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SSARS No. 21: Statement on Standards for Accounting and Review Services In October, the publication Standards for financial Accounting and Review Services:
Accounting Clarification and Recodification was released. 21 In cases when the accountant's professional judgment indicates that such financial statements would be misleading, they should not be prepared. For example, the accountant shouldn't remove nearly all of the disclosures needed by the financial reporting system. Engagements in preparation provide prepared financial statements on the company's behalf. In essence, the accountant gathers the company's financial data and creates the financial schedules for management. The standards for reviews, compilations, and engagements to create financial statements are clarified and updated by SSARS No. 21. Significant standard-related modifications are also included. for public-practice accountants that create financial statements for their customers. SSARS is largely used for preparations, compilations, and reviews, while SSAE is utilized for attestation activities (things unrelated to the financials). Accounting An accounting framework is a collection of standards used to evaluate, explain, and report the data contained in a company's financial statements.
The management of a firm is required by law in many countries to create and present financial statements that are compliant with local regulations. This is a legal obligation because the law requires it.
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