2025 GAAP, GAAS, SSARS, & Other Accounting Issues - Part 2

Author: Pat Patterson

This update is about the most difficult and frequently found accounting, review, compilation, and preparation issues in the CPA profession. The difficulties that are happening because of the Coronavirus Pandemic (COVID-19) and the impact that it has on the accounting professional are highlighted. This course reviews new and recently issued FASB pronouncements that impact SSARS accounting for 2022, 2023, 2024, 2025, and future years. (Auditing Standards and GAAS issues from the AICPA are covered in Part 1) 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 which includes NOCLAR. New standards for preparation, compilation, and review engagements are examined for current and future applications. Recently issued SSARSs will be reviewed for their impact including SSARS 26 and new Quality Management Standards for all engagements.

Publication Date: June 2025

Designed For
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 Issues in SSARS Standards
• Updates of Preparation, Compilation, Review Standards including Personal Financial Statements
• Selected Issues about Engagement Letters, Reports, Disclosures, Documentation, and Ethics
• Quality Management Issues and NOCLAR

Learning Objectives

• Recognize current and newly issued GAAP and SSARS pronouncements that impact engagements regarding reporting formats, engagement letters, and disclosure issues currently needed
• Identify updates on GAAP from the Financial Accounting Standards Board (FASB)
• Identify updates on SSARS from the AICPA’s Accounting and Review Services Committee (ARSC)
• Identify other related issues and the future of the FASB and International Accounting Standards Board (IASB)
• Identify the level of assurance that is targeted in an audit engagement
• Identify the AR-C section that governs the preparation of personal financial statements
• Identify the year the Accounting and Review Services Committee issued its first SSARS

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (4 hours)

Program Prerequisites
Basic understanding of GAAP and SSARS.

Advance Preparation
None