Compilation of Financial Statements

• Interpretations of AR Section 100, 'Compilation and Review of Financial Statements,' issued.

The Accounting and Review Services Committee has issued the following interpretations of AR Section 100, "Compilation and Review of Financial Statemen...

• CPA Letter
• Vol. 83 Nbr. 9, November 2003

• Assembly of financial statements for internal use only: the solution to the plain paper/compilation report dilemma?

The AICPA Accounting and Review Services Committee's new exposure draft proposes that financial statements for internal use only be exempted from Statement on Standards for Accounting and Review Services No. 1. This would mean that statements assembled for the exclusive use of management would not be governed by Generally Accepted Accounting Principles or any Other Comprehensive Basis of Accounting, but could be prepared according to the needs of the organization.

• The National Public Accountant
• Vol. 41 Nbr. 11, November 1996

• 7 CFR 1773.1 - General.

..., a full and complete report of its financial condition, operations, and cash flows, in form and... in connection with a review or compilation of financial statements, as defined in Statement o...

• Code of Federal Regulations - Title 7: Agriculture

• The AICPA accounting and review services committee (ARSC) issues three interpretations of AR section 100, 'Compilation and Review of Financial Statements.'.

* The AICPA accounting and review services committee (ARSC) issues three interpretations of AR section 100, "Compilation and Review of Financial State...

• Journal of Accountancy
• Vol. 196 Nbr. 6, December 2003

• Fraud Requirements in Ssars 10

With the issuance of Statement on Standards for Accounting and Review Services (SSARS) 10, Performance of Review Engagements, which is effective for review engagements for periods ending on or after Dec 15, 2004, the AICPA Accounting and Review Services Committee requires accountants performing review engagements to make inquiries regarding fraud. Furthermore, the management representation letter must address fraud. The authors reviewed the comment letters that the AICPA received in response to the exposure draft for SSARS 10 and conducted a survey of practitioners after the statement was issued. SSARS 10 amends SSARS 1, Compilation and Review of Financial Statements, primarily by expanding inquiries during review engagements to include fraud and by requiring that the management represe...

• CPA Journal, The
• Vol. 76 Nbr. 4, April 2006

• Can computer-prepared financial statements be used in a full disclosure of a compilation, review or audit report?

Financial statement presentations are covered by a number of different GAAP standards. Essentially, these rules imply that financial statements must be what the accountant claims them to be. Thus, computer-prepared financial statements used as full-disclosure presentations of compilations, reviews or audit reports may be acceptable so long as accountants prepare them in line with accepted standards. There is no rule forbidding the use of write-up work software to do financial reports but accountants using such programs are expected to prepare statements which follow prescribed standards.

• The National Public Accountant
• Vol. 43 Nbr. 10, December 1998

• The AICPA accounting and review services committee releases an interpretation of AR section 100, 'Compilation and Review of Financial Statements' (see Official Releases, JofA, Aug.03, page 104), of the AICPA Professional Standards.

The AICPA accounting and review services committee releases an interpretation of AR section 100, "Compilation and Review of Financial Statements" (see...

• Journal of Accountancy
• Vol. 196 Nbr. 3, September 2003

• Reducing Service Levels May Not Reduce Risk

If requests appear overly burdensome or expensive, owners may seek alternatives to meet third-party requirements. Based on data accumulated by the AICPA Professional Liability Insurance Program for 2000-2004, the provision of review services has increased among regional CPA firms while decreasing among sole practitioners and small local and medium-size firms. For sole practitioners and small local and medium-size firms, compilation services have increased. Clients making decisions based on price may not be sufficiently informed about the differences in the scope of work performed for each level of service. The result may be that a client inappropriately believes that audit procedures will continue to be performed in a financial statement review or that a CPA performing a compilation ser...

... operating information and financial statements to various third parties, such as lenders, potenti...

• Practicing CPA, The
• Vol. 29 Nbr. 9, November 2005

• When do the provisions of SSARS no. 1 apply?

Statements on Standards for Accounting and Review Services: Compilation and Review of Financial Statements Accountants may not be required to give financial reports to management when making financial presentations. This topic is covered in the Statements on Standards for Accounting and Review Services number one, Compilation and Review of Financial Statements (SSARS no.1). The distinction between a trial balance and a financial statement must be made, and whether or not computer-generated statements are produced. Actual financial statements must conform with SSARS no.1 unless they are drafts.

• Journal of Accountancy
• Vol. 173 Nbr. 2, February 1992

• Financial Forecasts and Projections

... preparation of prospective financial statements that attempt to predict the outcome of the busines...Compilation: An accountant prepares the prospective statements...

• Encyclopedia of Business and Finance
• A-I