What will the new structure of the SASs look like after the clarity project is complete?

(cross-posted from my other blog for CPAs that stop by here.  This is the start of a 3 post series)

All of the SASs are being rewritten. All those new/revised/updated/clarified/etc documents will go into effect on the same day.

Ouch.  For us change-phobic CPAs, there is a world of change on the horizon.

If you want a description of what the new SAS structure will look like, the AICPA has a video for explanation. Go to the AICPA web site, choose interest areas, then accounting & auditing.  Look for the ASB clarity project.  Try this link.

A few tidbits from the video:

  • 4 clarified SAS have been issued to date.
  • 37 SASs will be issued simultaneously in one large, codified SAS, comparable to when SAS 1 was issued,
  • Those new SASs will go into effect for financial statements ending on or after December 15, 2012.
  • 6 additional SASs will follow within 6 months.

The video describes the SASs will be organized.

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