The Law Offices of Eric J. Wexler, CPA
The Law Offices of  Eric J. Wexler, CPA

New Compilaiton and Review Rules Issued.  SSARS No. 21.

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:


  • Replacement of ALL existing compilation and review standards (except one) with new standards.
  • Introduction of a new preparation engagement under which an accountant may prepare financial statements and issue them to a client or third party without a report.  
  • Changes to existing standards in order to make the preparation of financial statements a non-attest service that is separate from a compilation, review or audit engagement.
  • Changes to the compilation report and engagement letter for a compilation engagement.
  • Changes to the review report, engagement letter and management representation letter for a review engagement.
  • Clarification of some of the compilation and review standards consistent with the simplifying changes that were made to auditing standards in 2012.


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.  

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