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The AICPA Accounting and Review Services Committee (ARSC) is conducting a public hearing on August 27-28, 1997, at the Rosemont Convention Center, Rosemont, Illionois to hear views on the following questions:

* Can the applicability section of Statement on Standards for Accounting and Review Services (SSARS) No. l, Compilation and Review of Financial Statements, be clarified to enable CPAs to easily determine when they are required to compile financial statements, and when they are not? Paragraph 7 of SSARS No. 1 requires CPAs to, at a minimum, compile financial statements they "submit" to a client or others. Some CPAs would like the definition of submission to be clarified, especially in the context of financial statements that are in an electronic format.

* Should the applicability section of SSARS No. l be revised to exempt CPAs from the requirement to compile financial statements in certain situations? For example, existing standards impose no requirement on a CPA to report on financial information contained in a tax return?

* Should CPAs be permitted to issue plain-paper financial statements? Plain-paper financial statements are statements that a CPA does not report on. The statements do not disclose the identity of the CPA who has prepared them or the fact that they have been prepared by a CPA. Some CPAs would like the applicability section of SSARSs to be revised so that a CPA would only be required to compile financial statements if he or she were engaged to do so.

The objectives of the public hearing are to provide participants with the opportunity to express their views on the issues described in this paper and to provide ARSC members with relevant information that will enable them to develop standards that are in the best interest of the public and the CPA profession.

Those wishing to speak at the hearing should submit an outline of their remarks, by August 8, 1997, to Judith M. Sherinsky,Technical Manager, Audit and Attest Standards, AICPA, 1211 Avenue of the Americas, New York, NY 10036-8775 or via e-mail to sherinsky@aicpa.org. Participants will each have 10 minutes in which to present their views. *

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