Accounting and Review Services Committee Meeting August 19-21, 2014
Could new compilation standards be on the horizon? I think yes–and very soon.
You will recall from my previous blog post, these changes will be significant.
The AICPA Accounting and Review Services Committee (ARSC) met May 20-22, 2014 to discuss the following exposure drafts:
- Preparation of Financial Statements
- Compilation Engagements
- Association with Financial Statements
ARSC received and reviewed feedback from the exposure drafts in the May 2014 meetings.
ARSC is scheduled to meet again August 19-21, 2014. I have the agenda for that meeting and it appears ARSC is still pursuing the issuance of these standards. Given the changes made to the independence standards by the Professional Ethics Executive Committee (PEEC), I expect to see these ARSC standards issued soon. The PEEC changes are effective for years beginning on or after December 15, 2014.