Time to start studying all those clarified and restated SASs

The effective date is not that far away.  All the SASs are in rewrite by the AICPA.  They will be reorganized into new section numbers. 

Previous post gave some background on what the new structure will look like.

The effective date for all of the new SASs will be for financial statements ending on or after December 15, 2012.

I always translate effective dates into the first time new rules will have to be applied.  In this case, that means we need to be up to speed on the new SASs starting with 12-31-12 financial statement audits performed in early 2013.  Only two years to get your learnin’ done.

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