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

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,
  • The megaSAS is expected in Fall 2011,
  • 6 additional SASs will follow within 6 months.
  • Those new SASs will go into effect for financial statements ending on or after December 15, 2012.

The video describes the SASs will be organized.

Next post will discuss the implementation date in more detail.

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