Topics covered include: 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. Upon completing this course, you should be able to: Recognize the FASB pronouncements that may impact private companies that come from the FASB and the Private Companies Council; Describe other new GAAP releases that may affect the non issuing entities; Identify the new Accounting Standards Codifications issued as updates for 2017 and the latter part of 2016; Recognize new auditing standards recently issued and to review some of the Clarified Auditing Standards that are substantive for 2017; Identify ASUs resulting in the new revenue recognition standards; Recognize which ASUs issued by FASB eliminated the concept of extraordinary items from US GAAP; Differentiate ASC topics primarily impacted from the amendments prescribed by ASU 2016-01; Identify the key amendments to ASC Topic 350 prescribed by ASU 2017-04; Describe which auditing standard prescribes requirements related to using the work of internal auditors; Differentiate proposed changes in auditor reporting; Identify the amendments in ASU 2015-17 simplifying the presentation of deferred income taxes by requiring that deferred tax liabilities and assets; Recognize the fiscal years related to the recognition and measurement of financial assets and liabilities, is effective for public business entities; Identify correct statements regarding the presentation of financial statements of not-for-profit entities based on the requirements of ASU 2016-14; Describe which SEC Staff Accounting Bulletins made amendments to ASC Topic 740.