This course explains the varied and unusual details of Special Purpose Financial Statements and statements using Generally Accepted Accounting Principles (GAAP) that impact the SSARS Principles with Compilations for privately held entities during the global pandemic.
Publication Date: July 2020
Designed For
CPAs in public practice, professionals in business, industry, and other accounting professionals working in the accounting and financial statement preparation areas under the COVID-19 threats. In addition, the AICPA’s Code of Professional Conduct (as revised) is also important to understand as it relates to independence, documentation, and form and content of financial statements.
Topics Covered
- The Challenge of Compilations and COVID”19
- Sound Professional Judgment
- Modified Compilation Reports
- Selected Accounting and Financial Reporting Specific Matters
- Fair Value of Investments
- Asset Impairments
- Unusual or Infrequent Events
- Deferred Tax Assets
- Materiality Definitions
- The Changes to SSARS
Learning Objectives
- Identify and review of selected FASB pronouncements
- Identify Materiality and Compilations
- Describe challenges of nondisclosure compilations and the COVID”19 pandemic
- Recognize and update on SSARS 25 relating to Compilations
- Describe Selected Accounting and Financial Reporting Specific Matters and COVID”19 Issues
- Differentiate ASC Topics provides the framework for measuring fair value
- identify the first step in the order of impairment testing
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
Basic understanding of accounting and Compilation Standards using GAAP, Other Special Purpose Financial Standards, and Ethics.
Advance Preparation
None
Instructor
Pat Patterson
Cecil Patterson, (Pat), CPA, MBA, is an award-winning, nationally recognized author, speaker, and discussion leader for continuing education courses and numerous state societies. He has experience at the local and national CPA-firm level and as an adjunct university professor.
Pat holds an MBA from the University of North Florida and is a CPA and owner of the firm of Cecil Patterson, CPA. His firm provides, accounting, tax preparation and tax planning services, wealth management services, and consulting for businesses and other professional firms.
Pat has served on the AICPA Council, the FICPA Council, and the FICPA Educational Foundation Board of Trustees.