On September 23, 2024, the AICPA’s Accounting & Review Services Committee proposed amendments to AR-C Section 70, Preparation of Financial Statements, in AICPA Professional Standards. The proposed changes clarify that AR-C Section 70 does not apply to financial statements prepared as part of a consulting services engagement performed in accordance with CS Section 100, Consulting Services: Definitions and Standards. The comment period ends December 20. The proposed SSARS would become effective for the preparation of financial statements for period ending on or after December 15, 2026. Early implementation would be permitted.