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The purpose of this course is to inform the reader of the various changes affecting accounting, compilation and review, and auditing engagements as well as a review and recall of existing standards. Topics include a summary of newly issued FASB statements, new statements issued by the Auditing Standards Board, changes in compilation and review, current and pending developments, practice issues, and more.
Course Publication Date: June 04, 2024
This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership or can be purchased for $240.00!
| Author: | Steven Fustolo |
| Course No: | ACT-FSS-61094 |
| Recommended CPE: | 24.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Update |
| Prerequisites: | Basic understanding of U.S. GAAP, compilation and review, and auditing standards |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting (16.00 Recommended CPE)
Auditing (8.00 Recommended CPE)
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Learning Objectives
- Recognize examples of assets that are and are not subject to the ASC 326-20 expected credit loss model.
- Recognize the model that ASU 2016-13 uses to deal with credit losses.
- Recall how an entity should present the allowance for credit losses on the balance sheet.
- Identify how credit losses should be recorded under new ASU 2016-13.
- Recognize some of the disclosures required by ASU 2016-13.
- Identify examples of entities that are under common control.
- Identify how a decline in fair value of a held-to-maturity debt security should be handled under GAAP.
- Recognize the new impairment model for available-for-sale debt securities under ASC 326-30.
- Identify how an entity should implement the ASU 2016-13 rules.
- Recognize the type of expense that is the basis for measuring the amount of the ERC.
- Identify where to present the ERC in the statement of income using the ASC 958 conditional contribution model.
- Recognize where to present the ERC in the statement of income using the IAS 20 grant model.
- Recognize the proper presentation of the ERC in a tax-basis statement of income.
- Identify how to account for an ERC filing in 2023.
- Recognize a technique that has been attempted to circumvent the SALT deduction limitation.
- Identify how to account for the PTE tax in an entity’s financial statements.
- Recognize the requirements for recording deferred state income taxes with respect to the PTE tax election.
- Identify disclosures that should be made for the PTE tax.
- Recognize a key change made to GAAP by the new lease standard.
- Identify a type of lease that exists for a lessee under ASU 2016-02.
- Recall a type of lease for which the ASU 2016-02 rules do not apply.
- Identify some of the types of benefits a lessee can obtain from a leased asset.
- Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life.
- Recognize who an entity might not want to use the risk-free rate to compute the present value of lease payments.
- Identify how a lessee should account for initial direct costs.
- Recognize items that are and are not components of a lease term.
- Recall the method a lessee should use to record interest expense on a lease obligation.
- Identify some types of leases for a lessor.
- Recall how a lessor should initially account for initial direct costs for a lease in certain instances.
- Identify how a lessor should account for lease payments received on the income statement for an operating lease.
- Recall how a lessor should classify certain cash receipts on the statement of cash flows.
- Recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02.
- Identify how deferred income taxes will be treated for lessees under ASU 2016-02.
- Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios.
- Recall the IRS rules as when an entity should and should not capitalize a lease for tax purposes.
- Review how to account for a joint venture.
- Identify how to measure a crypto asset and record it on the balance sheet and income statement.
- Recall some of the new disclosures for income taxes required by ASU 2023-09.
- Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules.
- Identify the definition of near term.
- Recall the frequency in which an entity should test goodwill for impairment.
- Recall how to classify business interruption insurance proceeds on the financial statements.
- Recognize the relationship a change in interest rates has on real estate values.
- Identify the benchmark used to determine going concern.
- Recognize how to report on going concern in an engagement.
- Identify a method that can be used to measure variable consideration revenue.
- Recognize an example of a construction-type contract.
- Identify an advantage of remote auditing.
- Recognize a reason to justify using LIFO for GAAP.
- Identify whether the LIFO IPIC approach is acceptable for GAAP.
- Identify the goal of the FASB’s Disaggregation-Income Statement Expenses project.
- Recognize one of the characteristics of a multi-employer pension plan.
- Recognize the impact that life expectancy has on the amount of a pension liability.
- Identify the shift in the types of retirement plans over the past decade.
- Recall an example of a financial instrument subject to the concentration of credit risk disclosure.
- Identify the requirements of the SEC’s ESG disclosures.
- Recall the general GAAP rule for management’s evaluation of going concern.
- Recognize the VIE accounting alternative for leases under common control in ASU 2018-17.
- Recognize when a state might be able to charge sales tax under the Wayfair decision.
- Review the accounting for a net operating loss, and.
- Recall the rule for deductibility of interest in IRC 163(j).
- Recognize the difference between fraud and an error.
- Recall the three conditions of the fraud triangle.
- Recognize an example of a misappropriation of assets.
- Identify an example of an accounting estimate related to classes of transactions, account balances and disclosures identified in SAS No. 143.
- Recognize how inherent and control risks should be assessed in accordance with SAS No. 143.
- Recognize an example of an inherent risk factor.
- Identify examples of approaches that can be performed in assessing the risks of material misstatement from accounting estimates.
- Recall one of the amendments made to AU-C 501 by SAS No. 144 in connection with using the work of an external inventory-taking firm.
- Identify some instances in which an auditor may conclude that a specialist’s work is not adequate.
- Identify a type of risk-assessment procedure that an auditor can use in accordance with SAS No. 145.
- Recall examples of risk-assessment procedures that an auditor may perform in SAS No. 145.
- Recognize how to perform risk assessment procedures when relying on information obtained from previous experience with an entity.
- Identify examples of risk-assessment procedures to obtain audit evidence in accordance with SAS No. 145.
- Recognize a new requirement made by SAS No. 145 in connection with assessing inherent risk and control risk in an audit.
- Identify how an auditor should respond if the auditor does not plan to test the operating effectiveness of an entity’s controls.
- Recall the date by which an engagement partner must take responsibility for determining that ethical requirements are fulfilled.
- Identify certain requirements an engagement partner must satisfy in performing an audit engagement.
- Recognize examples of resources assigned or made available by a firm to support performance of an audit engagement.
- Identify a type of unconscious bias defined in SAS No. 146.
- Identify when a successor auditor should request management to authorize a predecessor auditor’s response to the successor auditor’s inquiry.
- Recognize one of the new inquiries a successor auditor should make of a predecessor auditor by SAS No. 147.
- Recall the extent of a predecessor auditor’s response to a successor auditor’s inquiries when there are certain restrictions on the predecessor auditor.
- Identify an example of a recently issued auditing standard that SAS No. 148 incorporates into amendments to AU-C 935, Compliance Audits.
- Recall examples of inherent risk factors related to identifying and assessing risks of material misstatement in a compliance audit.
- Identify the party required to take overall responsibility for the quality on a group audit engagement in accordance with SAS No. 149.
- Identify which party is responsible for determining that engagement team members have appropriate competence and capabilities to perform a SSARS engagement.
- Recognize the definition of materiality found in SAS No. 138.
- Identify factors an accountant should consider when determining materiality in a review engagement.
- Recall the least profitable engagement to perform.
- Identify the type of reporting an accountant should perform when management elects to include disclosures about a few matters in the notes.
- Recognize certain GAAP departures that the author suggests are easiest to implement.
- Identify a recommendation to mitigate the risk associated with performing bookkeeping services.
- Recall a better approach to compute the number of days sales in accounts receivable.
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