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    Alert: Developments in Preparation, Compilation, and Review Engagements, 2017/18
    Alert: Developments in Preparation, Compilation, and Review Engagements, 2017/18
    Alert: Developments in Preparation, Compilation, and Review Engagements, 2017/18
    Ebook104 pages51 minutes

    Alert: Developments in Preparation, Compilation, and Review Engagements, 2017/18

    By AICPA

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    About this ebook

    This annual Alert covers the latest developments in the preparation, compilation and review engagements, including current exposure drafts from Accounting and Review Services Committee (ARSC), and common deficiencies identified during peer reviews. Reviewed by ARSC chair, it also addresses the latest and emerging practice issues, and provides valuable information regarding accounting and reporting developments.

    Key benefits of this title include:

    • Discussion of two new exposure drafts.
    • Current practice issues in SSARS engagements.
    • Ethics updates.
    • Peer review common findings.
    • Additional SSARS engagement resources
    LanguageEnglish
    PublisherWiley
    Release dateMay 10, 2018
    ISBN9781945498671
    Alert: Developments in Preparation, Compilation, and Review Engagements, 2017/18

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      Book preview

      Alert - AICPA

      Notice to Readers

      This 2017/18 edition of the Alert Developments in Preparation, Compilation, and Review Engagements (alert) replaces the AICPA Alert Developments in Preparation, Compilation, and Review Engagements—2016/17.

      This alert is intended to provide accountants with an update on recent practice issues and professional standards that affect preparation, compilation, and review engagements. This alert also can be used by an entity’s internal management to address areas of concern.

      This publication is an other preparation, compilation, and review publication, as defined in paragraph .07 of AR-C section 60, General Principles for Engagements Performed in Accordance With Statements on Standards for Accounting and Review Services (AICPA, Professional Standards). Other preparation, compilation, and review publications have no authoritative status; however, they may help the accountant understand and apply the Statements on Standards for Accounting and Review Services.

      In applying the guidance included in an other preparation, compilation, and review publication, the accountant should, using professional judgment, assess the relevance and appropriateness of such guidance to the circumstances of the engagement, as appropriate. The guidance in this document has been reviewed by the AICPA Audit and Attest Standards staff, and the accountant may presume that it is appropriate.

      This document has not been approved, disapproved, or otherwise acted on by a senior committee of the AICPA.

      Recognition

      Reviewers

      AICPA Accounting and Review Services Committee

      Mike Fleming, Chair

      The AICPA gratefully acknowledges those members of the Accounting and Review Services Committee and the AICPA Technical Issues Committee, who helped identify the interest areas for inclusion in this alert.

      AICPA Staff

      Weiwei Tang

      Manager

      Product Management and Development—Public Accounting

      Mike Glynn

      Senior Manager

      Audit and Attest Standards

      Staff Liaison, Accounting and Review Services Committee

      Feedback

      This alert is published annually. As you encounter issues that you believe warrant discussion in next year’s alert, please feel free to share them with us. Any other comments you have about the alert also would be appreciated. You may email these comments to a&[email protected].

      __________________________

      TABLE OF CONTENTS

      Developments in Preparation, Compilation, and Review Engagements—2017/18

      How This Alert Helps You

      Economic Developments

      The Current Economy

      Key Economic Indicators

      Frequently Asked Questions and Answers From the Center for Plain English Accounting

      Recent AICPA Independence and Ethics Developments

      The Revised Code of Professional Conduct

      AICPA Conceptual Frameworks

      New Hosting Services Interpretation

      Proposed New Ethics Interpretations and Revised Defined Terms

      New FAQs

      Current Practice Issues

      Consideration of Materiality in a Review Engagement

      Going Concern

      Restatements

      Preparation Engagement When in Public Practice and Providing Certain Consulting Services

      Preparation of Financial Statements Prior to Review or Audit by Another Accountant

      Application of SSARSs to Engagements for Estates and Trusts

      Preparation and Compilation of Prospective Financial Information

      Don’t Let Scope Creep Lead You Out of Bounds

      Peer Review of SSARSs Engagements

      Common Peer Review Findings—Compilations

      Common Peer Review Findings—Reviews

      Other Common Peer Review Findings

      Recent FASB Activities

      Revenue Recognition Standards

      Restricted Cash

      Consolidation

      AICPA Financial Reporting Framework for Small- and Medium-Sized Entities

      Alternatives to U.S. GAAP in Light of the New Revenue Recognition and Leases Standards

      The FRF for SMEs Alternative

      FRF for SMEs Approach to Revenue Recognition and Leases

      Recent Academic Research

      Considering the FRF for SMEs Framework for Your Clients

      On the Horizon

      Exposure Draft of Proposed Statement on Standards for Attestation Engagements, Selected Procedures

      The ASB’s Project to Revise the Attestation Literature to Permit Non-Assertion-Based Examinations and Reviews

      Exposure Draft of Proposed SSARS, Omnibus Statement on Standards for Accounting and Review Services—2018

      Other Items on the ARSC’s Current Agenda

      Upcoming ARSC Meetings

      Resource Central

      Publications

      The Engagement Letter: Best Practices and Examples

      FRF for SMEs Toolkits

      Decision Tool for Adopting the FRF for SMEs Framework

      Continuing Professional Education

      Member Service Center

      Hotlines

      The AICPA CPEA

      AICPA Online Professional Library: Accounting and Auditing Literature

      Practice Aid Accounting and Financial Reporting Guidelines for Cash- and Tax-Basis Financial Statements

      Financial Reporting Center of AICPA.org

      Appendix—Additional Internet Resources

      EULA

      __________________________

      How This Alert Helps You

      .01 This alert (alert) helps you plan and perform your preparation, compilation, and review engagements and can also be used by an entity’s internal management to plan and prepare

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