Accounting Updates for CPAs (2018) (Currently Unavailable)

We will walk through the updates to US GAAP impacting the 2017 calendar year end reporting period This session will be unique as we look sequentially at the accounting standard updates versus a topical approach. Beginning with the most recent additions in 2017, and then progressing to the updates issued in 2016 and 2015 which will now have an impact on reporting, this comprehensive discussion will ensure you are alert to changes that could impact your reporting. Additional discussion will be given to existing standards originating from the FASB’s Private Company Council and how these can streamline reporting requirements.

Learn about the new professional standard of Financial Instruments from the FASB. This Accounting Standard Update (ASU 2016-01) represents significant changes in authoritative professional standards concerning financial instruments (financial assets and financial liabilities), their measurements, impairments, and disclosures. Also discussed are “changes to the changes” in the form of newer ASUs. These subjects are explained, discussed, and illustrated for examples.

Do you need a review of the most difficult and frequently found accounting, auditing, review, compilation, and preparation issues in the CPA profession? This on-demand course reviews new FASB pronouncements that impact Audit issues and SSARS requirements for 2018. Engagement letters, changes to reporting formats, disclosure requirements, and engagement administration matters are presented. Issues include revenue recognition, financial instruments, and leases. This session also discusses what is authoritative GAAP for entities and where does one find it. A review of the AICPA’s Code of Professional Conduct with its changes for those in public accounting, in business, and others is presented for changes and updates for the profession. New standards for preparation, compilation, review, and audit engagements are examined for current and future application. Recently issued ASUs, SASs, SSARS 22 and SSARS 23 will be reeviewed for their impact.

Review new FASB Pronouncements up to the date of the course. This presentation will inform participants of the latest issues from the FASB and the Private Companies Council. Selected accounting standards updated in the previous year with impact in the current year will be highlighted. The FASB and PCC agendas and projects are discussed for their expected applications.

On December 22, 2017, the U.S. federal government enacted a tax bill, H.R.1, An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (Tax Cuts and Jobs Act). Because of the Tax Cuts and Jobs Act, stakeholders need to know how to implement the changes on the following financial reporting issues Current Generally Accepted Accounting Principles (GAAP) requires that deferred tax liabilities and assets be adjusted for the effect of a change in tax laws or rates. This on-demand course will explore the implementation of GAAP for this effect as follows: