I’m in the process of writing and rewriting a series of CPE courses on compilations, reviews, and preparation services. These courses will describe the changes made from SSARS #21, which is a major rewrite of the comp and review rules.
These courses will be a major overhaul of what I wrote three years ago for CCH.
Stay tuned for more info as the courses become available.
Here’s the courses on SSARS 19 I wrote or updated: Read the rest of this entry »
The effective date of each section of SSARS #21 is for financial statements for periods ending on or after December 15, 2015.
On a practical basis, for most accountants that means your clients with fiscal years ending December 31, 2015 will be the first set of reports for which you must apply SSARS 21. I have to simplify effective dates to keep them straight, so here goes: SSARS 21 applies for 12/31/15 balance sheets.
That means you will need to apply SSARS 21 for work performed in early 2016 on 12/31/15 financials.
Early implementation allowed
Yes, today is 12/13/14.
Turns out that will be the last time we see sequential dates until the next century. In January 2103 to be precise. That would be 01/02/03.
Couple of years ago we saw 12/12/12. Won’t see another one of those until 01/01/01 (that would be 2101).
Hat tip to the following tweeter: Read the rest of this entry »
Gotta’ love the drawing of a seated Doberman with a wondering look on his face as he stares at a trail of muddy feline paw prints. Staring around helpless are three other dogs. The befuddled watchdog has a tag labeled “PwC” in case you hadn’t yet caught the point.
The previous drawing was of an overfed cat in a three-piece suit helping himself to a bag of cash from a safe as four dogs snoozed in front of the safe. Said dogs have a tag identifying each as a member of the Big 4.
If you are an auditor, you really should get a fresh cup of coffee and check out The Economist’s discussion of The dozy watchdogs. Will let you see what non-accountants think of the profession (not too much) and the job the big firms are doing (not so great).
Yeah, there is a problem
Check out Remarks before the 2014 AICPA National Conference on Current SEC and PCAOB Developments - The SEC Chief Accountant, James Schnurr spoke to the AICPA conference.
I don’t know how to read between the lines of a prepared speech from a senior official. My simplistic reading of the comments suggests that he has been asked to look at the IFRS issue again to see if there is any way to move forward or else close the door completely.
A few links and comments of interest to auditors. - The corpse of IFRS is looking more like a vampire. There are little muscle twitches, suggesting it isn’t fully dead.
12/3 – Edith Orenstein at FEI Daily – SEC Chief Accountant Has Fourth Alternative on IFRS – The Chief Accountant is considering a fourth option, following the options of 1) surrendering all standard setting authority to IFRS, 2) giving option to everyone to file with IFRS, and 3) ‘condorsement’, aka convergadoption ™ .
In case anyone is interested, jail time is over for Bryan Shaw, the golfing buddy and inside trader buddy of Scott London, formerly CPA, formerly partner at KPMG, currently resident of federal housing on the coast of California.