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.
Course Publication Date: October 14, 2016
This course is available with NO ADDITIONAL FEE
if you have an active self study membership
or can be purchased for $240.00
|Delivery Method:||Self Study
|Level of Knowledge:||Update
|Recommended Field of Study:||Accounting (16.00 Recommended CPE)
Auditing (8.00 Recommended CPE)
- Identify the measurement basis used to measure FIFO and LIFO inventories under ASU 2015-11.
- Recognize how to account for a recovery of an inventory writedowns in subsequent periods.
- Recall the method to be used to implement ASU 2015-11 for inventory.
- Recall how to present a deferred tax asset on a balance sheet under ASU 2015-17.
- Recognize how to present deferred tax assets and liabilities on an unclassified balance sheet per ASU 2015-17.
- Identify the actions an entity should take to adopt ASU 2015-17 with respect to its deferred tax assets and liabilities.
- Recognize how to amortize debt issuance costs under ASU 2015-03.
- Recall selected items that must be disclosed under ASU 2015-03.
- Identify how to implement ASU 2015-03 with respect to debt issuance costs.
- Recognize an example of a cloud computing arrangement.
- Recall how to account for internal-use software.
- Identify criteria that must be met to treat software as internal-use software.
- Recognize a key aspect of a variable interest entity (VIE).
- Recall situations in which use of combined statements is useful and not useful.
- Identify when a limited partner has a controlling financial interest in a limited partnership under the voting interest model per ASU 2015-02.
- Recognize a key change to the consolidation model made by ASU 2015-02 with respect to a general partner of a limited partnership.
- Identify some of the rights a noncontrolling limited partner might have in a limited partnership.
- Recognize at least one reason why companies are motivated to shift losses from continuing operations to discontinued operations.
- Identify at least one reason why the existing definition of discontinued operations is criticized.
- Recognize some of the criteria that must be met for a disposal to qualify as discontinued operations under ASU 2014-08.
- Identify how discontinued operations should be presented on the income statement and balance sheet under the ASU 2014-08 rules.
- Recognize a change made to the extraordinary item rules by ASU 2015-01.
- Recognize some of the types of entities that are permitted to elect the accounting alternative for identifiable intangible assets under ASU 2014-18.
- Identify how to apply the accounting alternative for goodwill amortization when electing the accounting alternative for identifiable intangibles in ASU 2014-18.
- Recognize at least one criterion for an identifiable intangible asset.
- Recall an example of a customer-related intangible asset.
- Recognize the date on which an entity may elect to use pushdown accounting.
- Identify an element that an acquire should recognize in its separate financial statement.
- Identify an advantage to using pushdown accounting.
- Recognize some of the implications that might occur if there is a drastic change in the format of financial statements.
- Identify a reason why U.S. convergence with international standards has not occurred.
- Recognize a financial statement element that is eliminated by ASU 2016-01.
- Identify a key change made by the lease standard.
- Recall how to recognize a lease liability under the lease standard.
- Identify how a lease asset is recognized under the lease standard.
- Recognize how existing leases are accounted for under the lease standard.
- Identify one of the challenges a company may have with using the AICPA’s FRF for SMEs.
- Recognize a key difference IFRS and IFRS for SMEs.
- Identify the period of time for which an entity’s management must perform its evaluation of going concern under ASU 2014-15.
- Recognize how a nonpublic entity with no uncertain tax positions liability should handle the disclosure of the number of years open for examination.
- Recognize a change made in SSARS No. 21 that is carried over from auditing standards.
- Identify some of the engagements that are and are not authorized by SSARS No. 21.
- Review some of the reporting options an accountant has under a preparation of financial statements engagement in AR-C 70.
- Recognize some of the acceptable titles that may be used for financial statements prepared using a special purpose framework.
- Review some of the reporting and disclosure requirements in a compilation engagement under SSARS No. 21.
- Identify some of the reporting requirements in a review engagement under SSARS No. 21 including use of an acceptable report title, and the order in which certain report paragraphs are presented.
- Identify a result that can occur if a CPA firm has a problem with an audit of a DOL employee benefit plan.
- Review some of the actions that might and might not be used to reduce cheating.
- Identify a kind of fraudster that is typically susceptible to conditions found in the fraud triangle.
- Review the rules for including an auditor's city and state on the audit report.
- Recognize a procedure an external auditor should perform with respect to the work of an internal auditor.