2017 Accounting and Auditing Standards Update (24 Hrs)

Course Description

2017 Accounting and Auditing Standards Update: FASB, SSARS and SAS Developments

The purpose of this course is to inform the reader of the various changes affecting accounting, compilation and review, and auditing engagements as well as a review and recall of existing standards.  Topics include  a summary of newly issued FASB statements, new statements issued by the Auditing Standards Board, changes in compilation and review,  current and pending developments,  practice issues, and more.

Course information

Price: $125
Course No. F060
Format: Online pdf (612 pages). Printed book available.
Prerequisites: Basic understanding of U.S. GAAP, compilation and review, and auditing standards
Advance Preparation:None
Level: Overview
CPE Credit: 24 Hrs. (16 Hrs. Accounting, 8 Hrs. Auditing)
Field of Study: Accounting/Auditing
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: April 2017

Objectives

After reading the Chapter 1 course material, you will be able to:
• Recognize a key change made to GAAP by the new lease standard
• Identify a type of lease that exists for a lessee under ASU 2016-02
• Recall a type of lease for which the ASU 2016-02 rules do not apply
• Recognize some of the criteria that determine whether a contract is or is not a lease
• Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life
• Identify how a lessee should account for initial direct costs
• Recall how a lessor should initially account for initial direct costs for a lease in certain instances
• Identify how a lessor should account for lease payments received on the income statement for an operating lease
• Recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
• Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios, andAfter reading the Chapter 2 course material, you will be able to:
• Identify the category of securities for which ASU 2016-01 retains the three categories under existing GAAP
• Recall one of the changes to existing GAAP for financial instruments made by ASU 2016-01
• Recall how available for sale debt securities are measured on an entity’s balance sheet
• Identify how held to maturity securities are measured on the balance sheet
• Recognize how an entity should account for a temporary impairment.
• Recall how an entity should present an unrealized gain or loss on an equity security under ASU 2016-01
• Identify how a mutual fund that invests in debt and equity securities should classify the investment
• Recall a change made to the exemption for fair value disclosures with respect to trade receivables and payables
• Recognize the model that ASU 23016-13 uses to deal with credit losses
• Identify how credit losses should be recorded under new ASU 2016-13After reading the Chapter 3 course material, you will be able to:
• Identify one of the five steps required in applying the new revenue standard
• Recall the general rule that determines whether an entity should record revenue gross or net
• Recognize the requirement that must be met for a company be considered a principal in a revenue transaction
• Recall one of the indicators that ASU 2016-08 removes from the revenue model in determining gross versus net treatment of revenue
• Identify the general rule for determining whether an entity should record revenue gross or net
• Recognize an example of a prepaid stored-value product
• Recall how an entity should implement ASU 2016-04 related to prepaid stored-value products
• Recognize some of the changes made to the five steps of the new revenue standard by ASU 2016-12 amendments
• Identify a type of intellectual property that has significant standalone functionality
• Recognize how an entity should record revenue related to a licenseAfter reading the Chapter 4 course material, you will be able to:
• Recall one of the reasons why U.S. convergence with international standards has not occurred
• Recognize some of the differences between IFRS for SMEs and IFRS
• Identify a technique that accountants have defaulted to avoid GAAP
• Recognize the disclosure requirements when a nonpublic entity has no uncertain tax positions
• Recognize the classification of certain cash flow transactions addressed by ASU 2016-15
• Identify the expense account to which amortization of debt issuance costs should be recorded
• Recall the rate that an entity should use to amortize debt issuance costsAfter reading the Chapter 5 course material, you will be able to:
• Recall how to present a deferred tax asset on a balance sheet under ASU 2015-17
• Recognize how to present deferred tax assets and liabilities on an unclassified balance sheet per ASU 2015-17
• Identify the actions an entity should take to adopt ASU 2015-17 with respect to its deferred tax assets and liabilitiesAfter reading the Chapter 6 course material, you will be able to:
• Identify the measurement basis used to measure FIFO and LIFO inventories under ASU 2015-11
• Recognize how to account for a recovery of an inventory write-down in subsequent periods
• Recall the method to be used to implement ASU 2015-11 for inventoryAfter reading the Chapter 7 course material, you will be able to:
• Identify some of the changes in SSARS No. 21, as amended by SSARS No. 23, that are and are not carried over from auditing standards
• Recognize engagement types that are and are not part of SSARS No. 21
• Recall whether the AR-C 70 preparation of financial statements standard is an attest or nonattest service
• Identify whether a report is required in a preparation of financial statements engagement under AR-C 70
• Recognize what the reporting requirements are, if any, when a “no assurance” legend is omitted from prepared financial statements under AR-C 70
• Identify where to disclose GAAP departures in a preparation of financial statements engagement
• Recognize whether an accountant and his or her client must sign an engagement letter for a preparation of financial statements engagement under AR-C 70
• Recall the objective of a compilation engagement under AR-C 80 of SSARS No. 21
• Recognize new language that has been added to the new compilation report in ASR-C 80
• Identify how an accountant should report on a disclaimer of supplementary information in a compilation engagement
• Identify requirements that must and must not be satisfied to perform a review engagement under AR-C 90
• Identify evidence an accountant should obtain to demonstrate that financial statements reconcile with accounting records
• Recognize an appropriate title that can be used for a review report under SSARS No. 21
• Identify the order in which certain report paragraphs should be placed in the SSARS No. 21 review report
• Recall some of the items that should be and should not be documented in a review engagementAfter reading the Chapter 8 course material, you will be able to:
• Identify a common behavior trait of a possible fraudster
• Recognize a control that is effective in detecting and limiting fraud
• Identify types of fraudsters
• Identify at least one procedure an external auditor should perform with respect to internal auditors
• Identify the type of approach an auditor should use in performing an ICFR audit under SAS No. 130
• Recognize the general independence rule for an auditor performing an attestation engagement under SSAE No. 18
• Recall which types of engagements should and should not follow SSAE No. 18 attestation standards

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