2016 FASB, SSARS and SAS Review
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!

Author:Steven Fustolo
Course No:ACT-FSS-6106
Recommended CPE:24.00
Delivery Method:QAS Self Study
Level of Knowledge:Update
Advanced Preparation:None
Recommended Field of Study:Accounting (16.00 Recommended CPE)
Auditing (8.00 Recommended CPE)
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Learning Objectives
  • 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.

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