Dealerships: Accounting & Auditing Update
Author: Lewis R. Fisher
| CPE Credit: |
2 hours for CPAs |
Retail dealerships face unique challenges when it comes to accounting and financial reporting. There are rules specific to the industry and changes to rules that must be understood and implemented, such as lease accounting.
In this two-hour course, you’ll learn about a range of industry-specific issues and major accounting concerns those practicing in the space must know and manage. Dealerships – both publicly traded and privately held – often are unprepared to handle many of these issues and rely on their practitioners to provide the insight and knowledge to properly comply with these complex standards.
Led by automotive industry group leader Lewis R. Fisher, CPA, this insightful course will discuss commonly encountered financial statement issues, provide a summary of recent accounting pronouncements, dive deeper into the recently released lease standard, and industry-specific audit nuances.
Publication Date: October 2024
Designed For
Accountants in public practice and industry who work with or for franchised retail dealerships as well as finance staff in retail dealerships.
Topics Covered
- Industry Overview
- Practitioner Matters
- Relevant Audit Updates Impacting the Profession
- Revisit CECL and ERTC
- Industry Accounting Terminology
- Manufacturer Financial Statements and Reporting
Learning Objectives
- Describe the preparation of financial statements which are tailored to retail dealerships
- Identify key accounting issues facing the automotive industry
- Describe key internal control matters within retail dealerships
- Identify audit risk areas and important review areas when working with dealerships
- Identify the referenced ASU that provides certain Private Company Council options
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)
Program Prerequisites
None
Advance Preparation
None
