This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice ( for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Compilation Engagements (Amendments to Section 9200) [ED]

Comment period ended:

December 7, 2012

Proposed effective date:

Not yet determined 

Next steps:

The AASB expects to approve the exposure draft of the revised standard in the Spring of 2018.

Last up­dated:

January 2018


Canadian practitioners have indicated that there is a need for a clarified standard that would better meet their needs by providing requirements and guidance on specific matters that have caused confusion and ambiguity in performing compilation engagements.

The AASB staff will: (i) conduct research on examples of compiled financial statements issued by public accountants; and (ii) hold consultations with bankers and other lenders, legal counsel and Association of Insured Chartered Accountants and practitioners.

Key issues that will be addressed include: the perception of the marketplace with respect to the level of assurance taken versus assurance given; and the usefulness of financial statements compiled using a generally accepted financial reporting framework versus a less rigorous framework or no framework.

This project will include determining the nature and extent of revisions that should be made to Section 9200, Compilation Engagements, and may involve adoption of International Standard on Related Services (ISRS) 4410 (Revised), Compilation Engagements, which was issued by the IAASB in March 2012. ISRS 4410 (Revised) is effective for compilation engagement reports dated on or after July 1, 2013.


Other developments

June 2013

In June 2013, the AASB discussed the results of the its User Survey and asked staff and the Task Force to consider holding further consultations with users of compiled financial statements and possibly practitioners, to obtain more in-depth feedback on issues identified by the survey.

November 2012

In November 2012, the AASB issued a User Survey to lending officers to obtain their views on compiled financial statements, accompanied by a Notice to Reader, and their significance in making lending decisions for SMEs.  Comments requested by December 7, 2012.

March 2012

In March 2012, the IAASB issued a Press Release and ISRS 4410 (Revised) together with a staff-prepared Basis for Conclusions document.

December 2011

In December 2011, the IAASB approved ISRE 4410 (Revised).

September 2011

In September 2011, the AASB discussed matters related to the IAASB’s project to revise ISRS 4410. The AASB also approved a project proposal to revise its Section 9200. Initially, this project focused on conducting research to obtain the views of users of compiled financial statements on whether their needs are being met.

November 2010

In November 2010, the AASB issued an ITC to encourage Canadian stakeholders to provide input on the IAASB’s recent ED of proposed ISRS 4410 (Revised).  To assist stakeholders, the Appendix to the ITC compares key aspects of the proposed ISRS 4410 (Revised) and current Section 9200.  These differences relate to the following issues: identification of the purpose (use) of the financial statements; identification of the applicable financial reporting framework; acknowledgment by management of its responsibilities; applicability of quality control standards; documentation; and the practitioner’s compilation report.  Comments requested by February 1, 2011.


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.