Exposure Draft / Standard Setting
Background Information
The Tax Executive Committee (TEC) is responsible for promulgating standards of tax practice, and for monitoring those standards and making revisions as needed. The TEC utilizes a process that includes deliberation in meetings open to the public, public exposure of proposed standards, and a formal vote. Exposure Drafts are issued by the AICPA to invite public comment before a final pronouncement is issued. The public exposure time varies depending on the complexity of the issue and the circumstances surrounding the need for a new standard. A file containing comment letters received during the public exposure period is retained for ten years for public reference.
Current Exposure Draft - Proposed Revised Statements on Standards for Tax Services
Proposed revised Statements on Standards for Tax Services (SSTSs) have been exposed for comment. An executive summary regarding the proposed SSTSs and a copy of the current SSTSs that has been marked to indicate the proposed revisions are provided to assist in a review of the Exposure Draft. Links to these documents are set forth below.