2017 FASB SSARS and SAS Update and 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: August 14, 2017

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-6107
Recommended CPE:24.00
Delivery Method:QAS Self Study
Level of Knowledge:Update
Prerequisites:None
Advanced Preparation:None
Recommended Field of Study:Accounting (16.00 Recommended CPE)
Auditing (8.00 Recommended CPE)
  
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Learning Objectives
  • 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 a threshold for a lease term to be considered a major part of an asset’s remaining economic life.
  • 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.
  • Identify the category of securities for which ASU 2016-01 retains the three categories under existing GAAP.
  • Recall one of the changes to existing GAAP for financial instruments made by ASU 2016-01.
  • Recall how available-for-sale debt securities are measured on an entity’s balance sheet.
  • Identify how held to maturity securities are measured on the 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.
  • Recall a change made to the exemption for fair value disclosures with respect to trade receivables and payables.
  • Recognize the model that ASU 23016-13 uses to deal with credit losses.
  • Identify how credit losses should be recorded under new ASU 2016-13.
  • Identify one of the five steps required in applying the new revenue standard.
  • Recall the general rule that determines whether an entity should record revenue gross or net.
  • Recognize the requirement that must be met for a company be considered a principal in a revenue transaction.
  • Recall one of the indicators that ASU 2016-08 removes from the revenue model in determining gross versus net treatment of revenue.
  • Identify the general rule for determining whether an entity should record revenue gross or net.
  • Recognize an example of a prepaid stored-value product.
  • Recall how an entity should implement ASU 2016-04 related to prepaid stored-value products.
  • Recognize some of the changes made to the five steps of the new revenue standard by ASU 2016-12 amendments.
  • Identify a type of intellectual property that has significant standalone functionality.
  • Recognize how an entity should record revenue related to a license.
  • Recall one of the reasons why U.S. convergence with international standards has not occurred.
  • Recognize some of the differences between IFRS for SMEs and IFRS.
  • Identify a technique that accountants have defaulted to avoid GAAP.
  • Recognize the disclosure requirements when a nonpublic entity has no uncertain tax positions.
  • Recognize the classification of certain cash flow transactions addressed by ASU 2016-15.
  • Identify the expense account to which amortization of debt issuance costs should be recorded.
  • Recall the rate that an entity should use to amortize debt issuance costs.
  • 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.
  • 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 write-down in subsequent periods.
  • Recall the method to be used to implement ASU 2015-11 for inventory.
  • Identify some of the changes in SSARS No. 21, as amended by SSARS No. 23, that are and are not carried over from auditing standards.
  • Recognize engagement types that are and are not part of SSARS No. 21.
  • Recall whether the AR-C 70 preparation of financial statements standard is an attest or nonattest service.
  • Identify whether a report is required in a preparation of financial statements engagement under AR-C 70.
  • Recognize what the reporting requirements are, if any, when a "no assurance" legend is omitted from prepared financial statements under AR-C 70.
  • Identify where to disclose GAAP departures in a preparation of financial statements engagement.
  • Recognize whether an accountant and his or her client must sign an engagement letter for a preparation of financial statements engagement under AR-C 70.
  • Recall the objective of a compilation engagement under AR-C 80 of SSARS No. 21.
  • Recognize new language that has been added to the new compilation report in AR-C 80.
  • Identify how an accountant should report on a disclaimer of supplementary information in a compilation engagement.
  • Identify requirements that must and must not be satisfied to perform a review engagement under AR-C 90.
  • Identify evidence an accountant should obtain to demonstrate that financial statements reconcile with accounting records.
  • Recognize an appropriate title that can be used for a review report under SSARS No. 21.
  • Identify the order in which certain report paragraphs should be placed in the SSARS No. 21 review report.
  • Recall some of the items that should be and should not be documented in a review engagement.
  • Identify a common behavior trait of a possible fraudster.
  • Recognize a control that is effective in detecting and limiting fraud.
  • Identify types of fraudsters.
  • Identify at least one procedure an external auditor should perform with respect to internal auditors.
  • Identify the type of approach an auditor should use in performing an ICFR audit under SAS No. 130.
  • Recognize the general independence rule for an auditor performing an attestation engagement under SSAE No. 18.
  • Recall which types of engagements should and should not follow SSAE No. 18 attestation standards.

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