Late in 2015, new accounting rules came into effect that changed every financial statement issued by accountants in 2016 and the future. This new guidance, known as SSARS 21 changed every report letter and every engagement letter in existence prior to 2016. When the new rules were first released, there were several obvious omissions, and several clarifications needed. In late 2016, the ARSC committee addressed the omissions and issues with the release of SSARS 22 and SSARS 23, which became effective May 1, 2017 and in October 2016 respectively.
SSARS 22 modifies all the reporting and engagement letter rules for pro forma financial statements. Pro forma financial statements are historical financial statements that have been modified for “What If’s” such as what if we merged; what if we sold our 3rd store; and what if we closed this product line. Not a common event for daily use, the new reports and engagement letters still must be used for these engagements. It became effective May 1, 2017.
SSARS 23 modifies all the reporting and engagement letter provisions for future oriented “projections”, which are rare, but also for historical financial statements, thus changing for the second time in two years the engagement letters for preparations and compilations. SSARS 23 became effective, for the most part, upon issuance in October 2016.
Sorry to say, but accountants that attended 2016 compilation classes need to take a 2017 class from an established small business compilation course provider to be assured of obtaining the revised engagement and reporting letters that came out in late 2016.
TaxSpeaker’s compilation seminar, once again, provides the accountant’s report letters and the engagement letters you need in your office to comply with brand new SSARS 22 and SSARS 23.
What are some of the changes from SSARS 21, 22 and 23?
Every single one of these changes and much more will be explained by your speaker at the 2017 compilation seminar from Taxspeaker, and example report and engagement letters will also be provided to comply with SSARS all the way through and including SSARS 23.
Member and Non-Member Early price is valid through July 18, 2017
Upon completion of this course you will be able to: Determine in which of your engagements you are required to apply the SSARS literature; Prepare compilation reports that are compliant with the new SSARS 19 literature; Determine the appropriate course of action for subsequent events, departures from GAAP/OCBOA, changes in the level of engagement, and supplemental information; Prepare compliant compilation reports; Increase your firm’s efficiency with useful resources
CPE Hours : 4
Level : Basic
Prerequisites : None
Field Of Study : Accounting