Author : | Steven C Fustolo, CPA, MBA |
Course Length : | Pages: 411 ||| Word Count: 13,9398 ||| Review Questions: 129 ||| 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 2155 |
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: |
Usage Rank : | 0 |
Release : | 2023 |
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 : |
ACCOUNTING STANDARDS UPDATES ISSUED
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Advance Preparation : | None. |
Delivery Method : | QAS Self Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
Revision Date : | 10-May-2023 |
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 - 2155 |
Keywords : | Accounting and Auditing, 2023, FASB, SSARS, SAS, Update, Review, cpe, cpa, online course |
Learning Objectives : |
Chapter 1
Chapter 2
Chapter 3 Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
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Course Contents : | Chapter 1 - Implementing the New Lease Standard ASU 2016-02 Leases (Topic 842) and Other Amendments - 2023 I. Background II. Basic Concepts of ASU 2016-02 A. General Rules III. Scope and Scope Exceptions IV. Identifying a Lease 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 VI. Lessor Rules A. Lease Classification B. Accounting for Sales-Type Lease- Lessor C. Accounting for a Direct Financing Lease D. Accounting for Operating Leases- Lessor E. Disclosure- Lessor Leases VII. Transition and Effective Date Information A. General- Existing Leases B. Transition VIII. Impact of Changes to Lease Accounting IX. Impact of Lease Changes on Nonpublic Entities X. Avoiding the New Lease Standard Chapter 2 - Accounting and Financial Reporting in a Post-COVID Economy: Inflation, Supply Chains, Interest Rates and Recession - 2023 I. Introduction II. Accounting and Auditing Issues Related to the Post-COVID Economy III. Disclosure of Risks and Uncertainties- Supply-Chain Concentrations IV. Asset Impairments- Long-Lived Assets- 2022 and 2023 Issues A. Long-Lived Tangible Assets- Real Estate and Equipment Impairment B. Goodwill impairment issues C. Ordering of Impairment Tests V. Writedowns and Disclosures of Stock Market and Bond Investments A. Debt Securities- Unrealized Losses in 2022 and 2023 B. Equity Securities- Unrealized Losses in 2022 and 2023 C. Disclosure of Stock Losses After Year End VI. Inventory Costs and Valuation Issues A. Lower of Cost and Net Realizable Value- FIFO and Average Cost Inventories B. Impact of Capacity on GAAP Inventory Valuations VII. Trade Receivables and the Allowance for Doubtful Accounts VIII. Exit and Termination Costs IX. Post-Covid Contingencies and Exposure to Third-Party and Employee Claims X. Business Interruption Insurance Recovery and Presentation- Post-COVID Damage XI. Joint and Several Risk- Multi-Employer Plan Obligations XII. Revenue and Contracts A. Variable Consideration Revenue B. Losses on Onerous Contracts- Impact of Inflation on Unrealized Losses XIII. Loan Modifications and Covenants in Light of Higher Interest Rates XIV. LIFO in a New High-Inflation Environment XV. GAAP Income Tax Issues- 2022 and 2023 A. NOL Carryforwards and Deferred Tax Assets B. Higher Interest Rates and the Limitation on Interest Deduction-2022 and 2023 Chapter 3 - Accounting and Financial Disclosures for the Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax - 2023 I. 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 2021 Comparative Financial Statements and Disclosures for the ETC G. Tax-Basis Financial Statements and the ERC II. 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 Chapter 4 - PPP Loans and Forgiveness-Accounting and Financial Reporting Issues - 2023 I. Introduction II. Basic Rules for PPP Loans- SBA A. General rules- CARES Act, as amended by Consolidated Appropriations Act, 2021 III. How Should PPP Loans be Accounted for Under GAAP? A. General IV. Accounting for the PPP Loan as Debt A. General B. Debt issuance costs- PPP loans V. Forgiveness of PPP Loan A. General B. Accounting for forgiveness of PPP loan C. PPP loan eligible expenses D. Presentation of PPP loan transactions on the statement of cash flows VI. Tax Effects of PPP Loans A. General VII. Disclosures Required- PPP Loan Treated as Debt A. General VIII. Bank Covenants and Impact of PPP Loan Treated as Debt IX. Accounting for an Economic Injury Disaster Loan (EIDL) A. General X. PPP Loans in Tax-Basis Financial Statements XI. Other GAAP Approaches for PPP Loans A. General B. Account for the PPP loan as a grant using ASC 958 guidance C. Account for the PPP loan as a governmental grant using IAS 20 D. Account for the PPP loan as a gain contingency using ASC 450-30 XII. CPA Involvement in a PPP Loan Application and Forgiveness A. General B. Impact on a CPA’s independence XIII. Accountant and Auditor Reporting Issues- PPP Loans Chapter 5 - Current Developments: Accounting and Financial Reporting - 2023 I. Latest Developments on the Accounting Front A. Significant GAAP Changes in 2023 and Beyond B. FASB Disaggregation-Income Statement Expenses Project C. Restatements and Other Financial Reporting Abuses D. SEC Adopts Final Rule on Dodd-Frank’s Section 954 Clawback Requirement E. The Gradual Demise of Company Pension Plans F. ESG Disclosures Is a Hot Issue G. Post-Implementation Update on Revenue Recognition Standard H. FASB Drops Intangible Assets and Amortization of Goodwill Project I. Accounting and Tax Issues Related to Marijuana J. Risk of Unrecorded Sales Tax Liabilities- Wayfair Decision K. ASU 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities II. Accounting Standards Updates (ASUs) Chapter 6 - Financial Instruments: Implementing ASU 2016-13 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 Chapter 7 - New Auditing Standards: SAS Nos. 142-148 I. Summary of Recent Auditing Standards SAS No. 142: Audit Evidence 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 SAS No. 145: Understanding the Entity, Its Environment and Assessing Risks of Material Misstatement SAS No. 146: Quality Management for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards SAS No. 147: Inquiries of the Predecessor Auditor: Fraud-Noncompliance With Laws and Regulations SAS No. 148: Amendment to AU-C Section 935 Chapter 8 - Auditing Developments - 2023 I. Auditing Standards Board (ASB) Agenda II. Auditing Engagement Issues- Post Covid-19 A. Remote Auditing B. Accounts Receivable Confirmations C. Physical Inventory Observations D. The Future of Remote Auditing E. Fraud and Internal Control in the Post- COVID-19 Environment III. Going Concern- Post COVID-19 A. Overview- Going Concern B. GAAP Requirements- Going Concern C. Auditing Engagement Requirements- Going Concern D. One-Year Going-Concern Window E. Going-Concern Mitigating Factors in the 2022 and 2023 Economic Climate F. Using a Financial Support Letter to Mitigate Substantial Doubt of Going Concern IV. Client and Employee Fraud A. General B. 2022 Report to the Nations on Occupational Fraud and Abuse C. FTX Fraud and Crypto Currencies in Audits Chapter 9 - Compilation and Review Update - 2023 I. SSARS No. 26: Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services A. Background B. General C. Overview of SSARS No. 26 D. SSARS No. 26 Amendments to AR-C 60 of SSARS No. 21: E. Changes made to AR-C 60 regarding Quality Management of a SSARS Engagement F. SSARS No. 26 Amendments to AR-C 70 - Preparation of Financial Statements G. SSARS No. 26 Amendments to AR-C 80 - Compilation Engagements H. SSARS No. 26 Amendments to AR-C 90 - Review of Financial Statements I. SSARS No. 26 Amendment to AR-C 90 - Review of Financial Statements- Engagement Letter Glossary |