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2020 FASB SSARS and SAS Update and Review (Course Id 1658)

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

Accounting - Accounting for Course Id 1658

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 2020 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 : 2020
Version : 999
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 : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 09-May-2020
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 - Text - Technical - NASBA Registry - 1658

Keywords : Accounting and auditing, 2020, FASB, SSARS, SAS, Update, Review, cpe, cpa, online course
Learning Objectives :

Chapter 1
Accounting and Financial Reporting for COVID-19 and the CARES Act

After reading the Chapter 1 course material, you will be able to:
  • Identify types of subsequent events that require disclosure
  • 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
  • Recognize the formula for testing goodwill impairment
  • Recall how to classify business interruption insurance proceeds on the financial statements
  • Identify a method that can be used to measure variable consideration revenue
  • Recognize an example of a construction-type contract
  • Identify a tax law change made by the CARES Act, and
  • Recognize how a company should present CARES Act loan forgiveness on its financial statements.

Chapter 2
Current Developments - Accounting and Financial Reporting - 2020

After reading the Chapter 2 course material, you will be able to:
  • Identify a characteristic of a multi-employer plan
  • Recall the color coding of funded status of a multi-employer plan
  • Recognize an argument for not amortizing goodwill, and
  • Identify an example of a customer-related asset

Chapter 3
Implementing the New Revenue Standard ASC 606 - 2020 Guidance for Private Companies

After reading the Chapter 3 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 4
    New Lease Standard - 2020 - ASU 2016-02, Leases (Topic 842) and Other Amendments

    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 how a lessee should account for initial direct costs
    • Recall how a lessor should 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 - 2020 - ASU 2016-01 Financial Instruments-Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities

    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
    ASU 2016-13 Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments

    After reading the Chapter 6 course material, you will be able to:
    • Recognize the model that ASU 2016-13 uses to deal with credit losses
    • Identify how credit losses should be recorded under new ASU 2016-13, and
    • Identify some of the disclosures required by ASU 2016-13.

    Chapter 7
    SSARS No. 25: Materiality in a Review of Financial Statements and Adverse Conclusions

    After reading the Chapter 7 course material, you will be able to:
    • Recognize a precondition for an accountant to accept a SSARS engagement
    • Recall whether the preparation of financial statements standard is an attest or nonattest service
    • Identify whether a report is required in a preparation of financial statements engagement
    • Recognize what the reporting requirements are, if any, when a "no assurance" legend is omitted from prepared financial statements under the AR-C 70 standards
    • Identify where to disclose GAAP departures in a preparation of financial statements engagement
    • Identify factors that should be consider in determining materiality in a review engagement
    • Recognize a change that SSARS No. 25 makes to the accountant’s review report
    • Identify the term that GAAP uses for management’s assessment of an entity’s going concern, and
    • Recall some of the items that should be documented in a review engagement.

    Chapter 8
    New Audit Reporting Standards: SAS Nos. 134-139

    After reading the Chapter 8 course material, you will be able to:
    • Identify the types of audit reports that can be issued under new AU-C 700A
    • Recognize an acceptable title for an auditor’s report
    • Recognize the order in which certain sections of the new auditor’s report should be presented in AU-C 700A
    • Recognize the requirements and limitations with respect to communicating on key audit matters in accordance with new AU-C 701
    • Recognize examples of modified opinions as defined in AU-C 705A
    • Identify examples of situations in which an auditor must or may include an emphasis-of-matter or other-matter paragraph as required by new AU-C 706A
    • Recall examples of fraud risk factors expanded by SAS No. 135
    • Identify expanded procedures auditors of ERISA-plan financial statements must perform in newly issued SAS No. 136, including a review of the draft Form 5500
    • Identify the new ERISA Section 103(a)(3)(C) audit in SAS No. 136
    • Recognize the scope of the terms “other information” and “annual report” as used in the newly issued SAS No. 137 pertaining to auditing and reporting other information, and
    • Recall how an auditor should label other information in the auditor’s report.
    • Recognize the new definition of materiality found in SAS No. 138, and
    • Identify certain paragraphs in the new auditor’s report on a special purpose framework.
  • Course Contents :

    To view Table of Contents, please Click here.

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