PICPA contributes to the defeat of proposed "plain-paper financial statements"

From: Pennsylvania CPA Journal | Date: January 1, 1998| Author: | Copyright information

In September 1995, the AICPA's Accounting and Review Services Committee (ARSC) issued one of the most controversial proposed standards in recent memory. The exposure draft, entitled "Assembly of Financial Statements for Internal Use Only," would have radically altered the current requirements of the Statements on Standards for Accounting and Review Services (SSARS) by establishing a fourth level of service below the compilation standard. This new service would have permitted CPAs to produce, on plain paper, financial statements that do not conform to any established set of accounting ...

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