2024 GAAP, GAAS, & SSARS Update (Completed)

This update is about some of the most difficult and frequently found accounting, auditing, review, compilation, and preparation issues in the CPA profession. This program reviews new and recently issued FASB pronouncements that impact Audit issues and SSARS requirements for 2022, 2023, and 2024. Engagement letters, changes to reporting formats, disclosure requirements, and engagement administration matters are discussed. Issues include revenue recognition, financial instruments, and leases. 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. This includes NOCLAR. New standards for preparation, compilation, review, attestation, and audit engagements are examined for current and future application. Recently issued ASUs, SASs, SSAEs, and SSARSs will be reviewed for their impact. New standards for Quality Management issues are examined.

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

Topics Covered

• New releases from the FASB
• New releases from the AICPA
• New reporting models for new GAAP, GAAS, and SSARS standards
• Financial Instruments, disclosures, and presentation for impairments of financial instruments
• Credit Loss implications of the CECL Model from the FASB for credit losses
• New issues in Lease Accounting (lessee and lessor) and the recognition of Right of Use Assets and Lease Liabilities on the balance sheets including the potential impact on the financial statements for liabilities and "frozen GAAP" situations
• Audit issues for "Going Concern" situations from the FASB and the ASB because of the new requirements for management involvement, liquidation, and the pandemic
• Professional standards that involve new preparation, compilation, review, attestation, and audit standards for 2021, 2022, and future years that include preparation, compilation, and review engagement letters, documentation, and issues specified in SSARS 21, 22, 23, 24, 25, and 26 plus any new issues expected after the course
• A look at documentation standards will be reviewed for changes required by new considerations for audits, compilation and review standards, and attestation standards
• Further updates that impact on attest engagements that include new Quality Management Standards (SQMS 1, 2, & 3) and its requirements for documentation, reporting issues, and independence representations
• The impact and changes of the revised AICPA Code of Professional Conduct on the profession and state laws and rules
• Ethics Interpretation 1.295 regarding independence and documentation will be explored for revisions and updates in attest/nonattest applications specifically dealing with nonattest services for attest clients (This includes NOCLAR)
• The future of accounting and information technology with an insight into cloud computing, blockchain, and AI issues
• How technology has been and will be impacted by the pandemic
• Any other matters that are deemed appropriate and timely at the time of presentation

Learning Objectives

• Recognize and apply the recent standards and requirements for GAAP involving Revenue Recognition, Financial Instruments, Leases, and other important areas of GAAP, GAAS, and SSARS impact during the pandemic and beyond.
• Identify the requirements for "Going Concern" in audits, reviews, compilations, and preparations engagements, including those engagements not using GAAP
• Describe the implications of the CECL Model for credit losses and its applications
• Identify the new and revised AICPA Code of Professional Conduct including the Threats and Safeguards approach
• Recognize the connection between the AICPA, the PCAOB, the FASB, the IASB, and the IAASB

Level
Update

Instructional Method
Group: Internet-based

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

Program Prerequisites
General understanding of the GAAP, GAAS, and SSARS Standards.

Advance Preparation
None