Description

Designed for accounting and attestation practitioners at all levels in both public accounting and business and industry, this course provides a comprehensive review of recent standard setting activities of the FASB and AICPA. In addition to providing a status update on Topic 606 implementation, this course will bring you up-to-date on recently issued FASB and AICPA standards. The course also provides many hands-on examples and illustrations to help you apply the guidance in practice. In the course, you will review all issued FASB ASUs which will become effective over the next few years, including a deeper dive into Topic 842, leases, and Topic 326, impairment. The course will also discuss best practices from the adoption of Topic 606 and ways to both sustain and improve the reporting of revenue going forward. The course will also address common financial reporting issues resulting from the COVID-19 pandemic, including asset impairment, debt and lease restructuring and covenant issues, going concern considerations, and Paycheck Protection Program accounting issues. Next, we will discuss new and proposed AICPA standards related to auditor’s reporting and other topics, proposed changes to the SSARS, and an update on peer review and other audit quality issues. Lastly, we’ll cover other topics of interest to accountants in both industry and public accounting.

Objective

* Keep abreast of current private company advocacy activities of the PCC * Review and apply recently issued and proposed FASB and AICPA pronouncements * Understand SSARS No. 21 and related guidance relating to the preparation of financial statements and new guidance on compilations and reviews * Recall common audit quality issues and concerns * Be familiar with other important A&A practice matters you should be aware of * Utilize hands-on examples and illustrations to increase your overall understanding and application of the material

Highlights

* Private company standard-setting activities * Recently issued FASB Accounting Standards Updates * Leases: Topic 842 * Impairment: Topic 326 * Lessons learned from the adoption of Topic 606 * Other items on the FASB’s Technical Agenda * Recently issued SASs and other AICPA and PCAOB activity * SSARS No. 21, Clarification and Recodification and other recently issued and proposed SSARS * Peer review and other audit quality issues * Other important A&A practice matters

Who Should Attend

Accounting and auditing practitioners at all levels desiring to remain up-to-date on recent pronouncements and other standard setters’ activities

Required Knowledge

Experience in accounting and attestation

Advanced Prep

None