Preparing Personal Financial Statements

Authored by Pat Patterson
About this Course
Topics covered include: Personal Financial Statements and new preparation, compilation, and review standards for 2016; SSARS 21; Basis of accounting to be used in Personal Financial Statements Other Personal Financial Statements and new issues in Preparation, Compilation, and Review engagement letters and review representation letters specified in SSARS 21 and disclosure issues; Disclosures pertaining to Personal Financial Statements; An advanced look at documentation standards for changes required by new preparation, compilation, and review standards in Personal Financial Statements; Further updates that impact on preparation, compilation, and review engagements that include: new Quality Control Standards (SQCS8) and its requirements; Ethics Section 1.295 (formerly Ethics Interpretation 101-3) will be explored for revisions and updates in attest/nonattest applications specifically dealing with personal financial statements; Other matters deemed appropriate and timely such as: investments, life insurance, estimated income taxes, carryforwards, commitments, and internal controls. Upon completing this course, you should be able to: Recognize the basics of preparing personal financial statements; Identify and apply other new GAAP releases that may affect Compilation and Review engagements; Recognize the updates on SSARS 21, the new preparation, compilation and review standards for 2015, 2016, and future years; Describe selected revised professional compilation and review standards and other standards that still apply from earlier years; Identify the principal authoritative literature dealing with preparing personal financial statements; Differentiate statements with respect to internal controls; Recognize types of engagements an accountant is required to obtain a written representation letter from management; Differentiate sections of ASC 274 prescribed the disclosure requirements with respect to personal financial statements; Identify proper statements with respect to personal financial statements; Recognize AR-C sections prescribed by requirements with respect to preparation of financial statements; Identify disclosure requirements with respect to personal financial statements.
$ 45.00
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NASBA Field of Study
Accounting
Level
Basic
CPE Credits
2.0
Prerequisites
None
Last Updated
06/01/2018
13922