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.
SUBJECT AREA TO BE ADDRESSED: Standards for Accountants Services on Prospective Financial Statements; Standards for Business Valuations.
SPECIFIC AUTHORITY: 473.304, 473.315 FS.
LAW IMPLEMENTED: 473.315, 473.304 FS.
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE WEEKLY.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Veloria A. Kelly, Executive Director, Board of Accountancy, 240 N.W. 76th Drive, Suite A, Gainesville, Florida 32607
THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT 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 AICPAs 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. HistoryNew__________.
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 AICPAs 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__________.
