS No. 21

As part of its four-year Clarity Project, the American Institute of Certified Public Accountants’ (“AICPA”) Accounting and Review Services Committee (“ARSC”) has finalized a document to reformat nearly all of the ARSC’s guidance with clarified versions. Expected to be released in the next two months, the standards will be published as Statement on Standards for Accounting and Review Services (SSARS) No. 21, Statement on Standards for Accounting and Review Services: Clarification and Recodification.

When SSARS No. 21 is published, the AICPA’s Accounting and Review Services sections will be labeled as AR-C Sections and eventually replace current AR Sections. Also to be added in SSARS No. 21 is AR-C Section 70, “Preparation of Financial Statements,” to the document’s compilation and review sections for guidance on preparing financial statements.

Meanwhile, the final portion of the Clarity Portion is AR Section 120, “Compilation of Pro Forma Financial Information”. The ARSC plans to release the document for comment next year.

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