2019 GAAP, GAAS, & SSARS Update (Completed)

Date: Tuesday, November 12, 2019
Instructor: Pat Patterson
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs

Do you need a review of the most difficult and frequently found accounting, auditing, review, compilation, and preparation issues in the CPA profession? This program 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.

Who Should Attend
CPAs that need to be current on professional standards in their employment, for their clients and client applications, and to meet the continuing professional education requirements of their state laws and rules.

Topics Covered

  • Professional standards that involve new preparation, compilation review, and audit standards for 2018, including the new SSARS 22 and 23 that relates to Pro Forma Financial Statements, Compilations, Reviews, and other updates for CIRAs
  • New releases from the FASB's Private Company Council 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
  • New issues in Lease Accounting and the recognition of Right of Use Assets and Lease Liabilities
  • Preparation, Compilation, and Review engagement letters and issues specified in SSARS 21, 22, and 23 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 (SQCS8) and its requirements for documentation and independence representations
  • Ethics Interpretation of 1.295 regarding independence and documentation will be explored for revisions and updates in attest/nonattest applications specifically dealing with attest issues
  • Any other matters deemed appropriate and timely

Learning Objectives

  • Recognize current and newly issued GAAP, GAAS, and SSARS pronouncements that impact engagements regarding reporting formats, engagement letters, and disclosure issues currently needed
  • Identify FASB pronouncements that may affect entities that come under the Private Companies Council and to review other new GAAP releases that may affect these engagements
  • Describe updates of any new compilation and review standards for 2018, and future years
  • Review of selected revised professional compilation and review standards that still apply from earlier years
  • Identify and apply a study of the recently revised AICPA's Code of Professional Conduct with the new "threats and safeguards" view to Ethics and the Code

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
A basic understanding of principles of GAAP, GAAS, and SSARS.

Advance Preparation
None

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