2021 Accounting and Auditing Update (Full-Day Webinar) (Completed)
Date: Thursday, June 24, 2021
Instructor: Pat Patterson
||7:00am Pacific Time
8:00am Mountain Time
9:00am Central Time
10:00am Eastern Time
||8 hours for CPAs
Every standard in the CPA profession has changed since July of 2009. Are you up-to-date and ready? This course includes an update of the difficult and frequently found accounting, auditing, review, compilation, and preparation issues in the CPA profession.
The session includes issues caused by the Corona Virus Pandemic (COVID-19). This program reviews new FASB pronouncements, new Audit issues, new SSARS requirements, new Attestation Standards, and potential future changes for Information Technology impacts. All areas are for recent years, 2018, and the future. Engagement letters, changes to reporting formats, disclosure requirements, documentation requirements, and engagement administration matters are presented. Issues presented include GAAP for revenue recognition, financial instruments, leases, and international implications. An insight into the new and revised AICPA Code of Professional Conduct with its changes for those in public accounting, in business, and others is presented for changes and updates in the accounting profession. New standards for preparation, compilation, review, and audit engagements are examined for current and future application. This information includes recently issued ASUs, SASs, SSARSs, and SSAEs up to the date of the course. Further inclusion will be proposals for audit reporting where the AICPA’s ASB, The SEC’s PCAOB, and the IAASB’s ISA reporting models will be converged for some or all of their audit reporting models in the near future. This session connects the dots.
Partial credit will not be awarded for attendees that are not present for the entirety of the webinar.
This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.
Who Should Attend
CPAs that need to be updated and current on professional standards in their professional areas for their firm, their clients, their client applications; and to meet the continuing professional education requirements of their state laws and rules.
- The impact of COVID-19
- New releases from the FASB with special view to COVID-19
- Revenue Recognition issues for the future and how they will affect financials
- Reporting for Financial Instruments, disclosures, and presentation for impairments of financial instruments
- Credit Loss implications of the CECL Model for credit losses from the FASB
- New issues in Lease Accounting and the recognition of Right of Use Assets and Lease Liabilities including the potential impact on the financial statements
- Lease implications for "easements" and other lease changes
- Audit issues for "Going Concern" situations from the FASB and the ASB because of the pandemic
- Professional standards that involve new preparation, compilation, review, attestation, and audit standards for 2021 and future years that include preparation, compilation, and review engagement letters, documentation, and issues specified in SSARS 21, 22, 23, 24 and 25
- An advanced 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 that include new Quality Control Standards (SQCS 8) and its requirements for documentation and independence representations.
- The impact and changes of the revised AICPA Code of Professional Conduct
- 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
- The future of accounting and information technology with an insight into cloud computing, blockchain, and AI issues
- How technology will be impacted by the pandemic
- Recognize and apply the standards and requirements for GAAP involving Revenue
- Recognition, Financial Instruments, Leases, and other important areas of GAAP during the pandemic
- 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
NASBA Field of Study
Accounting (4 hours), Auditing (4 hours)
General understanding of the GAAP, GAAS, and SSARS standards.