GAAP, Revenue Recognition and Other A&A Best Practices (Currently Unavailable)

Learn about the new professional standards from the FASB known as the “Big 3 Project”. This project represents significant changes in authoritative professional standards concerning leases, financial instruments, and revenue recognition matters. In addition there are “changes to the changes” which are important. These areas and standards are explained, discussed, and illustrated for examples.

We will walk through the updates to US GAAP impacting the 2017 calendar year end reporting period This session will be unique as we look sequentially at the accounting standard updates versus a topical approach. Beginning with the most recent additions in 2017, and then progressing to the updates issued in 2016 and 2015 which will now have an impact on reporting, this comprehensive discussion will ensure you are alert to changes that could impact your reporting. Additional discussion will be given to existing standards originating from the FASB’s Private Company Council and how these can streamline reporting requirements.

Review new pronouncements from the AICPA’s Auditing Standards Board (ASB) up to the date of the course. This presentation will inform participants of the latest issues from the ASB and the AICPA for private entities. New and revised audit standards and pronouncements will be discussed. The impact of the Auditing Clarity Project and the revised auditing standards will be examined for current application. Any newly released auditing issues will be visited.

The FASB has released Accounting Standards Update (ASU) 2014-15—Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The release was in August of 2014. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted, and the amendments in this Update apply to all entities. In addition the AICPA’s Auditing Standards Board has released Statement on Auditing Standards No. 126, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern (Redrafted). This Statement on Auditing Standards is effective for audits of financial statements for periods ending on or after December 15, 2012. SAS No. 126 addresses the auditor’s responsibilities in an audit of financial statements with respect to evaluating whether there is substantial doubt about the entity's ability to continue as a going concern. This SAS applies to all audits of financial statements regardless of whether the financial statements are prepared in accordance with a general purpose or a special purpose framework. In addition, the FASB has released ASU No. 2013-07 in April 2013, Presentation of Financial Statements (Topic 205) Liquidation Basis of Accounting.

Do you need a review of the most difficult and frequently found accounting, auditing, review, compilation, and preparation issues in the CPA profession? This program reviews new FASB pronouncements that impact Audit issues and SSARS requirements for 2018. Engagement letters, changes to reporting formats, disclosure requirements, and engagement administration matters are presented. Issues include revenue recognition, financial instruments, and leases. This session also discusses what is authoritative GAAP for entities and where does one find it. 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. New standards for preparation, compilation, review, and audit engagements are examined for current and future application. Recently issued ASUs, SASs, SSARS 22 and SSARS 23 will be reviewed for their impact.