Date(s) - 06/27/17
8:00 am - 4:00 pm
According to the SBA somewhere around 50% of the gross domestic product in America comes from small business. This means that small businesses who get their financial statements prepared by accountants affect nearly ½ of this country’s revenues! Yet our accounting rule makers continue to offer new GAAP rules which ignore small business and frankly force them to use the tax basis of accounting when preparing financial statements. These special purpose financial statements are usually prepared as compilations or the new preparations following the rules of SSARS, particularly SSARS 21 which changed every single accountant’s report and engagement letter in late 2015 for preparations, compilations and reviews.
Two weeks ago, I took an annual accounting and auditing update from a CPE company that is the prime provider of education to state CPA societies around America, and I was once again appalled at the emphasis on GAAP and SEC companies and the miserable coverage of SSARS when 50% of America’s GDP is for SSARS type companies. I was then horrified when the “A&A Update” from this, and I quote: “leading provider of the highest quality, and most applicable CPE in the industry” did not cover the new SSARS issued nearly 9 months ago, all of which became effective no later than 5/1/2017. I think it is unprofessional to disparage competitors, but what kind of garbage are the CPA Societies offering when ½ of America is affected by these rule changes, and their CPE providers don’t cover the changes at all, and devote less than 5% of the entire 8-hour class to SSARS 21 implementation issues that affect ½ of the country?
SSARS 22 was issued in September 2016, and effective May 1, 2017. It changes all report and engagement letters (yes, it was effective 2 weeks ago) for pro forma financial statements. All our 2017 Compilation and Review classes throughout the country will include these changes in the class, in the manual, and in the example letters to be used. At TaxSpeaker we don’t do updates without covering the changes.
SSARS 23 was issued in October 2016 and essentially became effective immediately, 8 months ago! It modified all engagement letters for preparations and compilations, and added updated SSARS coverage for prospective financial statements.
If you are in a reporting year, or even if you are not, and even if you attended a SSARS class in 2015, you need to come to a compilation and review class this year. Frankly, go to one sponsored by your state society unless it is a CPA Society, or one sponsored by us, or one that promises to cover SSARS 22 and SSARS 23 and is presented by people that truly prepare compilations. And yes, I am really ticked off by the continued oversight by America’s rule setters of small business, but even more by the CPE providers that do not offer relevant material.
Our 2017 Compilation & Review class provides complete coverage, through and including SSARS 23 of all the SSARS rules, and also provides current and just updated report and engagement letters.
Compilations & Reviews- Our 2017 compilation and review course is just the guide you need to understand and implement SSARS 21. Our small firm oriented manual walks your firm through all of the new rules and provides the SSARS-21 compliant engagement letters, report letters and statement disclaimers you need in a busy practice. Combine the letters with clear explanation and guidance of the nuances of the new preparation standard and the changes to the compilation rules and you will have a new understanding of what rules apply and what rules do not apply when working with clients for bookkeeping, reporting and financial statement needs.
The review chapter includes the new report and engagement letters provided by SSARS 21 as well as guidance on analytical review, inquiry and new management representation letters
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