SSARS 24 Update

Authored by Pat Patterson
About this Course
Topics covered include: Professional standards that involve new preparation, compilation and review, standards for 2018, including SASs, the new SSARS 22, 23, and 24 standards that relate to Pro Forma Financial Statements, Compilations, Reviews, changes to reporting models, and other updates; New releases from the FASB's Private Company Council (PCC) 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; Credit Loss implications of the CECL Model for credit losses from the FASB; New issues in Lease Accounting and the recognition of Right of Use Assets and Lease Liabilities including the potential impact on the financial statements; Lease implications for 'easements'; Issues for 'Going Concern' situations from the FASB and the ASB; Preparation, Compilation, and Review engagement letters and issues specified in SSARS 21, 22, 23, and 24 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 (SQCS 8) and its requirements for documentation and independence representations; Ethics Interpretation 1.295 regarding independence and documentation will be explored for revisions and updates in attest/nonattest applications specifically dealing with nonattest services for attest clients. Upon completing this course, you should be able to: Identify and apply the standards and requirements for SSARS 24 and its international implications; Recognize how to apply the requirements for 'Going Concern' in audits, reviews, compilations, and preparations engagements, including those engagements not using GAAP; Differentiate the implications of the CECL Model for credit losses and its applications; Identify the new and revised AICPA Code of Professional Conduct including the Threats and Safeguards approach; Recognize the connection between the AICPA, the PCAOB, the FASB, the IASB, and the IAASB; Recognize the revised compilation and review report requirements of SSARS 24; Differentiate between compilation and preparation engagements.
$ 34.00
Course is unavailable for purchase.
NASBA Field of Study
Accounting
Level
Update
CPE Credits
2.0
Prerequisites
A general understanding of the GAAP, GAAS, and SSARS standards.
Last Updated
07/05/2018
13990