The Accounting and Review Services Committee recently issued Statement on Standards for Accounting and Review Services (SSARS) No. 21 which represents the committees efforts to clarify and revise the standards for reviews, compilations and engagements to prepare financial statements.
SSARS No. 21 is effective for reviews, compilations and engagements to prepare financial statements for periods ending on or after December 15, 2015. However, early implementation is permitted and the standard can be used now.
How does this affect the CPA Exam? Download our SSARS No. 21 Handout to find out when SSARS No. 21 is eligible for testing on the CPA Exam and what changes to expect.