2021 FASB SSARS and SAS Update and Review (Course Id 1832)

Chapter 4
Current Developments - Accounting and Financial Reporting - 2021

• Identify a characteristic of a multi-employer plan
• Recall the color coding of funded status of a multi-employer plan
• Recognize the impact of changes in life expectancy on pension benefit obligations.
• Recognize an argument for not amortizing goodwill
• Identify an impact of the Wayfair decision on company sales taxes, and
• Identify an example of a customer-related asset.

Chapter 5
Implementing the New Revenue Standard - ASC 606 - 2021 Guidance for Private Companies

• 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 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
• 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 6
ASU 2016-01 - Financial Instruments - Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities

• 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
• 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 7
SSARS No. 25 - Materiality in a Review of Financial Statements and Adverse Conclusions

• 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 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
• Recall some of the items that should be documented in a review engagement

Chapter 8
New Auditing and Attestation Standards - SAS Nos. 134-143 and SSAE Nos. 19-22

• Recall the location of certain sections in the auditor’s report
• Recognize the categorization of an adverse opinion
• Identify a change that SAS No. 136 makes to the limited-scope ERISA audit
• Recognize one of the changes made by AU-C 703 to ERISA audits
• Recall the reporting requirement when an auditor obtains other information in an audit
• Identify a reference that is made in the new definition of materiality
• Recognize the definition of certain types of paragraphs made by SAS No. 139
• Recognize an example of an attribute of information obtained as audit evidence per SAS No. 142
• Identify an attribute of audit evidence referenced in SAS No. 142
• Identify how inherent and control risk should be assessed under the SAS No. 143 requirements
• Recall the three approaches that an auditor can use to perform further audit procedures required by SAS No. 143
• Identify a change made by SSAE No. 19
• Recognize one of the four types of engagements within SSAE No. 21’s new definition of attestation engagement
• Identify an example of subject matter that is within the scope of SSAE No. 22’s review