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2019 FASB SSARS and SAS Update and Review (Course Id 1510)

QAS / Registry   Add to Cart 
Author : Steven C Fustolo, CPA, MBA
Status : Production
CPE Credits : 24.0
IRS Credits : 0
Price : $145.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1510

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. 

Field of study: 
16 hours accounting
8 hours auditing
Usage Rank : 0
Release : 2019
Version : 1.0
Prerequisites : Basic understanding of U.S. GAAP, compilation and review, and auditing standards.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 23-May-2019
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 - 1510

Keywords : Accounting and auditing, 2019, FASB, SSARS, SAS, Update, Review, cpe, cpa, online course
Learning Objectives :

Chapter 1
ASU 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities

After reading the Chapter 1 course material, you will be able to:
  • Recognize a private company under ASU 2018-17
  • Identify the definition of a variable interest
  • Recall some of the requirements that must be met to consolidate under the VIE rules
  • Identify an element that must be met to elect the private company accounting alternative under ASU 2018-17
  • Identify the types of arrangements to which the accounting alternative election applies
  • Recognize relationships that might be considered under common control
  • Recognize the way in which an entity should adopt the accounting alternative in ASU 2018-17
  • Recall how an accountant or auditor reports on an accounting change per ASU 2018-17

Chapter 2
Implementing the New Revenue Standard - ASC 606: 2019 Guidance for Private Companies

After reading the Chapter 2 course material, you will be able to:
  • Recognize the types of agreements that qualify as contracts under the revenue standard
  • Recall a condition that must be met to identify a separate performance obligation
  • Identify at least one method authorized to estimate variable consideration in a contract
  • Recognize information that can be used to allocate the transaction price to performance obligations
  • Identify at least one method that is used to record revenue in Step 5 of the revenue standard
  • Recognize when a good is considered transferred to a customer under ASC 606
  • Recognize how to account for the transfer of a product with a right to return
  • Recall the general rule that determines whether an entity should record revenue gross or net
  • Identify some of the general rules to account for license revenue
  • Recall how certain contract costs are accounted for under the revenue standard, and
  • Recognize certain disclosures required by the revenue standard for nonpublic entities.

Chapter 3
Impact of Tax Cuts and Jobs Act on GAAP and Financial Reporting - 2019

After reading the Chapter 3 course material, you will be able to:
  • Recognize how an entity should account for deferred tax accounts under the Tax Cuts and Jobs Act
  • Identify how the ASU 2018-02 election is made to reclassify the tax effect on accumulated other comprehensive income
  • Recall the adjustment that is made when an entity converts from S to C corporation status
  • Recognize the type of like-kind exchange that qualifies for nonrecognition of gain or loss under GAAP
  • Identify a way in which an entity can account for bonus depreciation under GAAP, and
  • Recognize an example of an applicable financial statement (AFS).

Chapter 4
ASU 2016-02: Leases (Topic 842)

After reading the Chapter 4 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, and
  • Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios.

Chapter 5
Financial Instruments 2019: Implementing ASU 2016-01

After reading the Chapter 5 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 made by ASU 2016-01 to existing GAAP for financial instruments.
  • 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, and
  • Recall a change made to the exemption for fair value disclosures with respect to trade receivables and payables.

Chapter 6
SSARS No. 24: Omnibus Statement on Standards for Accounting and Review Services - 2018

After reading the Chapter 6 course material, you will be able to:
  • Identify a requirement an accountant must satisfy when he or she is performing a review engagement on an international accounting framework
  • Recognize one of the elements required for a fair presentation framework
  • Recall a term used in considering going concern in a review engagement
  • Identify the definition of a reasonable period of time as used in the going-concern rules for review engagements
  • Identify additional inquiries on going concern for a review engagement in SSARS No. 24
  • Recognize an action an accountant should take when referencing the work of another accountant in a review engagement

Chapter 7
Compilation and Review Update and Review - 2019

After reading the Chapter 7 course material, you will be able to:
  • Recognize engagement types that are and are not part of SSARS No. 21
  • Recognize the accountant’s responsibility for reporting fraud in compilation and review engagements
  • Recall financial statement titles for tax-basis financial statements.
  • Identify the options available and not available to report on supplementary information in a compilation or review engagement
  • Recognize evidence an accountant would obtain to demonstrate that the financial statements reconcile with accounting records
  • Identify the disclosure requirements when an accountant reports on a tax return
  • Recognize actions that would and would not impair an accountant’s independence

Chapter 8
Auditing Developments 2019

After reading the Chapter 8 course material, you will be able to:
  • Identify the difference between fraud and an error
  • Recognize the three conditions of the fraud triangle
  • Recall the threshold at which an audit of an employee benefit plan is required

Chapter 9
Recently Issued Auditing Statements: SAS Nos. 132-133 and SSAE No. 18

After reading the Chapter 9 course material, you will be able to:
  • Recognize the definition of “reasonable period of time” as used in SAS No. 132
  • Identify the key term that SAS No. 132 uses in the auditor’s evaluation of going concern
  • Identify when a company is required to use the liquidation basis of accounting
  • Recognize the meaning of the term “probable” as used in GAAP’s ASU 2014-15
  • Identify audit evidence demonstrating a commitment to providing financial support
  • Recall how a CPA should report when there is substantial doubt of going concern
  • Identify a term used in going concern that third-party users that is not clearly understood
  • Recognize an example of a type of exempt offering covered by SAS No. 133
  • Recognize some of the prerequisites to perform an attestation engagement under SSAE No. 18
  • Identify types of engagements that are covered and not covered by SSAE No. 18
Course Contents :

Chapter 1 - ASU 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities

I.   Objective:

II.   Background:

III.   Definitions:

IV.   Basic Rules for Consolidations- Variable Interest Entities:

Review Questions

V.  Changes Made by ASU 2018-17:

VI.  CHANGE 1: Variable Interest Entities- Fees Paid to Decision Makers or Service Providers

VII.  CHANGE 2: New Private Company Accounting Alternative Election- Companies Under Common Control

VIII.  Examples of Application of Private Company Accounting Alternative Election

IX.  Definition of Common Control:

X.  Examples Illustrating Common Control

XI.  Disclosures under ASU 2018-17- Accounting Alternative Election

XII.  Examples- Sample Disclosures- ASU 2018-17-Accounting Alternative Election

XIII.  Effective Date of ASU 2018-17 Changes and Transition Rules

XIV.  Examples -Implementation of ASU 2018-17 Accounting Alternative

Review Questions

Chapter 2 - Implementing the New Revenue Standard - ASC 606: 2019 Guidance for Private Companies

Objective:

I.  Background

II.  Scope of Revenue Standard

III.  Core Principle

IV.  Five Steps to the ASC 606 Revenue Model

Step 1: Identify the Contract(s) With a Customer

Review Questions

Step 2: Identify the Performance Obligations in the Contract

Step 3: Determine the Transaction Price

Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract

Review Questions

Step 5: Recognize Revenue -  Entity Satisfies a Performance Obligation

Review Questions

V.  Selected Issues in Applying the Five Steps of the Revenue Model

A.  Sale with a Right of Return

B.  Sale with a Refund Liability

C.  Principal versus Agent Considerations

D.  Non-Refundable Upfront Fees Received

E.  Warranties

F.   Bill-and-Hold Arrangements

G.  Consignment Arrangements

Review Questions

H.  Licensing

I.   Presentation of Sales Taxes and Other Similar Taxes Collected from Customers

J.  Shipping and Handling Activities- Step 2 Identifying Performance Obligations

Review Questions

VI.  Contract Costs

VII.  Presentation- General Rules in ASC 606

Review Questions

VIII.  Disclosures

IX.  Transition and Effective Date

Review Questions

Chapter 3 - Impact of Tax Cuts and Jobs Act on GAAP and Financial Reporting - 2019

General

I. GAAP Impact of Tax Changes Made by the Tax Cuts and Jobs Act

A. Tax Rate Change Impact on Deferred Income Taxes  5

B. ASU 2018-02: Income Statement—Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

C. Revaluing Deferred Tax Assets from NOLs

D. Impact of Indefinite NOL Carryover Period on Deferred Tax Asset Valuation Accounts

Review Questions

E. Accounting for the Change from S to C Corporation

F. New Limitation on Interest Deduction

G. Elimination of Like-Kind Exchanges on Personal Property

H. Accounting for Bonus and Section 179 Depreciation in GAAP Financial Statements

Review Questions

I. Applicable Financial Statement (AFS) and Impact of Tax Act on ASC 606

Review Questions

Chapter 4 - ASU  2016-02: Leases (Topic 842)

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. Amendments made to Lessor Rules since ASU 2016-02

C. Accounting for Sales-Type Lease- Lessor

D. Accounting for a Direct Financing Lease

E. Accounting for Operating Leases- Lessor

F. Disclosure- Lessor Leases

Review Questions

VII.  Transition and Effective Date Information

A. General- Existing Leases

B. Transition

Review Questions

VIII.  Impact of Changes to Lease Accounting

IX.  Impact of Lease Changes on Nonpublic Entities

X.  Other Considerations- Dealing with Financial Covenants

XI.  Avoiding the New Lease Standard

Review Questions

Chapter 5 - Financial Instruments 2019: Implementing ASU 2016-01

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

Chapter 6 - SSARS No. 24: Omnibus Statement on Standards for Accounting and Review Services - 2018

I.  Overview of SSARS No. 24

A.  Issued  May 2018

B.  Effective Date

II.  Summary of Changes Made by SSARS No. 24

III.  Details of each of the Five Changes made by SSARS No. 24

CHANGE 1: Special Considerations—International Reporting Issues

CHANGE 2: Amendments to AR-C 60, General Principles for Engagements Performed in Accordance with Statements on Standards for Accounting and Review Services

CHANGE 3: Changes on Going Concern in a Review Engagement

CHANGE 4: Reference to the Work of Other Accountants in an Accountant’s Review Report

CHANGE 5: Revisions to Make Contents of Review Report Consistent with Illustrative Report Examples

Review Questions

Chapter 7 - Compilation and Review Update and Review - 2019

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

II.  Selected Issues from SSARS No. 21-24

A.  Overview of SSARS Chronology

B.  Modifying the  SSARS No. 21’s Accountant’s Compilation Report and Legends

Review  Questions

C.  Consideration of Fraud in a Compilation and Review Engagement

Review  Questions

D.  Tax-Basis Financial Statement Titles

E.  Miscellaneous Report Issues

F.  Supplementary Information Reporting

G.  Reconciling the Financial Statements to the Underlying Accounting Records

H.  Reporting on a Tax Return

I.  Number of Days Test on Trade Receivables

Review  Questions

J.  Independence Issues- Performing Nonattest Services for an Attest Client

Review Questions

Chapter 8 - Auditing Developments 2019

I.  Auditing Standards Board (ASB) Agenda

II.  Client and Employee Fraud in 2019

1.  General

2.  Report to the Nations on Occupational Fraud and Abuse

Review Questions

3.  Types of Fraud

4.  Conditions Needed for Fraud- the Fraud Triangle:

5.  The Signs of Possible Fraudulent Financial Reporting

6.  Small Business Fraud

7.  The Auditor's Role in Dealing with Fraud

8   Criticism of Auditors who do not Detect Fraud

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

Review Questions

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

V.  Auditor-Provided Tax Services

VI.  ASB Approves Changes to Audit Report of Employee Benefit Plans Subject to ERISA

Review Questions

Chapter 9 - Recently Issued Auditing Statements: SAS Nos. 132-133 and SSAE No. 18

SAS No. 132: The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern

I.  Objective of SAS No. 132

II.  Background

III.  Overview of Changes made by SAS No. 132

IV.  Four Auditor Requirements- Going Concern

V.  Scope of SAS No.  132

VI.  Definitions

VII.  Specifics to the Four Auditor Requirements for Going Concern

REQUIREMENT 1: Obtain Sufficient Evidence  as to the Going-Concern Basis of Accounting

Review Questions

REQUIREMENT 2: Conclude as to Whether There is Substantial Doubt about Going Concern

REQUIREMENT 3: Evaluate the Possible Financial Statement Effects and Adequacy of Disclosure Regarding Going Concern

REQUIREMENT 4: Modify the Auditor’s Report as Required by SAS No. 132

VIII.  Other Issues- SAS No. 132

IX.  Going-Concern Issues in the Market Place

Review Questions

SAS No. 133: Auditor’s Involvement with Exempt Offering Documents

I.  Objective of SAS No. 133

II.  Background

III.  Definitions used in SAS No. 133

IV.  Requirements of SAS No. 133

SSAE No. 18:  Attestation Standards: Clarification and Recodification

I.  Overview

II.  Background

III.  Rules

Review Questions

Glossary of all Chapters

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