Top Ten Issues in Accounting and Auditing (Currently Unavailable)

Author: Pat Patterson

This presentation will inform participants of the latest issues from the FASB and the Private Companies Council. New and revised audit standards and pronouncements will be discussed.
The proposals and results of new issues from the Accounting and Review Services Committee are examined SUCH AS: Preparation of Financial Statement, Compilations, and Association with Financial Statements. Some aspects of cloud computing will be highlighted with regards to an accounting practice.

Publication Date: September 2016

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

Topics Covered

• Selected new releases from the FASB and the Private Company Council (PCC) and its status.
• Revenue Recognition, Leases, Going Concerns, and Developmental Stage Entities pronouncements are highlighted.
• New compilation and review standards for 2014 and 2015, including the recently voted on Exposure Draft issues for attest/nonattest issues that relate to Preparation of Financial Statements, Compilations of Financial Statements, and Association with Financial Statements.
• 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 plus any late breaking accounting news issues.

Learning Objectives

• Recognize the selected FASB pronouncements that might impact private companies that come from the Private Companies Council
• Identify issues of the newly finished Clarity Project of the ASB and discuss some of the recent releases
• Recognize the updates on the new compilation and review standards as recently voted on by the ARSC for 2014 and 2015
• Recognize the limited review of selected revised professional compilation and review standards that still apply from earlier years.
• Recognize cloud computing which includes the procedural options, the risks, and the issues.
• Identify goals of topic 605
• Describe what it means regarding the right to control the use of an asset
• Differentiate which issues are addressed in Topic 825
• Recognize functions of the TRG
• Identify what is required for the preparation of financial statements according to SSARS 21
• Describe the risks and advantages of cloud computing
• Differentiate between the U.S. GAAP approach to revenue recognition vs. IFRS approach
• Recognize the effect of leases under the lessee accounting model
• Identify when a qualitative assessment indicates that impairment exists, an entity is required to measure the investment under Topic 825
• Recognize the main difference between a principal and an agent is the principal under Topic 606
• Identify which class of net asset is no longer required to be present
• Describe when The Accounting Standards Board (ASB) Clarity Project resulted in the issuance of SAS Nos.122-127 is effective
• Recognize when the engagement letter to prepare financial statements includes responsibilities of management under SSARS 21
• Differentiate how the compilation report differs from the review and audit reports in that the compilation report under SSARS 21
• Identify reasons why international financial reporting standards (IFRS) may not be adopted in the United States

Level
Update

Instructional Method
Self-Study

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

Program Prerequisites
A basic understanding of professional pronouncements.

Advance Preparation
None