A person whose spouse has died within the tax year and who may file a joint tax return for that year. Additionally, the surviving spouse can file joint returns for the next two years if they remain unmarried and maintain a household as the principal residence for a dependent child.
SSARS
[ESS-sars]
What is the definition of SSARS?
Statements on Standards for Accounting and Review Services (SSARS) are standards issued by the American Institute of Certified Public Accountants (AICPA) pertaining to the performance of review and compilation engagements for non-public entities.
Using SSARS in an Example
Under SSARS, an accountant conducting a review of a company's financial statements must perform inquiry and analytical procedures to provide a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the statements for them to be in conformity with the applicable financial reporting framework.
Using SSARS in a sentence
During the meeting, the CPA explained that the financial statement preparation they conducted was in accordance with SSARS, ensuring compliance with professional standards.
Related Terms
Swap
A financial contract in which two parties agree to exchange streams of payments over a specified period, based on different indices such as interest rates, foreign exchange rates, or equity indices, applied to a notional amount. Swaps typically do not involve the exchange of principal.
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