Following up on the issueance of SAS No. 121 the Accounting and Review Services Committee (ARSC) issued SSARS No. 20, Revised Applicability of Statements on Standards for Accounting and Review Service. Issued February 2011, this SSARS is effective for reviews of financial statements for periods beginning after December 15, 2011. Early application is permitted.
SSARS No. 20 simply amends paragraph .01 of AR section 90, Review of Financial Statements, so that SSARSs do not apply when the provisions of SAS No. 100, Interim Financial Information, as amended by SASs No. 116, Interim Financial Information, and No. 121, Revised Applicability of Statement on Auditing Standards No. 100, Interim Financial Information (AICPA, Professional Standards, vol. 1, AU sec. 722), apply.
Information on AICPA standard setting activities are available on the AICPA website http://www.aicpa.org/ under the Interest and Research tabs.
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