Plain-Paper Debate: Ins and Outs of new SSARS No. 8
The American Institute of CPAs has issued a new standard that could have an impact on CPAs in public practice and CPAs in industry who engage their services.
Statement on Standards for Accounting and Review Services (SSARS) No. 8, which went into effect for financial statements issued after Dec. 31, 2000, allows firms to issue "management-use only" financial statements to their clients.
However, certain conditions must exist; specifically, the financial statements must be shown only to management and not to any third parties.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.