New Type of Compilation (SSARS no. 8)

The AICPA accounting and review services committee has issued Statement on Standards for Accounting and Review Services (SSARS) no. 8, Amendment to SSARS no. 1 in October 2000.

The new statement allows to prepare the compiled financial statements without a report to management of a company with an appropriate engagement letter.  The statement permits CPA's to submit financial statements not intended for third parties to members of management who have knowledge of the company and who understand the limitations of the financial information.

This statement is effective for financial statements submitted after December 31, 2000.

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