In October 2014, Statements on Standards for Accounting and Review Services: Clarification and Recodification, was issued. SSARS No. 21 represents the AICPA's Accounting and Review Services Committee's efforts to both clarify and revise the standards for reviews, compilations, and engagements to prepare financial statements. SSARS No. 21 includes significant revisions that affect the standards for accountants in public practice who prepare financial statements for their clients.
SSARS No. 21 is effective for reviews, compilations, and engagements to prepare financial statements for periods ending on or after December 15, 2015. Early implementation is permitted.
SSARS 21 includes the following:
If your lender requires a compilation or review, contact us to find out how the new compilation and review rules of SSARS No. 21 may affect you.