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

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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 1832

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 : 2021
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 : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 22-May-2021
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 - 1832

Keywords : Accounting and Auditing, 2021, FASB, SSARS, SAS, Update, Review, cpe, cpa, online course
Learning Objectives :

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

After reading the Chapter 1 course material, you will be able to:
  • 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
  • Recall the method for valuing certain types of inventory
  • Recognize how business interruption insurance recoveries may be presented on the statement of income
  • Identify certain GAAP going-concern terminology
  • Identify certain tax law changes made by the CARES Act, and
  • Recognize how a company should present and account for CARES Act PPP loans and related forgiveness on its financial statements.

Chapter 2
Implementing The New Lease Standard - 2021 - ASU 2016-02 - Leases (Topic 842) and Other Amendments

After reading the Chapter 2 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 lesseeís EBITDA and debt-equity ratios.

Chapter 3
Financial Instruments 2021 - Implementing ASU 2016-13

After reading the Chapter 3 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 4
    Current Developments - Accounting and Financial Reporting - 2021

    After reading the Chapter 4 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 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

    After reading the Chapter 5 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 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

    After reading the Chapter 6 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 entityís 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

    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 consider in determining materiality in a review engagement
    • Recognize a change that SSARS No. 25 makes to the accountantís review report
    • Identify the term that GAAP uses for managementís assessment of an entityís 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

    After reading the Chapter 8 course material, you will be able to:
    • Recall the location of certain sections in the auditorís 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. 21ís new definition of attestation engagement
    • Identify an example of subject matter that is within the scope of SSAE No. 22ís review
  • Course Contents :

    To view Table of Contents, please Click here.

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