Accounting and Auditing Mid-year Tune-up (Currently Unavailable)

Author: Pat Patterson

Review new FASB Pronouncements. This presentation will inform participants of the latest issues from the FASB and the Private Companies Council as well. New and revised audit standards and pronouncements will be discussed. The impact of the Auditing Clarity Project and the revised auditing standards will be examined for current application. Any newly released auditing standards will be visited.

Publication Date: May 2016

Designed For
Professionals in public practice, industry, government, and education who deal with nonpublic entities and wish to stay current on professional standards.

Topics Covered

• New releases from the FASB.
• New releases from the Private Companies Council (PCC).
• An advanced look at documentation standards will be reviewed for changes required by new FASB and PCC standards
• Further updates that impact on the accounting and auditing professional standards including new Quality Control Standards and their requirements.
• Ethics Interpretation 101-3 will be explored for revisions and updates in attest/nonattest applications as released or considered by the Professional Ethics Executive Committee.
• Any other matters deemed appropriate and timely

Learning Objectives

• Identify FASB pronouncements that may impact private companies that come from the FASB and the Private Companies Council and to review other new GAAP releases that may affect the non issuing entities
• Differentiate the new Accounting Standards Codifications issued as updates for 2015 and the latter part of 2014
• Identify the reasons why Accounting Standards Update (ASU) 2015-03 on Simplifying the Presentation of Debt Issuance Costs arose
• Recognize how inventory (Topic 330) is measured at the lower of cost or market and how it is defined
• Determine the allowance under absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements led way to ASU 2015-17
• Describe the changes under the Statement of Auditing Standards (SAS) No. 130
• Differentiate what the AICPA's Professional Ethics Executive Committee (PEEC) stated that the "preparation of financial statements" is
• Evaluate an accountant's documentation on Compilation services and what should be included
• Identify the allowance of extraordinary items under the accounting Standards Update (ASU) 2015-01 simplifies the Income Statement
• Determine the deduction cost required under ASU 2015-03 which simplifies the reporting of Debt Issuance Cost
• Recognize true statements regarding under ASU 2015-05 on Customer's Accounting of Fees Paid in a Cloud Computing Arrangement
• Recognize how ASU 2015-11 simplified the Measurement of Inventory and which of the following forms of inventory method applies
• Identify ASU 2015-17 on Income Taxes (Topic 740) regarding the Balance Sheet Classification of Deferred Taxes require that tax liabilities and assets classification
• Determine an Emphasis-of-Matter paragraph in an audit report refers to
• Identify who needs to sign an engagement letter under the new SSARS 19 requires
• Determine the two differences under SSARS 21 between Preparation and Compilation of financial statements
• Recognize when SSARS 21 does not apply
• Determine the accurate description of what is required by the Review Standards of Financial Statements

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
Understanding of GAAP and Auditing Standards

Advance Preparation
None