2018 GAAP, GAAS, & SSARS Update

Authored by Pat Patterson
About this Course
Topics covered include: Professional standards that involve new preparation, compilation review, and audit standards for 2018, including the new SSARS 22 and 23 that relates to Pro Forma Financial Statements, Compilations, Reviews, and other updates for CIRAs; New releases from the FASB's Private Company Council and the PCC status are discussed;Revenue Recognition issues for the future and how they will affect financials; Reporting for Financial Instruments, disclosures, and presentation for impairments of financial instruments; New issues in Lease Accounting and the recognition of Right of Use Assets and Lease Liabilities; Preparation, Compilation, and Review engagement letters and issues specified in SSARS 21, 22, and 23 including reporting, engagement letters, and documentation; An advanced look at documentation standards will be reviewed for changes required by new compilation and review standards; Further updates that impact on compilation and review engagements that include: new Quality Control Standards (SQCS8) and its requirements for documentation and independence representations; Further updates that impact on compilation and review engagements that include: new Quality Control Standards (SQCS8) and its requirements for documentation and independence representations; Ethics Interpretation of 1.295 regarding independence and documentation will be explored for revisions and updates in attest/nonattest applications specifically dealing with attest issues; Any other matters deemed appropriate and timely. Upon completing this course, you should be able to: Recognize current and newly issued GAAP, GAAS, and SSARS pronouncements that impact engagements regarding reporting formats, engagement letters, and disclosure issues currently needed; Identify FASB pronouncements that may affect entities that come under the Private Companies Council and to review other new GAAP releases that may affect these engagements; Describe updates of any new compilation and review standards for 2018, and future years; Review of selected revised professional compilation and review standards that still apply from earlier years; Identify and apply a study of the recently revised AICPA's Code of Professional Conduct with the new "threats and safeguards" view to Ethics and the Code; Recognize steps in applying the new revenue recognition model under ASU 2014; Differentiate the primary difference between ASC 840 & 842; Recognize the difference between compilation engagements and preparation engagements; Identify true provisions the Professional Ethics Executive Committee adopted in the AICPA Code of Professional Conduct; Describe why the FASB issued ASU 2016-02, Leases; Recognize updates issues by the FASB to clarify the definition of a business; Identify guidance on the compilation of pro forma financial information; Describe Statements on Auditing Standards (SASs).
$ 34.00
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NASBA Field of Study
Accounting
Level
Update
CPE Credits
2.0
Prerequisites
A basic understanding of principles of GAAP, GAAS, and SSARS.
Last Updated
07/02/2018
14073