2018 Accounting & Auditing Mid-year Tune-up

Author: Pat Patterson

Review new FASB Pronouncements for 2016 up to the date of the course. This presentation will inform participants of the latest issues from the FASB and the Private Companies Council as well.

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 standards will be visited.

Publication Date: May 2018

Designed For
Professionals in public practice, industry, government, and education who deal with nonpublic entities and wish to stay current on professional standards.

Topics Covered

• New releases from the FASB
• New releases from the Private Companies Council (PCC)
• An advanced look at documentation standards will be reviewed for changes required by new FASB and PCC standards
• Further updates that impact on the accounting and auditing professional standards including new Quality Control Standards and their requirements
• Ethics Interpretation 101-3 will be explored for revisions and updates in attest/nonattest applications as released or considered by the Professional Ethics Executive Committee
• Any other matters deemed appropriate and timely

Learning Objectives

• Recognize the FASB pronouncements that may impact private companies that come from the FASB and the Private Companies Council
• Describe other new GAAP releases that may affect the non issuing entities
• Identify the new Accounting Standards Codifications issued as updates for 2017 and the latter part of 2016
• Recognize new auditing standards recently issued and to review some of the Clarified Auditing Standards that are substantive for 2017
• Identify ASUs resulting in the new revenue recognition standards
• Recognize which ASUs issued by FASB eliminated the concept of extraordinary items from US GAAP
• Differentiate ASC topics primarily impacted from the amendments prescribed by ASU 2016-01
• Identify the key amendments to ASC Topic 350 prescribed by ASU 2017-04
• Describe which auditing standard prescribes requirements related to using the work of internal auditors
• Differentiate proposed changes in auditor reporting
• Identify the amendments in ASU 2015-17 simplifying the presentation of deferred income taxes by requiring that deferred tax liabilities and assets
• Recognize the fiscal years related to the recognition and measurement of financial assets and liabilities, is effective for public business entities
• Identify correct statements regarding the presentation of financial statements of not-for-profit entities based on the requirements of ASU 2016-14
• Describe which SEC Staff Accounting Bulletins made amendments to ASC Topic 740

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
Basic understanding of GAAP and Auditing Standards.

Advance Preparation
None