2019 FASB SSARS and SAS Review: Item 29 and 29E
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: July 02, 2019

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-61099
Recommended CPE:24.00
Delivery Method:QAS Self Study
Level of Knowledge:Update
Prerequisites:Basic understanding of U.S. GAAP, compilation and review, and auditing standards
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 private company under ASU 2018-17.
  • Identify the definition of a variable interest.
  • Recall some of the requirements that must be met to consolidate under the VIE rules.
  • Identify an element that must be met to elect the private company accounting alternative under ASU 2018-17.
  • Identify the types of arrangements to which the accounting alternative election applies.
  • Recognize relationships that might be considered under common control.
  • Recognize the way in which an entity should adopt the accounting alternative in ASU 2018-17.
  • Recall how an accountant or auditor reports on an accounting change per ASU 2018-17.
  • Recognize the types of agreements that qualify as contracts under the revenue standard.
  • Recall a condition that must be met to identify a separate performance obligation.
  • Identify at least one method authorized to estimate variable consideration in a contract.
  • Recognize information that can be used to allocate the transaction price to performance obligations.
  • Identify at least one method that are used to record revenue in Step 5 of the revenue standard.
  • Recognize when a good is considered transferred to a customer under ASC 606.
  • Recognize how to account for the transfer of a product with a right to return.
  • Recall the general rule that determines whether an entity should record revenue gross or net.
  • Identify some of the general rules to account for license revenue.
  • Recall how certain contract costs are accounted for under the revenue standard, and.
  • Recognize certain disclosures required by the revenue standard for nonpublic entities.
  • Recognize how an entity should account for deferred tax accounts under the Tax Cuts and Jobs Act.
  • Identify how the ASU 2018-02 election is made to reclassify the tax effect on accumulated other comprehensive income.
  • Recall the adjustment that is made when an entity converts from S to C corporation status.
  • Recognize the type of like-kind exchange that qualifies for nonrecognition of gain or loss under GAAP.
  • Identify a way in which an entity can account for bonus depreciation under GAAP.
  • Recognize an example of an applicable financial statement (AFS).
  • 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 made by ASU 2016-01 to existing GAAP for financial instruments.
  • 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.
  • Identify a requirement an accountant must satisfy when he or she is performing a review engagement on an international accounting framework.
  • Recognize one of the elements required for a fair presentation framework.
  • Recall a term used in considering going concern in a review engagement.
  • Identify the definition of a reasonable period of time as used in the going-concern rules for review engagements.
  • Identify additional inquiries required and not required on going concern for a review engagement.
  • Recognize an action an accountant should take when referencing the work of another accountant in a review engagement.
  • Recognize engagement types that are and are not part of SSARS No. 21.
  • Recognize the accountant’s responsibility for reporting fraud in compilation and review engagements.
  • Recall financial statement titles that are and are not appropriate for tax-basis financial statements.
  • Identify the options available and not available to report on supplementary information in a compilation or review engagement.
  • Recognize evidence an accountant would obtain to demonstrate that the financial statements reconcile with accounting records.
  • Identify the disclosure requirements when an accountant reports on a tax return.
  • Recognize actions that would and would not impair an accountant’s independence.
  • Identify the difference between fraud and an error.
  • Recognize the three conditions of the fraud triangle.
  • Recall the threshold at which an audit of an employee benefit plan is required.
  • Recognize the definition of “reasonable period of time” as used in SAS No. 132.
  • Identify the key term that SAS No. 132 uses in the auditor’s evaluation of going concern.
  • Identify when a company is required to use the liquidation basis of accounting.
  • Recognize an example of a negative external matter that may raise substantial doubt of going concern.
  • Identify an example of a mitigating plan.
  • Recognize the meaning of the term “probable” as used in GAAP’s ASU 2014-15.
  • Identify audit evidence demonstrating a commitment to providing financial support.
  • Recall how a CPA should report when there is substantial doubt of going concern.
  • Identify a term used in going concern that third-party users that is not clearly understood.
  • Recognize an example of a type of exempt offering covered by SAS No. 133.
  • Recognize some of the prerequisites to perform an attestation engagement under SSAE No. 18.
  • Identify types of engagements that are covered and not covered by SSAE No. 18.

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