2024 GAAP, GAAS, SSARS, & Other Accounting Issues - Part 1 (Completed)

This update is about some of the most difficult and frequently found accounting and auditing issues in the CPA profession. (Review, compilation, preparation, and new Quality Management issues in the CPA profession are covered in Part 2). This program reviews new and recently issued FASB pronouncements that impact Audit issues and Attestation requirements for 2022, 2023, 2024, and the future years. Engagement letters, changes to reporting formats, disclosure requirements, and engagement administration matters are presented. 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 including NOCLAR. New standards for attestation, and audit engagements are examined for current and future applications. Recently issued ASUs, SASs, and SSAEs will be reviewed for their impact.

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

Topics Covered

• Selected FASB Accounting Standards Updates (ASUs) for 2023 and later
• FASB Accounting Standards Updates (ASUs) that impact future years due to effective date changes
• AICPA Auditing Standards Update: 2023 and the future, including Quality Management Standards
• Materiality Definitions
• The Changes for Auditors (SASs 141-149)
• The Changes to Attestation (SSAE 21 and 22)
• Any other matters deemed appropriate and timely

Learning Objectives

• To recognize current and newly issued GAAP, GAAS, and SSAE pronouncements that impact engagements regarding reporting formats, engagement letters, and disclosure issues currently needed
• To identify updates on GAAP from the FASB
• To identify updates on Auditing Standards from the AICPA and ASB
• To identify other related issues and the future of the FASB and IASB

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours), Auditing (2 hours)

Program Prerequisites
Basic understanding of GAAP and GAAS

Advance Preparation
None