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Course Details

2017 FASB SSARS and SAS Update and Review (Course Id 1225)

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Author : Steven C Fustolo, CPA, MBA
Status : Production
CPE Credits : 24.0
IRS Credits : 0
Price : $167.95
Passing Score : 70%
Primary Subject-Field Of Study:

Accounting - Accounting and Auditing for Course Id 1225

Description :

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.

Usage Rank : 0
Release : 2017
Version : 1.0
Prerequisites : Basic understanding of U.S. GAAP.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method :
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 26-May-2017
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 1225

Keywords : Accounting, 2017, FASB, SSARS, SAS, Update, Review, cpe, cpa, online course
Learning Objectives :

Chapter 1
ASU 2016-02: Leases (Topic 842)

After reading the Chapter 1 course material, you will be able to:
  • 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
  • Recognize some of the criteria that determine whether a contract is or is not a lease
  • Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life
  • Identify how a lessee should account for initial direct costs
  • 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
  • Recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
  • Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios.

Chapter 2
Financial Instruments: ASU 2016-01 and ASU 2016-13

After reading the Chapter 2 course material, you will be able to:
  • Identify the category of securities for which ASU 2016-01 retains the three categories under existing GAAP
  • Recall one of the changes to existing GAAP for financial instruments made by ASU 2016-01
  • Recall how available-for-sale debt securities are measured on an entity’s balance sheet
  • Identify how held to maturity securities are measured on the balance sheet
  • Recognize how an entity should account for a temporary impairment
  • Recall how an entity should present an unrealized gain or loss on an equity security under ASU 2016-01
  • Identify how a mutual fund that invests in debt and equity securities should classify the investment
  • Recall a change made to the exemption for fair value disclosures with respect to trade receivables and payables
  • Recognize the model that ASU 23016-13 uses to deal with credit losses
  • Identify how credit losses should be recorded under new ASU 2016-13

Chapter 3
New Developments in Revenue Recognition

After reading the Chapter 3 course material, you will be able to:
  • Identify one of the five steps required in applying the new revenue standard
  • Recall the general rule that determines whether an entity should record revenue gross or net
  • Recognize the requirement that must be met for a company be considered a principal in a revenue transaction
  • Recall one of the indicators that ASU 2016-08 removes from the revenue model in determining gross versus net treatment of revenue
  • Identify the general rule for determining whether an entity should record revenue gross or net
  • Recognize an example of a prepaid stored-value product
  • Recall how an entity should implement ASU 2016-04 related to prepaid stored-value products
  • Recognize some of the changes made to the five steps of the new revenue standard by ASU 2016-12 amendments
  • Identify a type of intellectual property that has significant standalone functionality
  • Recognize how an entity should record revenue related to a license

Chapter 4
Current Developments: Accounting and Financial Reporting

After reading the Chapter 4 course material, you will be able to:
  • Recall one of the reasons why U.S. convergence with international standards has not occurred
  • Recognize some of the differences between IFRS for SMEs and IFRS
  • Identify a technique that accountants have defaulted to avoid GAAP
  • Recognize the disclosure requirements when a nonpublic entity has no uncertain tax positions
  • Recognize the classification of certain cash flow transactions addressed by ASU 2016-15
  • Identify the expense account to which amortization of debt issuance costs should be recorded
  • Recall the rate that an entity should use to amortize debt issuance costs

Chapter 5
ASU 2015-17- Income Taxes (Topic 740)- Balance Sheet Classification of Deferred Taxes

After reading the Chapter 5 course material, you will be able to:
  • Recall how to present a deferred tax asset on a balance sheet under ASU 2015-17
  • Recognize how to present deferred tax assets and liabilities on an unclassified balance sheet per ASU 2015-17
  • Identify the actions an entity should take to adopt ASU 2015-17 with respect to its deferred tax assets and liabilities

Chapter 6
ASU 2015-11: Inventory (Topic 330) Simplifying the Measurement of Inventory

After reading the Chapter 6 course material, you will be able to:
  • Identify the measurement basis used to measure FIFO and LIFO inventories under ASU 2015-11
  • Recognize how to account for a recovery of an inventory write-down in subsequent periods
  • Recall the method to be used to implement ASU 2015-11 for inventory

Chapter 7
Compilation and Review Update including SSARS Nos. 21-23

After readingAfter reading the Chapter 7 course material, you will be able to:
  • Identify some of the changes in SSARS No. 21, as amended by SSARS No. 23, that are and are not carried over from auditing standards
  • Recognize engagement types that are and are not part of SSARS No. 21
  • Recall whether the AR-C 70 preparation of financial statements standard is an attest or nonattest service
  • Identify whether a report is required in a preparation of financial statements engagement under AR-C 70
  • Recognize what the reporting requirements are, if any, when a "no assurance" legend is omitted from prepared financial statements under AR-C 70
  • Identify where to disclose GAAP departures in a preparation of financial statements engagement
  • Recognize whether an accountant and his or her client must sign an engagement letter for a preparation of financial statements engagement under AR-C 70
  • Recall the objective of a compilation engagement under AR-C 80 of SSARS No. 21
  • Recognize new language that has been added to the new compilation report in AR-C 80
  • Identify how an accountant should report on a disclaimer of supplementary information in a compilation engagement
  • Identify requirements that must and must not be satisfied to perform a review engagement under AR-C 90
  • Identify evidence an accountant should obtain to demonstrate that financial statements reconcile with accounting records
  • Recognize an appropriate title that can be used for a review report under SSARS No. 21
  • Identify the order in which certain report paragraphs should be placed in the SSARS No. 21 review report
  • Recall some of the items that should be and should not be documented in a review engagement

Chapter 8
Auditing Developments including SAS Nos. 128-131 and SSAE No. 18

After reading the Chapter 8 course material, you will be able to:
  • Identify a common behavior trait of a possible fraudster
  • Recognize a control that is effective in detecting and limiting fraud
  • Identify types of fraudsters
  • Identify at least one procedure an external auditor should perform with respect to internal auditors
  • Identify the type of approach an auditor should use in performing an ICFR audit under SAS No. 130
  • Recognize the general independence rule for an auditor performing an attestation engagement under SSAE No. 18
  • Recall which types of engagements should and should not follow SSAE No. 18 attestation standards
Course Contents :

Chapter 1 - ASU 2016-02: Leases (Topic 842)

Accounting for the New Lease Standard-ASU 2016-02

I.          Background

II.        Basic Concepts of ASU 2016-02

A.        General Rules

Review Questions

 

III.       Scope and Scope Exceptions

IV.       Identifying a Lease

Review Questions

 

V.        Lessee Rules

A.        Lease Classification - Lessee

B.        Initial Measurement of Lease- Lessee

C.        Lease Modifications - Lessee

D.        Lease Payments - Lessee

E.         Lease Term and Purchase Options- Lessee

F.         Subsequent Reassessment of Lease Elements- Lessee

G.        Short-Term Leases - Lessee

H.        Subsequent Measurement and Accounting for Leases- Lessee

I.          Other Recognition and Measurement Issues- Lessees

J.          Financial Statement Presentation Matters- Lessee

K.        Disclosures by Lessees

Review Questions

 

VI.       Lessor Rules

A.        Lease Classification

B.        Accounting for Sales-Type Lease- Lessor

C.        Accounting for a Direct Financing Lease

D.        Accounting for Operating Leases- Lessor

E.         Disclosure- Lessor Leases

Review Questions

 

VII.     Transition and Effective Date Information

A.        General- Existing Leases

B.        Transition

VIII.    Leases: Sale and Leaseback Transactions

IX.       Leases: Leveraged Lease Arrangements

Review Questions

 

X.        Impact of Changes to Lease Accounting

XI.       Impact of Lease Changes on Nonpublic Entities

XII.     Other Considerations- Dealing with Financial Covenants

XIII.    Avoiding the New Lease Standard

Review Questions

 

Chapter 2 - Financial Instruments: ASU 2016-01 and ASU 2016-13

Introduction

ASU  2016-01: Financial Instruments Overall (Subtopic 825-10)
Recognition and Measurement of Financial Assets and Financial Liabilities

I.          Objective

II.        Background

Review Questions

 

III.       Definitions

IV.       Rules Debt Securities

Review Questions

 

V.        Rules Equity Securities

Review Questions

 

VI.       Changes in Disclosures

VII.     Effective Date and Transition- ASU 2016-01

Review Questions

 

ASU  2016-13: Financial Instruments - Credit Losses (Topic
Measurement of Credit Losses on Financial Instruments

I.          Objective

II.        Background

III.       Scope of  ASC 326

IV.       ASU 2016-13 amendments

Review Questions

 

Chapter 3 - New Developments in Revenue Recognition

Update on Revenue Recognition

ASU 2016-08- Revenue from Contracts with Customers- Topic 606- Principal versus Agent Considerations (Reporting Revenue Gross versus Net)

I.          Objective

II.        Background

III.       General Rules- Principal versus Agent Considerations- as Amended by ASU 2016-08

IV.       Examples- Application of ASU 2016-08

Review Questions

 

ASU No. 2016-04: LiabilitiesExtinguishments of Liabilities (Subtopic 405-20) Recognition of Breakage for Certain Prepaid Stored-Value Products

I.          Objective

II.        Background

III.       Rules:  ASU 2016-04 Amendment of ASC 405

IV.       Disclosure

V.        Effective Date and Transition

VI.       Examples- Application of ASU 2016-04

Review Questions

 

ASU 2016-12: Revenue from Contracts with Customers (Topic 606) Narrow-Scope Improvements and Practical Expedients

I.          Objective

II.        Background

III.       Changes made by ASU 2016-12

Review Questions

 

ASU 2016-10: Revenue from Contracts with Customers (Topic 606) Identifying Performance Obligations and Licensing

I.          Objective

II.        Background

III.       Amendments Made to ASC 606 by ASU 2016-10

Review Questions

 

Chapter 4 - Current Developments: Accounting and Financial Reporting

Current Developments- Accounting and Financial Reporting

A.        Significant GAAP Changes in 2017 and Beyond

B.        FASB Starts Up Financial Performance Reporting Project

Review Questions

 

C.        International Accounting Standards Convergence

D.        Proposed Repeal of LIFO

E.         Big GAAP-Little GAAP

F.         Going Concern Assessment by Management- ASU 2014-15

G.        Sustainability Standards Is a Hot Issue

Review Questions

 

H.        Recent Developments- Accounting for Income Taxes

I.          Accounting, Auditing and Tax Issues Related to Marijuana

Review Questions

 

J.          Selected Accounting Standards Updates (ASUs)

ASU 2016-15: Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments

ASU 2015-05: Intangibles Goodwill and Other -Internal-Use Software (Subtopic 350-40) Customers Accounting for Fees Paid in a Cloud Computing Arrangement

ASU 2015-03: Interest- Imputation of Interest (Subtopic 835-30)- Simplifying the Presentation of Debt Issuance Costs

Review Questions

 

Chapter 5 - ASU 2015-17 - Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes

ASU 2015-17- Income Taxes (Topic 740)  Balance Sheet Classification of Deferred Taxes

I.          Objective

II.        Background

III.       Rules

IV.       Transition

Review Questions

 

Chapter 6 - ASU 2015-11: Inventory (Topic 330) Simplifying the Measurement of Inventory

ASU 2015-11: Inventory (Topic 330)  Simplifying the Measurement of Inventory

I.          Objective

II.        Background

III.       Scope

IV.       Definitions

V.        Rules

VI.       Disclosures

VII. Implementation of ASU 2015-11

Review Questions

 

Chapter 7 - Compilation and Review Update including SSARS Nos. 21-23

Compilation and Review Update Including SSARS Nos. 21-23

I.          Overview of SSARS Nos. 21-23

A.        Issued

B.        Effective Dates

C.        Objective

D.        Background

AR-C Section 60- General Principles for Engagements Performed in Accordance with Statements on Standards for Accounting and Review Services

A.        Introduction

B.        Key Changes Made in AR-C 60

AR-C Section 70- Preparation of Financial Statements

A.        Effective Date

B.        Introduction

C.        Scope of AR-C 70

D.        Summary of a Preparation of Financial Statements Engagement

E.         General Rules in Applying a Preparation of Financial Statements Engagement Under AR 70

F.         Specific Rules for Preparing Financial Statements per AR-C 70

G.        Preparing Prospective Financial Information

H.        Documentation in a Preparation Engagement

I.          Engagement Letter- Preparation of Financial Statements Engagement

J.          Illustrative Financial Statements- AR-C 70

Review Questions

 

AR-C Section 80- Compilation Engagements

A.        Introduction

B.        Effective Date

C.        Scope of AR-C 80- Compilation Engagements

D.        Compiling Prospective Financial Information

E.         Objective of a Compilation Engagement

F.         Requirements- Compilation Engagements- AR-C 80

G.        Engagement Letter- Compilation

H.        The Accountants Knowledge and Understanding of the Entitys Financial Reporting Framework-

I.          Compilation Procedures

J.          The New Accountants Compilation Report

K.        Elimination of Management-Use Only Financial Statements

L.         Examples of the Accountants Compilation Reports on Financial Statements

M.        Documentation in a Compilation Engagement

Review Questions

 

AR-C Section 90: Review of Financial Statements

A.        Introduction

B.        Effective Date

C.        Scope of AR-C 90- Review Engagements

D.        Objective

E.         Requirements for Performing a Review Engagement Under AR-C 90

F.         Engagement Letter- Review Engagement

G.        Communication with Management and Those Charged with Governance

H.        Understanding of the Industry

I.          Knowledge of the Entity

J.          Designing and Performing Review Procedures

K.        Analytical Procedures

L.         Inquiries of Members of Management Who Have Responsibility for Accounting Matters

M.        Reading the Financial Statements

N.        Using the Work of Other Accountants

O.        Reconciling the Financial Statements to the Underlying Accounting Records

P.         Evaluating Evidence Obtained from the Procedures Performed

Q.        Materiality

R.        Written Representations in a Review Engagement

S.         Reporting on Reviewed Financial Statements

T.         Review Documentation

Review Questions

 

II.        Recent Interpretations- Compilation and Review

III.       Pending Projects at the Accounting and Review Services Committee (ARSC)

Review Questions

 

Chapter 8 - Auditing Developments including SAS Nos. 128-131 and SSAE No. 18

Auditing Developments Including SAS Nos. 128-131 and SSAE No. 18

I.          Auditing Standards Board (ASB) Agenda

II.        2016 Report to the Nations on Occupational Fraud and Abuse

Review Questions

 

III.       Watch Out for the DOL and Audits of Employee Benefit Plans

IV.       Why Do Individuals Cheat and Commit Fraud?

Review Questions

 

V.        SAS Nos. 128- 131

SAS No. 128: AU-C Section 610: Using the Work of Internal Auditors

SAS No. 129: Amendment to Statement on Auditing Standards No. 122 Section 920, Letters for Underwriters and Certain Other Requesting Parties, as Amended

SAS No. 130: An Audit of Internal Control Over Financial Reporting That Integrates with an Audit of Financial Statements

SAS No. 131: Amendment to Statement on Auditing Standards No. 122 Section 700, Forming an Opinion and Reporting on Financial Statements

VI.       SSAE No. 18: Attestation Standards: Clarification and Recodification

Review Questions

 

VII.     PCAOB and SEC Approve Naming Engagement Partners in Audit Engagements

VIII.    Auditor-Provided Tax Services

IX.       ASBs Six-Point Plan to Improve Audits

Review Questions

 

Glossary

FASB Course 1225 Home: https://www.cpethink.com/fasb-cpe-for-cpas
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