This course offers an in-depth look at issues that practitioners have been having in implementing preparation, compilation and review engagements. It will also look deeply at the new SSARS proposal (mainly affecting reviews) that should be finalized in 2020 for 2021 implementation. The course also includes 15-20 new cases for 2020 covering all aspects of SSARS application including accounting, disclosure and reporting from the perspective of a local firm practitioner. Several new accounting standards are integrated into the new cases, including the new revenue recognition and leasing standards. It will also cover the proposed "Selected Procedures" (Agreed-upon Procedures "light") standard if that proposal is still being considered in 2020. A complete and thorough review of everything preparation, compilation and review for 2020 and beyond!
Learning Objectives
Identify the professional standards and risk factors relevant to the planning and performance of preparation, compilation, and review engagements, including engagements on pro forma and prospective financial information. Identify responses to preparation, compilation, and review engagement practice issues that comply with all applicable professional standards.
Major Topics
Overview of preparation, compilation, and review guidance Accounting and reporting issues Current practice issues Common deficiencies in peer reviews Current and future standard setting projects International reporting issues in SSARS engagements Special Purpose Framework financial statement issues Case studies Latest developments
