If you're presently implementing AR-C 70, Preparation of Financial Statements, then you'll want to hear this podcast. I cover what a preparation service is and when the new standard is applicable -- as well as when it is not. Then I also provide information about the requirements of the standard. The Preparation standard is applicable for periods ending on or after December 15, 2015. Now you can issue financial statements without a compilation report and those statements can be provided to third parties.