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

AR 300: Compilation Reports on Financial Statements Included in Certain Prescribed Forms

EFFECTIVE DATE AND APPLICABILITY

Original Pronouncement	Statements on Standards for Accounting and Review Services (SSARSs) 3, 5, 7, 15, and 17.
Effective Date	These statements currently are effective.
Applicability	The section provides for an alternative form of standard compilation report on financial statements in prescribed forms that call for departures from generally accepted accounting principles (GAAP) or other comprehensive basis of accounting (OCBOA) by either (1) specifying a measurement principle not in conformity with GAAP, or (2) failing to request the disclosures required by GAAP. The section does not apply to tax returns or to forms designed or adopted by the client. Also, the section does not apply to review engagements or to management-use-only financial statements that are provided to clients without issuing a compilation report.

DEFINITION OF TERM

Prescribed form. Any standard preprinted form designed or adopted by the body to which it is to be submitted—for example, forms used by banks, credit agencies, industry trade associations, or governmental and regulatory agencies.

OBJECTIVES OF AR SECTION 300

There is a presumption that the information required by a prescribed form is sufficient to satisfy the body that designed or adopted the form; thus, there is no need to call attention to departures required by the form.

FUNDAMENTAL REQUIREMENTS

General

The standards ...