the AICPA created a new level of service below a compilation, which they describe in Section 70 of SSARS 21. This section provides guidance for the preparation of financial statements. This guidance applies when a client hires an accountant to prepare financial statements and has been in effect since December 15, 2015. You can read an overview here.
It doesn’t apply when you’re just making adjustments to your client’s books and you print out the resulting balance sheet and income statement. It also doesn’t apply if you’re creating financials that will be used as the input for another service such as a tax return. This guidance can also be used for other services such as forecasts or budgets, or for schedules of rent and royalties.
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