This course covers the significant provisions of the most recent pronouncements and proposed pronouncements from the FASB, the Private Company Council, the Auditing Standards Board (including SAS 134!) and the Accounting and Review Services Committee (including the new SSARS proposal). The course is presented from the perspective of a small firm practitioner who services or works for non-publicly traded entities. The majority of the class time will be spent discussing the standards that, in the instructor's 33 years of experience, have the broadest application to the local practitioner. As always, the floor is also open to discuss whatever current accounting and auditing topics the class participants may want to cover. A complete, thorough and fast moving review of all things privately held A&A!
Learning Objectives
Identify key points related to recently issued FASB standards and guidance. Recognize the effect of recently issued auditing standards, attestation standards, and standards on accounting and review services. Identify key concepts related to exposure drafts and other projects in accounting, auditing, compilation and review services.
Major Topics
Recently issued ASUs, including an update on revenue recognition, financial instruments, and leases Current FASB exposure draft and projects Audit and Attest engagements update including SAS 134, SAS 135, and proposed SAS 136 Recent PCAOB guidance Latest activity from ARSC
