Going Concerns: New Issues (Completed)
Date: Tuesday, March 26, 2019
Instructor: Pat Patterson
||9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
||2 hours for CPAs
The FASB has released Accounting Standards Update (ASU) 2014-15—Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The release was in August of 2014. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted, and the amendments in this Update apply to all entities. In addition the AICPA’s Auditing Standards Board has released Statement on Auditing Standards No. 126, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern (Redrafted). This Statement on Auditing Standards is effective for audits of financial statements for periods ending on or after December 15, 2012. SAS No. 126 addresses the auditor’s responsibilities in an audit of financial statements with respect to evaluating whether there is substantial doubt about the entity's ability to continue as a going concern. This SAS applies to all audits of financial statements regardless of whether the financial statements are prepared in accordance with a general purpose or a special purpose framework. In addition, the FASB has released ASU No. 2013-07 in April 2013, Presentation of Financial Statements (Topic 205) Liquidation Basis of Accounting.
This two hour CPA webinar will assist you in obtaining a reasonable and high-level of understanding of financial reporting issues involving the issue of Going Concerns and the relationships of the AICPA and the FASB.
Who Should Attend
Professionals in public practice, business, industry, government, and education who deal with nonpublic entities and need a course on how to handle the major GAAP and GAAS issues of “going concerns”.
- Current FASB pronouncements on going concern issues and the liquidation basis of accounting
- Current AICPA SAS on "going concerns"
- FASB and AICPA ASB issues with newly released and to be issued pronouncements
- Changes to the changes
- International standards. Their impact and status
- Other recent and new topics as deemed timely and necessary
- Recognize the major problems and complexities of the issues of going concern and its impact on reporting and disclosure
- Differentiate between the GAAP and GAAS issues of going concerns
- Identify how to properly record, report, and disclose the various issues in the going concern area
- Recognize financial reporting issues involving the issue of Going Concerns
- Differentiate the relationships of AICPA and FASB
NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)
Experience in accounting and application of financial reporting standards.