Specifically tailored for practitioners who do not perform audits, but provide other attest and non-attest services to small and medium-sized businesses, this course is a comprehensive update covering recently issued accounting, compilation, and review standards, as well as other professional guidance impacting small and medium-sized business accountants. The course uses practical examples and illustrations to help you understand and apply the material in practice.
Learning Objectives
- Keep abreast of current private company standard setting activities of the PCC
- Review recently issued accounting and non-audit attestation pronouncements
- Understand the new SSARS No. 21 relating to the preparation of financial statements and new guidance on compilations and reviews
- Be aware of other important guidance affecting small and medium-sized business practitioners
Major Topics
- Private company standard setting activities
- Small and medium-sized business related ASUs
- Revenue recognition and leases update
- Special purpose frameworks - Cash, modified cash, tax, and FRF for SMEsTM
- Common small and medium-sized business financial statement errors and deficiencies
- SSARS No. 21, Clarification and Recodification, including the new preparation of financial statements non-attest service
- Other types of small and medium-sized business attest engagements - agreed-upon procedures, specified elements, financial forecasts and projections, and pro forma financial information
- Comfort letters and other third-party verification
- COSO's updated Internal Control-Integrated Framework
- The AICPA's new Code of Professional Conduct
