Dealerships: Accounting & Auditing Update

Retail dealerships face unique challenges when it comes to accounting and financial reporting. There are rules specific to the industry and changes to rules that must be understood and implemented, such as lease accounting. In this two-hour course, you’ll learn about a range of industry-specific issues and major accounting concerns those practicing in the space must know and manage. Dealerships – both publicly traded and privately held – often are unprepared to handle many of these issues and rely on their practitioners to provide the insight and knowledge to properly comply with these complex standards. Led by automotive industry group leader Lewis R. Fisher, CPA, this insightful session will discuss commonly encountered financial statement issues, provide a summary of recent accounting pronouncements, dive deeper into the recently released lease standard, and industry-specific audit nuances. Time will be provided for you to ask questions to our presenter during the presentation. During the presentation, time will be provided to ask questions to the presenter.

Who Should Attend
Accountants in public practice and industry who work with or for franchised retail dealerships as well as finance staff in retail dealerships.

Topics Covered

• Common issues seen in financial statements and footnotes
• U.S. GAAP update
• Application of Private Company Council standards and their outsized impact on the industry
• Lease accounting - preparing for the new standard
• Audit and review considerations in the dealership environment
• Why U.S. GAAP matters to the industry - even when financial statements are not published

Learning Objectives

• Discuss the preparation of financial statements which are tailored to retail dealerships
• Identify key accounting issues facing the automotive industry
• Describe key internal control matters within retail dealerships
• Identify audit risk areas and important review areas when working with dealerships

Level
Basic

Instructional Method
Group: Internet-based

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

Program Prerequisites
None

Advance Preparation
None