Designed for accounting and attestation practitioners at all levels in both public accounting and business and industry, this course provides a comprehensive review of recent standard setting activities of the FASB and AICPA. In addition to providing a status update on implementation of Topic 842, Leases, this course will bring you up to date on FASB and AICPA standards issued over the past few years. The course also provides many hands-on examples and illustrations to help you apply the guidance in practice.
In addition to a financial accounting update, the course will discuss what you will need to do differently as you adopt new audit standards 134-145 over the next few years, including a detailed review of the new audit requirements under SAS 145 for performing an audit risk assessment. The course will also cover the key changes accountants will need to implement as they adopt SSARS No. 25 on their upcoming review, compilation, and preparation engagements. Lastly, the course reviews key trends in audit quality and peer review, including frequent peer review findings and what you can do to avoid them.
In summary, the course is your go-to source for all things A&A and will prepare you for your upcoming engagements throughout the rest of the year.
Learning Objectives
- Apply the FASB and AICPA guidance on going concern accounting and reporting
- Review and apply recently issued and proposed FASB and AICPA pronouncements
- Understand SSARS No. 21 and related guidance relating to the preparation of financial statements and new guidance on compilations and reviews
- Recall common audit quality issues and concerns
- Be familiar with other important A&A practice matters you should be aware of
- Utilize hands-on examples and illustrations to increase your overall understanding and application of the material
Major Topics
- Recently issued FASB Accounting Standards Updates, PCC Update and items on the FASB's Technical Agenda
- Leases -- Topic 842
- Financial accounting and reporting considerations related to Going Concern
- Recently issued SASs and other AICPA activity
- SSARS No. 21, Clarification and Recodification and other recently issued SSARS
- Peer review and other audit quality issues
- Other important A&A practice matters
