Top Ten Issues in Accounting and Auditing (Completed)

Learn about the selected top issues in Generally Accepted Accounting Principles (GAAP), Generally Accepted Auditing Standards (GAAS), Statements on Standards for Accounting and Review Engagements (SSARS), Statements on Standards for Attestation Engagements (SSAE), and the AICPA’s Code of Professional Conduct. These issues and subjects are explained, discussed ,and illustrated for examples.

Who Should Attend
Professionals in public practice, business, industry, government, and education who deal with nonpublic entities and need a session on how to handle the selected new major issues of accounting and auditing.

Topics Covered

• The impact of accounting changes, which include revenue, financial assets and financial liabilities, and leases, will be discussed
• Changes to valuation methods including the CECL Model
• These issues are regarding the reporting of financial assets and financial liabilities for leased assets and liabilities
• The measurement of financial assets and financial liabilities
• Issues involving effective dates and the impairment reporting on revenue recognition, financial instruments, and leases
• Auditing issues involving the new SASs from 134-143
• Transition to the new standards
• Any other related matters or recently issued matters will be examined

Learning Objectives

• Recognize how to provide users with a timely update on the recently issued new FASB Accounting Standards Updates (ASUs)
• Identify the financial instruments, leases, and revenue standards and their applications will impact practically every professional accountant that deals with accounting issues and financial assets and financial liabilities
• Recognize other FASB ASUs on effective dates, reporting requirements, disclosure requirements, the CECIL Model, and related matters will be explored

Level
Update

Instructional Method
Group: Internet-based

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

Program Prerequisites
Participants should have a general knowledge of generally accepted accounting principles.

Advance Preparation
None