2019 Accounting and Auditing Standards Update (24 Hrs)

Course Description

2019 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
This course is included in our Accounting and Auditing CPE Bundle and the MEGA CPE Unlimited Bundle


Course No. F060
Instructional Delivery Method: QAS Self-Study
Format: Online pdf (704 pages). Printed book available.
Purchase the optional printed book: Book Only
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 2019

Objectives

After reading the Chapter 1 course material, you will be able to:
• Recognize a private company under ASU 2018-17
• Identify the definition of a variable interest
• Recall some of the requirements that must be met to consolidate under the VIE rules
• Identify an element that must be met to elect the private company accounting alternative under ASU 2018-17
• Identify the types of arrangements to which the accounting alternative election applies
• Recognize relationships that might be considered under common control
• Recognize the way in which an entity should adopt the accounting alternative in ASU 2018-17
• Recall how an accountant or auditor reports on an accounting change per ASU 2018-17
After reading the Chapter 2 course material, you will be able to:
• Recognize the types of agreements that qualify as contracts under the revenue standard
• Recall a condition that must be met to identify a separate performance obligation
• Identify at least one method authorized to estimate variable consideration in a contract
• Recognize information that can be used to allocate the transaction price to performance obligations
• Identify at least one method that are used to record revenue in Step 5 of the revenue standard
• Recognize when a good is considered transferred to a customer under ASC 606
• Recognize how to account for the transfer of a product with a right to return
• Recall the general rule that determines whether an entity should record revenue gross or net
• Identify some of the general rules to account for license revenue
• Recall how certain contract costs are accounted for under the revenue standard, and
• Recognize certain disclosures required by the revenue standard for nonpublic entities.
After reading the Chapter 3 course material, you will be able to:
• Recognize how an entity should account for deferred tax accounts under the Tax Cuts and Jobs Act
• Identify how the ASU 2018-02 election is made to reclassify the tax effect on accumulated other comprehensive income
• Recall the adjustment that is made when an entity converts from S to C corporation status
• Recognize the type of like-kind exchange that qualifies for nonrecognition of gain or loss under GAAP
• Identify a way in which an entity can account for bonus depreciation under GAAP.
• Recognize an example of an applicable financial statement (AFS)
After reading the Chapter 4 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.
After reading the Chapter 5 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 made by ASU 2016-01 to existing GAAP for financial instruments.
• 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
After reading the Chapter 6 course material, you will be able to:
• Identify a requirement an accountant must satisfy when he or she is performing a review engagement on an international accounting framework
• Recognize one of the elements required for a fair presentation framework
• Recall a term used in considering going concern in a review engagement
• Identify the definition of a reasonable period of time as used in the going-concern rules for review engagements
• Identify additional inquiries on going concern for a review engagement in SSARS No. 24
• Recognize an action an accountant should take when referencing the work of another accountant in a review engagement
After reading the Chapter 7 course material, you will be able to:
• Recognize engagement types that are and are not part of SSARS No. 21
• Recognize the accountant’s responsibility for reporting fraud in compilation and review engagements
• Recall financial statement titles for tax-basis financial statements.
• Identify the options available and not available to report on supplementary information in a compilation or review engagement
• Recognize evidence an accountant would obtain to demonstrate that the financial statements reconcile with accounting records
• Identify the disclosure requirements when an accountant reports on a tax return
• Recognize actions that would and would not impair an accountant’s independence
After reading the Chapter 8 course material, you will be able to:
• Identify the difference between fraud and an error
• Recognize the three conditions of the fraud triangle
• Recall the threshold at which an audit of an employee benefit plan is required
After reading the Chapter 9 course material, you will be able to:
• Recognize the definition of “reasonable period of time” as used in SAS No. 132
• Identify the key term that SAS No. 132 uses in the auditor’s evaluation of going concern
• Identify when a company is required to use the liquidation basis of accounting
• Recognize the meaning of the term “probable” as used in GAAP’s ASU 2014-15
• Identify audit evidence demonstrating a commitment to providing financial support
• Recall how a CPA should report when there is substantial doubt of going concern
• Identify a term used in going concern that third-party users that is not clearly understood
• Recognize an example of a type of exempt offering covered by SAS No. 133
• Recognize some prerequisites to perform an attestation engagement under SSAE No. 18
• Identify types of engagements that are covered and not covered by SSAE No. 18
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