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.

The AICPA has created a special page to cover SSARS No. 8, as well as a full-length article on the plain-paper debate.


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