SSARSStatements on Standards for Accounting and Review Services
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The CBA had previously determined that licensees who, as their highest level of services perform preparation engagements in accordance with SSARS 21, would not need to have a peer review.
This change is designed to eliminate diversity in practice that has occurred as a result of technological changes that have made the concept of "submission" as envisioned in SSARS No.
Now consider the financial implications for the company granting SSARs essentially as a stock option, whereby there is an automatic share buy-back with the exercise proceeds (and in some cases, the tax deduction).
Practitioners should be aware that there are different effective dates for various elements of SSARS No.
Before SSARS 21, if the accountant was not engaged to perform an audit or a review, a compilation was required when the accountant was engaged to report on compiled statements or when submitting financial statements to a client or third parties.
This is with the exception of 40,000 shares of restricted stock which vest 25% annually beginning on 31 December 2011; 20,000 SSARs which vest 100% on 31 December 2014 and 10,000 shares of restricted stock which vest on 31 December 2011 subject to the achievement of certain performance criteria and one additional year of employment.
Under SSARS Interpretation 3 (ARI 100.06-.08), CPAs are clearly permitted to perform other procedures if, in their professional judgment, they are helpful.
Manisero's article in the May 2017 CPA Journal, "Plain Paper Financial Statements Made Not So Plain: An Overview of SSARS 21." While the authors have provided good advice on several matters, there are two issues that we take exception with.
21 (SSARS 21) clarifies and revises the existing standards for reviews.
The basic standard for accountants who prepare and present financial statements to their clients or to third parties was issued as SSARS No.
Under this plan, which covers the period from 7 May to 31 December 2010, Kasbar may exercise up to 94,360 stock options and convert up to 616,910 stock-settled stock appreciation rights (SSARs) and sell the shares acquired from such exercise and conversion.