2021 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. The difficulties that are happening because of the Corona Virus Pandemic (COVID-19) and the impact that it has on the accounting professional is discussed. This program reviews new and recently issued FASB pronouncements that impact Audit issues and SSARS requirements for 2020, 2021, 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. New standards for preparation, compilation, review, attestation, and audit engagements are examined for current and future application. Recently issued ASUs, SASs, SSAEs, and SSARS will be reviewed 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

• Selected FASB Accounting Standards Updates (ASUs) for 2020 and earlier
• FASB Accounting Standards Updates (ASUs) that impact future years due to effective date changes
• AICPA Auditing Standards Update: 2020 and 2021
• What Happened?
• Materiality Definitions
• The Changes for Auditors (SASs 134-143)
• The Changes to Attestation (SSAE 20 and 21)
• The Changes to SSARS (SSARS 25)
• FASB Horizon 2021 and Beyond
• Any other matters deemed appropriate and timely

Learning Objectives

• Recognize current and newly issued GAAP, GAAS, SSAE and SSARS pronouncements that impact engagements regarding reporting formats, engagement letters, and disclosure issues currently needed
• Identify updates on Auditing Standards from the AICPA
• Identify updates on SSARS from the ARSC
• Identify other related issues and the future FASB

Level
Update

Instructional Method
Group: Internet-based

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

Program Prerequisites
Basic understanding of GAAP, GAAS, and SSARS.

Advance Preparation
None