2025 GAAP, GAAS, SSARS, & Other Accounting Issues - Part 1
Author: Pat Patterson
| CPE Credit: |
4 hours for CPAs |
This update is about some of the most difficult and frequently found accounting and auditing issues in the CPA profession. (Review, compilation, preparation, and new Quality Management issues in the CPA profession are covered in Part 2). This course reviews new and recently issued FASB pronouncements that impact Audit issues and Attestation requirements for 2023, 2024, 2025 and the future years. Engagement letters, changes to reporting formats, disclosure requirements, and engagement administration matters are presented. Issues include revenue recognition, financial instruments, leases, and Quality Management (QM). 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 including NOCLAR. New standards for attestation, and audit engagements are examined for current and future applications. Recently issued ASUs, SASs, and SSAEs will be reviewed for their impact.
Publication Date: June 2025
Designed For
CPAs and others that need to be current on professional standards in their employment, for their clients, 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 2023, 2024, 2025, and future dates
- Selected AICPA Auditing Standards (SASs) for 2023, 2024, 2025, and future dates
- Changes for auditors (SASs 141-149)
- NOCLAR ethics interpretations
- Selected Procedures for QM
Learning Objectives
- Recognize current and newly issued GAAP, GAAS, and SSAE pronouncements that impact engagements regarding reporting formats, engagement letters, and disclosure issues currently needed
- Identify updates on GAAP from the FASB
- Identify updates on Auditing Standards from the AICPA and ASB
- Identify other related issues and the future of the FASB and IASB
- Identify the term used in GAAS to represent a presumptively mandatory requirement
- Identify the ASU that addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements
- Identify the SAS that relates to audits of group financial statements
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours), Auditing (2 hours)
Program Prerequisites
Basic understanding of GAAP and GAAS
Advance Preparation
None
