2015 FASB, GAAP & Compilation and Review Update (Currently Unavailable)

Author: Pat Patterson

Review new FASB Pronouncements that may apply to Compilation and Review engagements. Learn about the new compilation and review professional standards from the ARSC, which represent the most significant changes to these standards in over 30 years.

Review pertinent, specially selected standards from earlier years. Review the AICPA’s Exposure Draft for “Preparation of Financial Statement”, Compilations”, and Association with Financial Statements”. The new standard has been approved byt the ARSC and was released in the 4th quarter of 2014 as SSARS 21. The course will look at the new requirements.

Publication Date: November 2015

Designed For
Professionals in public practice, industry, government, and education who deal with nonpublic entities

Topics Covered

• New compilation and review standards for 2015, including the Exposure Draft that relates to Preparation of Financial Statement, Compilations, and Association with Financial Statements.
• Financial Reporting Platform for SMEs from the AICPA.
• New releases from the FASB's Private Company Council and its status.
• New issues about the concept of materiality for compilation and review engagements
• New issues in Compilation and Review engagement letters and review representation letters specified in SSARS 19.
• An advanced look at documentation standards will be reviewed for changes required by new compilation and review standards
• Updates on previously issued standards that may still apply and their involvement with SSARS 19
• Further updates that impact on compilation and review engagements that include: new Quality Control Standards (SQCS8) and its requirements.
• Ethics Interpretation 101-3 will be explored for revisions and updates in attest/nonattest applications specifically dealing with compilation and review issues
• Any other matters deemed appropriate and timely

Learning Objectives

• Identify FASB pronouncements that may impact private companies that come from the Private Companies Council.
• Recognize the update of the new compilation and review standards for 2014 and 2015.
• Recognize professional compilation and review standards that still apply from earlier years.

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
Basic knowledge of GAAP, FASB and Compilation and Review

Advance Preparation
None