CPAs and Advisors with Your Growth in Mind

AICPA’s Accounting and Review Services Committee to Meet in San Antonio

Beginning Tuesday, the American Institute of Certified Public Accountants’ (“AICPA”) Accounting and Review Services Committee will hold a three-day meeting in San Antonio, Texas. Topics expected to be covered include: Pro forma financial information and specified procedures; The proposed Statement on Standards for Accounting and Review Services (“SSARS”), Specified Procedures Engagements; The proposed SSRAS, Reference to the Work of Other Accountants in an Accountant’s Review Report and International Reporting Issues; and Additional guidance for SSARS engagements. Cherry Bekaert’s Melisa Galasso plans to be in attendance for part of next week’s meeting. The meeting materials and agenda are available on the AICPA website.

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Exposure Draft on SSARS 21 Section 90 Issued

The American Institute of Certified Public Accountants has proposed changes to Statements on Standards for Accounting and Review Services (“SSARS”) 21, Clarification and Recodification, AR-C section 90, Review of Financial Statements. Issued as the exposure draft, Proposed Statement on Standards for Accounting and Review Services, Amendment to Statement on Standards for Accounting and Review Services No. 21 Section 90, Review of Financial Statements, the proposal would amend paragraphs .05, .81-.82 and .A128-.A131 of AR-C section 90. Other changes proposed include clarifications to the “supplementary information” definition, and updates to the accountant’s reporting responsibilities when such information is part of the. Read More.

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AICPA Establishes Cybersecurity Resource Center

To help Certified Public Accountants manage cybersecurity risks among their clients and organizations, the American Institute of Certified Public Accountants (“AICPA”) has launched the Cybersecurity Resource Center. This new initiative aims to position CPAs as leaders that can share their expertise and provide advisory and assurance services focused on addressing risks linked to cybersecurity. More details on the Cybersecurity Resource Center can be found on the AICPA Web site.

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Exposure Draft of Proposed SSARS Published

The American Institute of Certified Public Accountants’ (“AICPA”) Accounting and Review Services Committee is currently accepting public comments for the exposure draft, Proposed Statements on Standards for Accounting and Review Services Compilation of Prospective Financial Information, Compilation of Pro Forma Financial Information, Omnibus Statement on Standards for Accounting and Review Services – 2016. The exposure draft contains the following proposed Statements on Standards for Accounting and Review Services (SSARS): Compilation of Prospective Financial Information. Compilation of Pro Forma Financial Information, which would replace AR section 120, Compilation of Pro Forma Financial Information(AICPA, Professional Standards). Omnibus Statement on Standards for Accounting. Read More.

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FinREC to Create Accounting Guide for Revenue Recognition Standards

Planned for a mid-2016 release, the American Institute of Certified Public Accountants’ (“AICPA”) Financial Reporting Executive Committee (“FinREC”) is working on an accounting guide for the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board’s (“IASB”) recently issued revenue recognition standards. The guide will assist accountants’ implementation of FASB’s Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, and the IASB’s IFRS 15, Revenue from Contracts with Customers. Additionally, the guide will offer insightful tips, examples and what high impact industries should consider when implementing the standards. There will also be sessions in all AICPA conferences and. Read More.

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