Statements on Standards for Accounting and Review Services (SSARS) No. 21 was a game-changer for practitioners. Effective for periods ending on or after December 15, 2015, it codified and clarified all prior SSARS guidance into one streamlined standard. It overhauled the framework for engagements and introduced a new non-attest service: the Preparation of Financial Statements.

This standard redefined the boundaries between attest and non-attest services, set clear expectations around engagement letters, required procedures and documentation, and updated reporting requirements for each service level—Compilation, Review, and now, Preparation.

It also resolved several long-standing practice gaps from earlier SSARS and aligned with evolving client needs and firm workflows. Updates to SAS No. 21 were also included to maintain consistency across standards.

For CPAs, SSARS No. 21 isn’t just compliance—it’s clarity. It’s a practical framework that reflects how we work today.