Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Posts Tagged ‘SSARS 21

Effective date of SSARS #21 and ideas on how to use the early implementation option

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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

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Written by Jim Ulvog

December 15, 2014, 7:15 am at 7:15 am

Page count for SSARS 21

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Another thing you may enjoy about SSARS 21 is the slim size.

The full document is 157 pages long, but of that the front matter is 6 pages and the contents listing takes up 7 pages.

Section 60, General Principles, is 18 pages long including 2 pages of exhibits. So that is 16 pages of text. Read the rest of this entry »

Written by Jim Ulvog

October 31, 2014, 9:31 am at 9:31 am

Sample accountant’s review report for SSARS 21

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The accountant’s report for a review engagement has been revised by SSARS 21. Here is an example of the standard report and then a modification of the standard report.

Copy and paste at your risk.

Illustrative comparative review report

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Written by Jim Ulvog

October 29, 2014, 8:35 am at 8:35 am

Video overview of SSARS 21

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The AICPA has a great five-minute video providing an intro to SSARS 21.

Check out:

http://bcove.me/an1n50s5

Can’t go into much detail in five minutes, but it is a superb place to get started.

 

Written by Jim Ulvog

October 28, 2014, 22:15 pm at 10:15 pm

Posted in Compilations & reviews

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Sample compilation report under SSARS 21

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Update: If you are checking out the requirements for compilation reports, you might benefit from buying a Primer on Compilation and Preparation engagements under SSARS #21. Book is written by my friend, Charles Hall, CPA. For Wednesday 12/2 the price is a mere $0.99.

Here is the new compilation report that will be used when SSARS 21 goes into effect.

I will provide three examples. First, the illustrative standard report. Second, modification of the standard report for a sole practitioner. Third, modification for a non-profit organization.

Copy and paste at your own risk.

Illustrative standard report Read the rest of this entry »

Written by Jim Ulvog

October 28, 2014, 7:10 am at 7:10 am

Flash update on SSARS #21

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Written by Jim Ulvog

October 25, 2014, 9:41 am at 9:41 am

SSARS 21 will be issued 10/23; will allow “preparation” and revise comp & review standards

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The rewrite of SSARS into clarified format will be issued this week, Thursday, October 23.

Here is a one sentence summary: The new document will completely rewrite the SSARS literature, will add a new service called “preparation”, and will add new requirements for comps & reviews.

For a bit more information, check out AICPA Modernizes Non-Audit Standards for Accountants in Public Practice.

Written by Jim Ulvog

October 21, 2014, 7:24 am at 7:24 am