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

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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 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 : 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 : 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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