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SSARS 21: The Newest Thing in Compilation and Review 4173110G
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The Accounting and Review Services Committee recently issued SSARS 21 which dramatically changes the world of the practitioner providing services for nonpublic clients. In addition to compilations or reviews, the CPA has the option of performing an engagement to prepare financial statements-a nonattest service that does not require a report. In addition, the reporting requirements for compilations and reviews have changed.

 Export to Your Calendar 1/31/2018
When: 9:30 AM to 5:30 PM
Where: Webinar/Webcast
United States
Presenter: Mark E. Dauberman, CPA
Contact: April Deneault
801-466-10928


Online registration is available until: 1/31/2018
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Curriculums:   Accounting and Financial Statements,Auditing,Business and Industry,Finance, Financial Management. and Controllership

NASBA Credit Category:  Accounting

CPE Hours:  8

Description

The Accounting and Review Services Committee recently issued SSARS 21 which dramatically changes the world of the practitioner providing services for nonpublic clients. In addition to compilations or reviews, the CPA has the option of performing an engagement to prepare financial statements—a nonattest service that does not require a report. In addition, the reporting requirements for compilations and reviews have changed.

Discuss these changes, understand the new preparation engagement and gain guidance on how to determine which engagement is most appropriate. Review the requirements for each engagement with an emphasis on best practices.

Finally, ARSC recently issued exposure drafts to re-draft provisions related to compilations of pro forma financial information that also move the standards related to compilation of prospective financial information from the attestation standards to the Statements on Standards for Accounting and Review Services. Changes to those requirements and the implications of the exposure drafts will be addressed.

Materials are provided as an ebook.



Major Subjects

  • Performance of the new preparation engagement and determining when it is appropriate.
  • Compilation and review reports that conform to the new standards.
  • Effects of performing a preparation engagement on the CPA’s independence.

Objectives

  • Identify the most appropriate type of financial statement engagement to perform for a nonpublic client, which may be a preparation engagement, a compilation or a review.
  • Recognize when a preparation engagement is appropriate, how it will be performed and how to complete the documentation to ensure standards are in compliance.
  • Recall modifications to the compilation and review reports and provide guidance as to when standard and modified reports are most appropriate.
  • Determine the implications on the CPA’s independence when performing a preparation engagement for a client for which the CPA also performs compilations, reviews or audits.

Level:  Overview

Designed For

Anyone who is either responsible for performing a preparation, compilation or review engagement, as well as anyone who may participate on an engagement team, and owners or managers of nonpublic entities to enable them to determine the level of financial statement service they should be requesting from their CPA.

Advanced Prep:

None.

Prerequisite

None.

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