17. January 2011 02:47
The AICPA Accounting and Review Services Committee has issued Statement on Standards for Attestation Engagements No. 17, Reporting on Compiled Prospective Financial Statements When the Practitioner's Independence Is Impaired, to amend paragraph 23 of Statement on Standards for Attestation Engagements No. 10 section 301, Financial Forecasts and Projections (AICPA, Professional Standards, vol. 1, AT sec. 301), to permit, but not require, the accountant to disclose the reason(s) for an independence impairment in a report on compiled prospective financial information. SSAE No. 17 is effective for compilations of prospective financial statements for periods ending on or after Dec. 15, 2010.