The standard compilation
report is much shorter--only one paragraph instead of the previous three--and it includes the city and state where the CPA practices.
Because the accountant would follow the compilation
standard when engaged, he or she would always be required to issue a compilation
It means we document situations that are unusual and needed to satisfy the compilation
The NME c86 compilations
, given away free on the NME years back, are the stuff of legend.
Incorporates guidance with respect to analytical procedures in a review engagement as an exhibit to the Codification of Statements on Standards for Compilation
and Review Services.
First-time users of the Compilation
would be well-advised to read it through in its entirety, since that may be the best mechanism of identifying which sources in the Compilation
are relevant to a particular question.
However, I must send out a strong warning - you cannot sell that compilation
to anyone else.
The CPAs would no longer be required to perform a compilation
service with respect to those financial statements unless specifically engaged to do so.
Small, privately held businesses often call upon an accountant, typically a sole practitioner, to perform compilation
That interpretation, "Special Purpose Financial Statements to Comply with Contractual Agreements or Regulatory Provisions," provides accountants with guidance as to how they should modify the standard compilation
or review report when reporting on special-purpose financial statements.
Dramatic practice changes have occurred over the past few years in regard to associations with financial statements under compilation
and review standards.
A major compilation
of elastic moduli data (Young's modulus, shear modulus, bulk modulus, and Poisson's ratio) for oxide ceramics has been completed and added to the online NIST Ceramics WebBook.