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.
Basic understanding of GAAP and Auditing Standards.