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May 2017 » ‘Plain Paper’ Financial Statements...
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Vincent J. Love, CPA/CFF, CFE, and Thomas R. Manisero, JD
For most of the last quarter of the 19th century, accounting practice consisted mostly of making original entries for transactions and preparing financial statements for owners. Continuing into the early part of the 20th century, the work of accountants and the greater need for accurate financial information raised accounting to a profession with legal status and resulted in the formation of various self-regulatory organizations. A variety of standards (e.g., Statements on Auditing Procedure 23, 33, and 38) issued by the American Institute of Accountants (AIA), and later its successor the AICPA, in the middle of the century addressed the preparation of unaudited, unverified financial statements, called “plain paper” statements, attempting to correct misconceptions about CPAs' attestation (or lack thereof) to the information in such statements.
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