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The illustrative compilation reports in this paragraph are as follows: Illustration 1 — An Accountant’s Compilation Report on Comparative Financial Statements Prepared in Accordance With Accounting Principles Generally Accepted in the United States of America Illustration 2 — An Accountant’s Compilation Report on Comparative Financial
Guide to Compilation Report and its meaning. We explain it with its examples, requirements, and format with example.
.01 This section establishes standards and provides guidance on compila-tions of financial statements. The accountant is required to comply with the provisions of this section whenever he or she is engaged to report on com-piled financial statements or submits financial statements to a client or to third parties.
I (We) have performed compilation engagements in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA.
.04 The objective of the accountant in a compilation engagement is to ap-ply accounting and financial reporting expertise to assist management in the presentation of financial statements and report in accordance with this sec-tion without, undertaking to obtain or provide any assurance that there are no material modifications that should be made...
These compilation reports are intended as illustrations that may be used to comply with the requirements of AR-C section 80A, Compilation Engagements, in AICPA Professional Standards. The accountant’s compilation report will vary according to individual requirements and circumstances.
Knowing how to perform compilation engagements is important for CPAs. Below I provide an overview of the salient points of AR-C 80, Compilation Engagements. I also provide a sample accountant’s compilation report. The guidance for compilations is located in AR-C 80, Compilation Engagements.
A Notice to Reader or Compilation Report is a financial statement that offers a summarized view of a business’s financial data. It is designed to provide limited assurance to financial statement users like creditors, investors, and stakeholders.
Below are illustrative accountant’s compilation and review reports on financial statements prepared in accordance with IFRS for Small and Medium-sized Entities. For more information, see Interpretation No. 13 to AR section 80 and Interpretation No. 8 to AR section 90. Accountant’s Compilation Report [Appropriate Salutation]
Below are illustrative accountant's compilation and review reports on financial statements issued in conformity with IFRS for Small and Medium-sized Entities. For more information, see Interpretation No. 30 of AR Section 100.