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2025 FASB SSARS and SAS Update and 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 12, 2025

This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership or can be purchased for $240.00!

Author:Steven Fustolo
Course No:ACT-FSS-61095
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)
  
Learning Objectives
  • Review how to account for a joint venture.
  • Identify attributes of a joint venture.
  • Identify how to measure a crypto asset.
  • Review how to record a crypto asset on the balance sheet and income statement.
  • Recall some of the new disclosures for income taxes required by ASU 2023-09.
  • Review the bases that can be used to disclose disaggregation of expenses required by ASU 2024-03.
  • Recognize examples of assets that are and are not subject to the ASC 326-20 expected credit loss model.
  • Recognize the model that ASU 2016-13 uses to deal with credit losses.
  • Recall how an entity should present the new allowance for credit losses on the balance sheet.
  • Identify how credit losses should be recorded under new ASU 2016-13.
  • Recognize some of the disclosures required by ASU 2016-13.
  • Identify examples of entities that are under common control.
  • Recognize an example of a debt security with zero risk of default.
  • Identify how a decline in fair value of a held-to-maturity debt security should be handled under GAAP.
  • Recognize the new impairment model for available-for-sale debt securities under ASC 326-30.
  • Identify GAAP and non-GAAP measurements.
  • Review an example of a rate used as the discount rate for pension obligations.
  • Recognize the impact that life expectancy has on the amount of a pension liability.
  • Review how debt and equity securities should be accounted for under GAAP.
  • Recognize the approaches that are used to record revenue under the revenue standard.
  • Identify a loan covenant most directly impacted by an increase in the interest rate.
  • Identify a threat that exists with certain banks.
  • Recognize a peer review deficiency identified by the AICPA.
  • Recognize the VIE accounting alternative for leases under common control.
  • Recognize the disclosure required for a start-up company.
  • Recall an example of a type of lease for a lessee under the lease standard.
  • Identify an example of a type of lease for a lessor under the lease standard.
  • Recognize attributes of a lease under the lease standard.
  • Identify some of the types of benefits a lessee can obtain from a leased asset.
  • Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life.
  • Recall why an entity might not want to use the risk-free interest rate in a lease transaction.
  • Identify some types of leases for a lessee and a lessor.
  • Identify how a lessor should account for lease payments received on the income statement for an operating lease.
  • Identify how deferred income taxes will be treated for lessees under ASU 2016-02.
  • Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios.
  • Recall the IRS rules as when an entity should and should not capitalize a lease for tax purposes.
  • Recognize the options for presenting the ERC on the statement of income.
  • Recall types of entities that most states do not permit to make the PTE tax election.
  • Identify how to present the deferred state tax liability related to the PTE tax.
  • Recognize the adjustment that must be made to convert to C corporation status.
  • Identify the adjustment required when there is a change in the corporate tax rate.
  • Recall the rule for disclosures related to unrecognized tax positions.
  • Recognize how to account for restricted cash on the statement of cash flow.
  • Recall how to account for non-cash transactions on the statement of cash flow.
  • Identify the approach taken to present a purchase of business assets on the statement of cash flow.
  • Recognize an example of a sustainable flow.
  • Recognize an example of an unused carryover item that a C corporation might have.
  • Identify services that are and are not considered consulting services engagements.
  • Recognize the standards to follow in preparing financial statements as part of a consulting services engagement.
  • Identify which party is responsible for determining that engagement team members have appropriate competence and capabilities to perform a SSARS engagement.
  • Recognize the definition of materiality found in SAS No. 138.
  • Recall the least profitable engagement to perform.
  • Identify the type of reporting an accountant should perform when management elects to include disclosures about a few matters in the notes.
  • Identify a recommendation to mitigate the risk associated with performing bookkeeping services.
  • Identify a better approach to compute the number of days sales in accounts receivable.
  • Recognize a requirement that must be satisfied to perform a preparation of financial statements engagement.
  • Identify the type of report that should be issued for a preparation of financial statements engagement.
  • Recall how a preparation of financial statements engagement is treated in peer review.
  • Identify an acceptable location to present a description of a special purpose framework, such as tax-basis.
  • Review actions that would and would not impair an accountant’s independence.
  • Recognize bookkeeping functions that would impair independence.
  • Identify a key factor in determining whether the performance of BOI filing assistance services impairs an accountant’s independence.
  • Recall the date by which an engagement partner must take responsibility for determining that ethical requirements are fulfilled.
  • Identify certain requirements an engagement partner must satisfy in performing an audit engagement.
  • Recognize examples of resources assigned or made available by a firm to support performance of an audit engagement.
  • Identify a type of unconscious bias defined in SAS No. 146.
  • Identify when a successor auditor should request management to authorize a predecessor auditor’s response to the successor auditor’s inquiry.
  • Recognize one of the new inquiries a successor auditor should make of a predecessor auditor by SAS No. 147.
  • Recall the extent of a predecessor auditor’s response to a successor auditor’s inquiries when there are certain restrictions on the predecessor auditor.
  • Identify an example of a recently issued auditing standard that SAS No. 148 incorporates into amendments to AU-C 935, Compliance Audits.
  • Recall examples of inherent risk factors related to identifying and assessing risks of material misstatement in a compliance audit.
  • Identify the party required to take overall responsibility for the quality on a group audit engagement in accordance with SAS No. 149.
  • Identify a scenario in which it would be impracticable for an auditor to attend a physical inventory.
  • Recognize an advantage of remote auditing.
  • Recall a key fact about use of hotlines.
  • Recognize a behavioral trait of most occupational fraudsters.
  • Identify a trait more prominent in a male versus a female fraudster.

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

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