(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.