2020 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: August 12, 2020

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-61090
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)
  
Add To Your Cart

Ready to take a course?

  • Includes all self study courses
  • Earn as many CPE credit as you need
  • 100% Guaranteed
Buy Self Study Membership

Learning Objectives
  • Identify types of subsequent events that require disclosure.
  • Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules.
  • Identify the definition of near term.
  • Recall the frequency in which an entity should test goodwill for impairment.
  • Recognize the formula for testing goodwill impairment.
  • Recall how to classify business interruption insurance proceeds on the financial statements.
  • Identify a method that can be used to measure variable consideration revenue.
  • Recognize an example of a construction-type contract.
  • Identify a tax-law change made by the CARES Act, and.
  • Recognize how a company should present CARES Act loan forgiveness on its financial statements.
  • Identify a characteristic of a multi-employer plan.
  • Recall the color coding of funded status of a multi-employer plan.
  • Recognize an argument for not amortizing goodwill.
  • Identify an example of a customer-related asset.
  • 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 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 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.
  • Recognize the model that ASU 2016-13 uses to deal with credit losses.
  • Identify how credit losses should be recorded under new ASU 2016-13.
  • Identify some of the disclosures required by ASU 2016-13.
  • Recognize a precondition for an accountant to accept a SSARS engagement.
  • Recall whether the preparation of financial statements standard is an attest or nonattest service.
  • Identify whether a report is required in a preparation of financial statements engagement.
  • Recognize what the reporting requirements are, if any, when a "no assurance" legend is omitted from prepared financial statements under the AR-C 70 standards.
  • Identify where to disclose GAAP departures in a preparation of financial statements engagement.
  • Identify factors that should consider in determining materiality in a review engagement.
  • Recognize a change that SSARS No. 25 makes to the accountant’s review report.
  • Identify the term that GAAP uses for management’s assessment of an entity’s going concern.
  • Recall some of the items that should be documented in a review engagement.
  • Identify the types of audit reports that can be issued under new AU-C 700A.
  • Recognize an acceptable title for an auditor’s report.
  • Recognize the order in which certain sections of the new auditor’s report should be presented in AU-C 700A.
  • Recognize the requirements and limitations with respect to communicating on key audit matters in accordance with new AU-C 701.
  • Recognize examples of modified opinions as defined in AU-C 705A.
  • Identify examples of situations in which an auditor must or may include an emphasis-of-matter or other-matter paragraph as required by new AU-C 706A.
  • Recall examples of fraud risk factors expanded by SAS No. 135.
  • Identify expanded procedures auditors of ERISA-plan financial statements must perform in newly issued SAS No. 136, including a review of the draft Form 5500.
  • Identify the new ERISA Section 103(a)(3)(C) audit in SAS No. 136.
  • Recognize the scope of the terms “other information” and “annual report” as used in the newly issued SAS No. 137 pertaining to auditing and reporting other information, and.
  • Recall how an auditor should label other information in the auditor’s report.
  • Recognize the new definition of materiality found in SAS No. 138.
  • Identify certain paragraphs in the new auditor’s report on a special purpose framework.

CPE Depot Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Sponsor Number: 109423

 (2s97ms)
CPE-WEB02 3.239.40.250 url(WWW.CPEDEPOT.COM)-domain(WWW.CPEDEPOT.COM)-anon

Search Courses

Group Plan

Group plans are convenient and cost effective!

Authors Wanted

We are looking for authors!