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preparation engagements

must meet preconditions
obtain written agreement for terms of engagement (engagement letter)
no report issued for preparation engagement
accountant is not required to be independent because no assurance is provided
each page of F/s should say "no assurance is provided"
obtain understanding of framework and policies
management take full responsibility for significant judgements


if managemen adopts special purpose framework

reveal in a note or in face of f/s


if f/s know departures then

discuss with management and correct them or disclose them in the f/s



have copy of engagement letter
copy of f/s prepared
document reasons for noncompliance with a "presumptively mandatory requirement"


this section does not apply to

bookkeeping services
tax prep
f/s as part of personal financial planning
f/s associated with litigation services or business valuation