AICPA allows low-cost options for compiled financial statements.
The AICPA Accounting and Review Services Committee's (ARSC) SSARS No. 8, Amendment to Statement on Standards for Accounting and Review Services No. 1, Compilation and Review of Financial Statements, issued in October 2000, allows financial managers to provide plain-paper, compiled financial statements for the exclusive use of management. Such financial statements were disallowed in 1979 when the AICPA issued SSARS No. 1, Compilation and Review of Financial Statements. With the issuance of SSARS No. 8, financial managers can prepare plain-paper, compiled financial statements when third parties are not expected to rely on the financial statements, management acknowledges such restrictions in writing, and management acknowledges its primary responsibility for the adequacy of the financial statements.
Reinstein
Alan
A
School of Business, Wayne State University, Detroit, Michigan, USA. a.reinstein@wayne.edu
Luecke
Randall W
RW
D000066:Accounting / Q000592:standards*; D003284:Contract Services / Q000592:standards*; D003363:Cost Control; D003659:Decision Making, Organizational; D005375:Financial Audit / Q000592:standards*; D005377:Financial Management, Hospital / Q000592:standards*; D005568:Forms and Records Control; D012952:Societies; D014481:United States