The Board proposes the promulgation of Rule 61H1-20.0094, F.A.C., to clarify standards for accountants services on prospective financial statements; and the Board proposes the substantial rewrite of Rule 61H1-20.0098, F.A.C., to update the title and ...

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
Board of Accountancy

RULE NO: RULE TITLE
61H1-20.0094: Standards for Accountants Services on Prospective Financial Statements
61H1-20.0098: Standards for Valuation Services
PURPOSE AND EFFECT: The Board proposes the promulgation of Rule 61H1-20.0094, F.A.C., to clarify standards for accountants services on prospective financial statements; and the Board proposes the substantial rewrite of Rule 61H1-20.0098, F.A.C., to update the title and modify standards for business valuations.
SUMMARY: Standards for accountants’ services on prospective financial statements will be clarified; the title will be updated and the standards for business valuations will be modified.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared. The Board determined the proposed rule will not have an impact on small business.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
SPECIFIC AUTHORITY: 473.304, 473.315 FS.
LAW IMPLEMENTED: 473.315, 473.304 FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN FAW.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Veloria Kelly, Division Director, Board of Accountancy, 240 N.W. 76th Dr., Suite A, Gainesville, Florida 32607

THE FULL TEXT OF THE PROPOSED RULE IS:

61H1-20.0094 Standards for Accountants Services on Prospective Financial Statements.

“Standards for Accountants Services on Prospective Financial Statements” shall be deemed and construed to mean Statements on Standards Accountants Services on Prospective Financial Statements published by the American Institute of Certified Public Accountants in effect as of June 30, 2008, available from the AICPA’s Resource Online at www.cpa2biz.com or by telephonic request at 1(888)777-7077. A certified public accountant shall not permit his/her name to be used in conjunction with prospective financial statements unless he/she has complied with these standards and departures from these standards must be justified by those who do not follow them.

Rulemaking Authority 473.304, 473.315 FS. Law Implemented 473.315 FS. History–New________.

 

61H1-20.0098 Standards for Business Valuations.

Certified public accountants performing business valuations for clients shall comply with the “Statement on Standards for Valuation Services No. 1,” as published by the American Institute of Certified Public Accountants, for engagements accepted after January 1, 2008. The Statement, hereby incorporated by reference, is dated June 2007 and is available from the AICPA’s resources online at http://fvs.aicpa.org/Resources/Laws+Rules+Standards+and+Other+Related+Guidance/AICPA+Valuation+Standard+and+Implementation+Toolkit/ or call 1(888)777-7077. The rule does not encompass consulting engagements wherein a certified public accountant provides written or oral advisory services in which the client is informed in writing that the services provided were not performed in accordance with the “Statement on Standards for Valuation Services No. 1,” established by the AICPA.

Rulemaking Authority 473.304, 473.315 FS. Law Implemented 473.315 FS. History–New________.

NAME OF PERSON ORIGINATING PROPOSED RULE: Board of Accountancy
NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Board of Accountancy
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: September 18, 2009
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: October 9, 2009