Wiley Practitioner's Guide to GAAS 2013: Covering all SASs, SSAEs, SSARSs, and Interpretations

AR 110: Compilation of Specified Elements, Accounts, or Items of a Financial Statement

EFFECTIVE DATE AND APPLICABILITY

Original Pronouncement	Statements on Standards for Accounting and Review Services (SSARSs) 13, 17
Effective Date	This statement currently is effective.
Applicability	When an accountant is engaged to compile or issue a compilation report on one or more specified elements, accounts, or items of a financial statement.

OBJECTIVES OF AR SECTION 110

This section established standards for performing a compilation of specified elements, accounts, or items of a financial statement, examples of which include schedules of rentals, royalties, profit participation, or provision for income taxes.

A compilation of specified elements, accounts, or items of a financial statement is limited to presenting financial information that is the representation of management without undertaking to express any assurance on that information.

FUNDAMENTAL REQUIREMENTS

General Guidance

Reporting Obligation

An accountant may prepare or assist in the preparation of specified elements, accounts, or items of a financial statement and submitting such a preparation to management without the issuance of a compilation report, unless the accountant has been engaged to perform a compilation. However, in deciding whether to issue a compilation report, the accountant should consider how such a presentation of specified elements, accounts, or items of a financial statement will be used. If the ...