Preparing Personal Financial Statements Update (Completed)

Date: Tuesday, January 22, 2019
Instructor: Pat Patterson
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs

CPAs are the first stop for most individuals for tax and financial planning advice. Your client's financial position is often requested by estate planners, creditors, and other advisors. Preparing personal financial statements for your clients on an annual basis can be a great opportunity to grow your practice.

This course will teach you the professional standards and best practices for preparing personal financial statements. The new standard was issued by the ARSC and is effective for periods ending on or after December 15, 2015.

Who Should Attend
CPAs and finance professionals who work with clients on the development and analysis of personal financial statements and other aspects of personal financial planning.

Topics Covered

  • Personal Financial Statements and new preparation, compilation, and review standards for 2016, SSARS 21
  • Basis of accounting to be used in Personal Financial Statements
  • Issues about the values to be used for assets and liabilities in Personal Financial Statements
  • Other Personal Financial Statements and new issues in Preparation, Compilation, and Review engagement letters and review representation letters specified in SSARS 21 and disclosure issues
  • Disclosures pertaining to Personal Financial Statements
  • An advanced look at documentation standards for changes required by new preparation, compilation, and review standards in Personal Financial Statements
  • Further updates that impact on preparation, compilation, and review engagements that include: new Quality Control Standards (SQCS8) and its requirements
  • Ethics Section 1.295 (formerly Ethics Interpretation 101-3) will be explored for revisions and updates in attest/nonattest applications specifically dealing with personal financial statements
  • Any other matters deemed appropriate and timely such as: investments, life insurance, estimated income taxes, carryforwards, commitments, and internal controls

Learning Objectives

  • Recognize FASB pronouncements and the ASC that impacts Personal Financial Statements
  • Review and apply other new GAAP releases that may affect Compilation and Review engagements
  • Provide an update on SSARS 21, the new preparation, compilation and review standards for 2015, 2016, and future years
  • Provide a review of selected revised professional compilation and review standards and other standards that still apply from earlier years

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
A basic understanding of Personal Financial Statements.

Advance Preparation
None

">
 Chat — Books Support