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Are you a California CNA?
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: June 02, 2021
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-61091 |
| 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 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 some exit and disposal costs.
- Recall how to classify business interruption insurance proceeds on the financial statements.
- Identify the benchmark used to determine going concern.
- Recognize how to report on going concern.
- Identify a method that can be used to measure variable consideration revenue.
- Recognize an example of a construction-type contract.
- Identify an advantage of remote auditing.
- Recall how to present debt issuance costs in the financial statements.
- Recognize how to account for PPP loan forgiveness.
- Identify how to treat the forgiveness of a PPP loan for tax purposes, and.
- Identify an example of a circumstance in which an emphasis-of-matter paragraph might be necessary.
- 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.
- 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 one of the characteristics of a multi-employer pension plan.
- Recognize the impact that life expectancy has on the amount of a pension liability.
- Recognize when a state might be able to charge sales tax under the Wayfair decision.
- Recognize the types of arrangements that qualify the private company accounting alternative election related to goodwill amortization and acquisitions.
- Recognize the accounting alternative for leases under common control in ASU 2018-17.
- 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.
- 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, and.
- Recall a change made to the exemption for fair value disclosures with respect to trade receivables and payables.
- 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.
- 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 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.
- Recall the location of certain sections in the auditor’s report.
- Recognize the categorization of an adverse opinion.
- Identify a change that SAS No. 136 makes to the limited-scope ERISA audit.
- Recognize one of the changes made by AU-C 703 to ERISA audits.
- Recall the reporting requirement when an auditor obtains other information in an audit.
- Identify a reference that is made in the new definition of materiality.
- Recognize the definition of certain types of paragraphs made by SAS No. 139.
- Recognize an example of an attribute of information obtained as audit evidence per SAS No. 142.
- Identify an attribute of audit evidence referenced in SAS No. 142.
- Identify how inherent and control risk should be assessed under the SAS No. 143 requirements.
- Recall the three approaches that an auditor can use to perform further audit procedures required by SAS No. 143.
- Identify a change made by SSAE No. 19.
- Recognize one of the four types of engagements within SSAE No. 21’s new definition of attestation engagement.
- Identify an example of subject matter that is within the scope of SSAE No. 22’s review.
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