In October 2014, the Accounting and Review Services Committee of the American Institutes of Certified Public Accountants issued Statement on Standards for Accounting and Review Services 21 (SSARS 21), which provides for a new level of service related to financial statements. CPAs can now prepare financial statements. This is a level of service requiring no reporting by the CPA (other than required disclaimers and disclosures on face of statements, or in a note), the financial statements can be used by others external to the organization. Additionally, this new standard does away with management use only financial statements. SSARS 21 becomes effective for periods ending on or after December 15, 2015, with early implementation being an option.
On the horizon, look for a new standard related to budgets, forecasts and projections. ARSC met back in April to discuss. I have yet to hear the results of that meeting. Stay tuned. Another standard in development which I am following closely.