This course will familiarize participants with those FASB statements and SAS pronouncements that impact local CPA firms. Course content will emphasize those issues most relevant to smaller firms with no SEC clients. Coverage will reflect the most recently issued authoritative literature and illustrate implementation issues and reporting alternatives.
Course ID: FSU
FASB / SAS Update (Latest Edition) (Accounting Update)
Learning Objectives
- Gain an up-to-the-minute understanding of newly issued and forthcoming accounting and auditing standards
- Prepare to implement the new standards involving revenue recognition lease accounting and financial instruments
- Become familiar with recently enacted or proposed standards involving not for profit reporting, cash flow and debt classification
- Receive an adoption update on SSARS 21, involving preparation engagements
- Become aware of recent FASB standards and how they will affect your clients
- Understand how recent ASB standards affect audit practice in key areas
- Receive an update on current and proposed standards involving EITF, FASB, PCAOB, ASB and IASB
Major Topics
- FASB overview
- Lease accounting:- understanding the new standard
- Revenue recognition – implementation considerations
- Financial Instruments – what is changing?
- Recent developments in private company reporting
- Implementing SSARS 21 and preparation engagements -practice issues
- Recent FASB developments
- Auditing standards update: service auditor reports, going concern, critical audit matters
Who Should Attend
Accountants in public practice and industry who need a comprehensive review of recent accounting and auditing pronouncements
Fields of Study
AuditingPrerequisites
Prior learning or experience with accouniting and auditing standards