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Related Experiment Videos

AICPA allows low-cost options for compiled financial statements.

Alan Reinstein1, Randall W Luecke

  • 1School of Business, Wayne State University, Detroit, Michigan, USA. a.reinstein@wayne.edu

Healthcare Financial Management : Journal of the Healthcare Financial Management Association
|February 15, 2002
PubMed
Summary

Financial managers can now issue plain-paper compiled financial statements under SSARS No. 8, a change from SSARS No. 1. This applies when management exclusively uses the statements and accepts responsibility.

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Area of Science:

  • Accounting Standards
  • Auditing and Assurance Services

Background:

  • Statement on Standards for Accounting and Review Services (SSARS) No. 1, issued in 1979, prohibited plain-paper compiled financial statements.
  • The American Institute of Certified Public Accountants (AICPA) Accounting and Review Services Committee (ARSC) previously disallowed such statements.

Purpose of the Study:

  • To analyze the implications of SSARS No. 8, which permits plain-paper compiled financial statements.
  • To understand the conditions under which financial managers can issue these statements.

Main Methods:

  • Review of SSARS No. 8 and its preceding standard, SSARS No. 1.
  • Analysis of the conditions for issuing plain-paper compiled financial statements.

Main Results:

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  • SSARS No. 8, issued in October 2000, allows financial managers to provide plain-paper compiled financial statements.
  • These statements are permissible for the exclusive use of management.
  • Conditions include no third-party reliance, written acknowledgment of restrictions, and management's acceptance of responsibility.

Conclusions:

  • SSARS No. 8 reversed the prohibition on plain-paper compiled financial statements established by SSARS No. 1.
  • Financial managers have increased flexibility in financial statement preparation under specific circumstances.