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2022 FASB SSARS and SAS Update and Review (Course Id 1999)

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Author : Steven C Fustolo, CPA, MBA
Course Length : Pages: 341 ||| Word Count: 14,0064 ||| Review Questions: 132 ||| Final Exam Questions: 120
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 1999

Description :

The purpose of this course is to inform the reader of the various changes affecting accounting and financial reporting, as well as a review and recall of existing accounting standards. Topics include a summary of newly issued FASB statements, current and pending developments, the new lease standard,  practice issues, a discussion of accounting and financial reporting issues related to COVID-19, the CARES Act and PPP loans, accounting and disclosures for the Employee Retention Credit (ERC) and Pass-Through Entity (PTE) tax. The course also addresses new statements issued by the Auditing Standards Board, changes in compilation and review standards, and more.

Field of study: 
16 hours accounting
8 hours auditing 
Usage Rank : 0
Release : 2022
Version : 1.0
Prerequisites : None.
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 : 16-May-2022
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 - 1999

Keywords : Accounting and Auditing, 2022, FASB, SSARS, SAS, Update, Review, cpe, cpa, online course
Learning Objectives :

Chapter 1
Implementing the New Lease Standard - 2022 - ASU 2016-02 Leases (Topic 842) and Other Amendments

After reading the Chapter 1 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 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
  • Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios.

Chapter 2
Accounting and Financial Reporting for COVID-19, the CARES Act and PPP Loans - 2022

After reading the Chapter 2 course material, you will be able to:
  • Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules including supply-chain shortages
  • Identify the definition of near term
  • Recall the frequency in which an entity should test goodwill for impairment
  • Recognize some exit and disposal costs
  • Recall how to classify business interruption insurance proceeds on the financial statements
  • Identify the benchmark used to determine going concern
  • Identify a method that can be used to measure variable consideration revenue
  • Recognize an example of a construction-type contract
  • Identify an advantage of a remote accounting function
  • Recall how to adjust a deferred tax account when there is a change in tax law
  • Recognize a change made by the CARES Act to the deductibility of interest
  • Recognize how to account for PPP loan forgiveness
  • Identify how to treat the forgiveness of a PPP loan for tax purposes

Chapter 3
Accounting and Disclosures for the Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax - 2022

After reading the Chapter 3 course material, you will be able to:
  • Recognize the type of expense that is the basis for measuring the amount of the ERC.
  • Identify where to present the ERC in the statement of income using the ASC 958 conditional contribution model.
  • Recognize where to present the ERC in the statement of income using the IAS 20 grant model.
  • Identify an action step to be taken to correct the previous presentation and disclosure of an ERC in the prior year statement of income.
  • Recognize the proper presentation of the ERC in a tax-basis statement of income.
  • Recognize a technique that has been attempted to circumvent the SALT deduction limitation.
  • Identify how to account for the PTE tax in an entity’s financial statements.
  • Recognize the requirements for recording deferred state income taxes with respect to the PTE tax election.
  • Identify disclosures that should be made for the PTE tax.

    Chapter 4
    ASU 2016-13 Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments - 2022

    After reading the Chapter 4 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
    • Identify some of the disclosures required by ASU 2016-13

    Chapter 5
    Current Developments - Accounting and Financial Reporting - 2022

    After reading the Chapter 5 course material, you will be able to:
    • Identify the elements that are the target of the FASB’s disaggregation project
    • Recognize one of the characteristics of a multi-employer pension plan
    • Recognize the impact that life expectancy has on the amount of a pension liability
    • Identify the basic rule of the LIFO Conformity Requirement
    • Recognize how the IPIC external index for LIFO is used for GAAP
    • Recall the type of investment that is eliminated by ASU 2016-01
    • Identify when a sustainability disclosure is required by an SEC company
    • Recognize an example of a contract that is exempt from the scope of the revenue standard
    • Identify one of the two approaches that is used to recognize revenue using the new revenue standard
    • Recall a change to the accounting for goodwill that is proposed by the FASB
    • Recognize how to present deferred income taxes on the balance sheet under ASU 2015-17
    • Recognize the basis that most marijuana businesses have to use
    • Recognize when a state might be able to charge sales tax under the Wayfair decision

    Chapter 6
    Selected Accounting Standards Updates (ASUs) - 2022

    After reading the Chapter 6 course material, you will be able to:
    • Identify the private company election to perform a triggering event evaluation
    • Recognize the types of arrangements that qualify for the private company accounting alternative election related to goodwill amortization and acquisitions
    • Recognize the accounting alternative for leases under common control in ASU 2018-17

    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 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 Standards: SAS Nos. 134-145

    After reading the Chapter 8 course material, you will be able to:
    • Identify a suggestion for an auditor reducing time and increasing audit efficiency
    • Recognize when negative accounts receivable confirmations should not be used
    • Identify the form of a comfort letter that would be appropriate for an accountant to make to a lender
    • Recall the rule for an auditor presenting his or her city and state on the audit report
    • Identify the rules for an auditor communicating deficiencies found in an audit
    • Recognize an example of a result that can occur if there is a problem with a DOL employee benefit plan audit
    • Identify a type of fraudster
    • 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 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 some instances in which an auditor may conclude that a specialist’s work is not adequate
    • Identify a type of risk assessment procedure that an auditor can use in accordance with SAS No. 145
    • Recall examples of risk assessment procedures that an auditor may perform in SAS No. 145
    • Recognize how to perform risk assessment procedures when relying on information obtained from previous experience with an entity
    • Identify examples of risk assessment procedures to obtain audit evidence in accordance with SAS No. 145
    • Recognize a new requirement made by SAS No. 145 in connection with assessing inherent risk and control risk in an audit, and
    • Identify how an auditor should respond if the auditor does not plan to test the operating effectiveness of an entity’s controls.
  • Course Contents :

    Chapter 1 - Implementing the New Lease Standard - 2022 - ASU 2016-02 Leases (Topic 842) and Other Amendments

    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 2 - Accounting and Financial Reporting for COVID-19, the CARES Act and PPP Loans - 2022

    I.      Introduction

    II.     Accounting Issues Related to COVID-19

    III.   Disclosure of Risks and Uncertainties- COVID-19 and Supply-Chain Shortages

    Review Questions

    IV.   Asset Impairments- Long-Lived Assets

    A. Overview of Asset Impairment Rules

    B. Goodwill Impairment Issues

    V.    Writedowns and Disclosures of Stock Market Investments

    A. Disclosure of Stock Losses After Year End

    Review Questions

    VI.   Inventory Costs and Valuation Issues

    A. GAAP Review of Inventories

    VII.  Trade Receivables and the Allowance for Doubtful Accounts

    VIII. Exit and Termination Costs

    IX.   Contingencies and Exposure to Third-Party and Employee Claims

    X.    Business Interruption Insurance Recovery and Presentation

    XI.   Going Concern and COVID-19

    A. GAAP Requirements- Going Concern

    B. Engagement Requirements- Going Concern

    C. The One-Year Going Concern Window and COVID-19

    D. Use of a Financial Support Letter when there is a Going Concern Issue

    Review Questions

    XII.  Revenue and Contracts

    A. Variable Consideration Revenue

    B. Losses on Onerous Contracts- Impact of COVID-19 and Inflation on Unrealized Losses

    XIII. Loan Modifications and Covenants

    XIV. Remote Accounting Functions – Post COVID

    XV. Fraud and the COVID-19 Internal Control Environment

    Review Questions

    XVI. Income Tax Issues- CARES Act

    A. Deferred Tax Assets from NOLs- the CARES Act

    B. Limitation on Interest Deduction- the CARES Act

    Review Questions

    XVII. Accounting for PPP Loans under the CARES Act

    A. Introduction

    B. Basic Rules for PPP Loans- SBA

    C. How Should PPP Loans be Accounted for Under GAAP?

    D. Accounting for a PPP Loan as Debt

    E. Forgiveness of PPP Loan

    F. Tax Effects of PPP Loans

    G. Disclosures Required- PPP Loan Treated as Debt

    H. Accounting for an Economic Injury Disaster Loan (EIDL)

    I.  Other GAAP Approaches for PPP Loans

    J. Accountant and Auditor Reporting Issues- PPP Loans

    K. Accountant Reporting and Disclosure Issues Peculiar to 2021 First- and Second-Draw PPP Loans

    Review Questions

    Chapter 3 - Accounting and Disclosures for the Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax - 2022

    I.      Introduction

    II.     Accounting -Financial Disclosures for the Employee Retention Credit (ERC)

    A. Overview

    B. GAAP Accounting for the ERC

    C. OPTION 1: ASC 958-605- Not-for-Profit Entities: Revenue Recognition

    D. OPTION 2: IAS 20, Accounting for Government Grants and Disclosure of Government Assistance

    E. Disclosures for the ERC

    F. Fixing the 2020 Financial Statements and Disclosures for the ERC

    G. Tax-Basis Financial Statements and the ERC

    Review Questions

    III.   Accounting - Financial Disclosures for the Pass-Through Entity (PTE) Tax

    A. Overview

    B. Use of the Pass-Through Entity (PTE) Tax Election

    C. GAAP Accounting and Disclosures- PTE Tax

    D. GAAP Accounting Rules for the PTE Tax

    E. GAAP Disclosures for the PTE Tax

    F. PTE Tax and Tax-Basis Financial Statements

    Review Questions

    Chapter 4 - ASU  2016-13 Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments - 2022

    I.      Objective

    II.     Background

    A. Existing GAAP

    B. New ASC 326, Financial Instruments- Credit Losses

    C. Recent FASB ASUs Targeted at ASC 326’s Credit Losses

    III.   Scope of  ASC 326

    A. Overall scope

    IV.   ASU 2016-13 Amendments

    A. General Amendments

    B. Financial Statement Presentation of Allowance Balance and Activity

    C. New Expected Credit Loss Model

    D. Subsequent Measurement -Reporting Changes in Expected Credit Losses

    E. Writeoffs and Recoveries of Financial Assets

    F. Financial Assets Secured by Collateral

    G. Available-For-Sale Debt Securities- Impairment

    H. Related-Party Loans

    I.  Disclosures

    J. Purchased Financial Assets With Credit Deterioration   NEW per ASC 326-10

    K. Implementation

    L. Examples from ASU 2016-13

    Review Questions

    Chapter 5 - Current Developments - Accounting and Financial Reporting - 2022

    I.      Latest Developments on the Accounting Front

    A. Significant GAAP Changes in 2022 and Beyond

    B. Significant FASB Disaggregation- Income Statement Expenses Project

    C. The Gradual Demise of Company Pension Plans

    Review Questions

    D. LIFO in a New High-Inflation Environment

    E. Recent  Fair Value Accounting Standards

    Review Questions

    F. Sustainability and ESG Standards Is a Hot Issue

    Review Questions

    G. Post-Petition Update on Revenue Recognition Standard

    H. FASB Move to Amortize Goodwill Again

    Review Questions

    I.  Miscellaneous Tax Issues for GAAP

    J. Accounting, Auditing and Tax Issues Related to Marijuana

    K. Order of Placement of Financial Statements

    L. Risk of Unrecorded Sales Tax Liabilities- Wayfair Decision

    Review Questions

    Chapter 6 - Selected Accounting Standards Updates (ASUs) - 2022

    I.      Accounting Standards Updates (ASUs)

    A. Selected Accounting Standards Updates (ASUs)

    ASU 2021-03: Intangibles—Goodwill and Other (Topic 350), Accounting Alternative for Evaluating Triggering Events

    ASU  2019-12: Income Taxes (Topic 740)- Simplifying the Accounting for Income Taxes

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

    Review Questions

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

    I.  Overview of SSARS No. 25

    A.  Effective Date

    B.  Objective

    C.  Background

    II.  Overview of Changes Made By SSARS No. 25

    III.  SSARS No. 25 Changes to AR-C 60- General Principles

    IV.  SSARS No. 25 Changes to AR-C 70- Preparation of Financial Statements

    V.  SSARS No. 25 Changes to AR-C 80- Compilation Engagements

    Review Questions

    VI.  SSARS No. 25 Changes to AR-C 90: Review of Financial Statements

    CHANGE 1:  Materiality in a Review Engagement

    CHANGE 2:  Inquiries of Management

    CHANGE 3:  Written Representations in a Review Engagement

    CHANGE 4:  Modifications to Review Engagement Reporting

    CHANGE 5:   Going Concern in a Review Engagement

    Review Questions

    Chapter 8 - New Auditing Standards: SAS Nos. 134-145

    I.      Introduction:

    II.     Summary of Recent Auditing Standards

    SAS No. 134: Auditor Reporting and Amendments  [Including Amendments Addressing Disclosures in the Audit of Financial Statements]

    Review Questions

    SAS No. 135: Omnibus Statement on Auditing Standards—2019

    SAS No. 136: Forming an Opinion -Employee Benefit Plans Subject to ERISA

    SAS No. 137: The Auditor’s Responsibilities Relating to Other Information

    Review Questions

    SAS No. 138: Amendments to the Description of the Concept of Materiality

    SAS No. 139: Amendments to AU-C Sections 800, 805, and 810 -Changes from SAS No. 134

    Review Questions

    SAS No. 140:  Amendments to AU-C Sections 725, 730, 930, 935, and 940

    SAS No. 141:  Amendment to the Effective Dates of SAS Nos. 134–140

    Review Questions

    SAS No. 142: Audit Evidence

    Review Questions

    SAS No. 143: Auditing Accounting Estimates and Related Disclosures

    SAS No. 144: Amendments to AU-C 501, 540, and 620-  Use of Specialists and Use of Pricing Information Obtained From External Information Sources

    Review Questions

    SAS No. 145: Understanding the Entity, Its Environment and  Assessing Risks of Material Misstatement

    Review Questions

    Glossary

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