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FASB, SSARS, and SAS Update and Review

FASB, SSARS, and SAS Update and Review

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SKU : A0305
OUR PRICE :$109.95
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CREDIT HOURS : 24

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FASB, SSARS and SAS Update and Review

Course Description:
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.
Learning Objectives:
Upon successful completion of this course, participants will be able to: Recognize examples of internal-use software Identify criteria to begin and end capitalization of internal-use software Review how to determine the accounting acquirer in a business combination Recognize how to account for forfeitures related to share-based consideration payable to a customer Recall some of the new disclosures for income taxes required by ASU 2023-09 Identify how to measure a crypto asset Review how to measure and record a crypto asset on the balance sheet and income statement Review how to measure and account for a joint venture Recognize the type of entity which is subject to the new disaggregation of expenses disclosures required by ASU 2024-03 Identify a new method that is authorized to record treasury stock in accordance with ASC 505 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 examples of entities that are under common control Recognize two elections that can be made under ASU 2025-05 Recall how subsequent collections of trade receivables are measured in the year-end allowance balance Identify how a decline in a held-to-maturity debt security is accounted for Recognize the new impairment model for available-for-sale debt securities under ASC 326-30 Recognize some new and not new disclosures under ASU 2016-13 Identify one of the top individual reasons for financial statement restatements Recognize how to measure an investment in gold under GAAP Identify a challenge that may exist if a company uses the AICPA’s FRF for SMEs Recall the general GAAP rule for management’s evaluation of going concern Review the SEC’s rule for ESG disclosures Recognize one of the two approaches that are used to record revenue under the revenue standard Identify a reason why a company may wish to hold sales prices when there is an increase in the cost of purchases due to tariffs Identify a method that can be used to record variable consideration under the revenue standard Identify a loan covenant most directly impacted by an increase in the interest rate Recognize a threat that exists with certain banks Recognize the disclosure required for a start-up company Identify one of the top individual reasons for financial statement restatements Recognize how to measure an investment in gold under GAAP Identify a challenge that may exist if a company uses the AICPA’s FRF for SMEs Recall the general GAAP rule for management’s evaluation of going concern Review the SEC’s rule for ESG disclosures Recognize one of the two approaches that are used to record revenue under the revenue standard Identify a reason why a company may wish to hold sales prices when there is an increase in the cost of purchases due to tariffs Identify a method that can be used to record variable consideration under the revenue standard Identify a loan covenant most directly impacted by an increase in the interest rate Recognize a threat that exists with certain banks Recognize the disclosure required for a start-up company Identify a factor that primarily explains the decline in the federal effective taxes paid rate for C corporations under OBBBA beginning in 2025 Review the tax treatment for domestic research and experimental (R&E) expenditures found in OBBBA of 2025 Review how to present the tax benefit from using an NOL on the income statement: Identify a feature of Section 1202 stock that was expanded by the OBBBA to encourage C corporation conversion or formation Recall how to present the adjustment of the deferred tax asset and liability from a change in tax status from S to C corporation Recall when an auditor must quantify the effect of a GAAP departure in the audit report Identify types of carryforwards for which deferred tax assets must be recognized Review the disclosures that are required by a nonpublic entity when it has not recorded any uncertain tax positions Recall how an entity should account for the PTE tax on its financial statements Review the rule as to whether a Company is required to allocate consolidated income tax expense to its single-member LLCs that do not pay taxes 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 Identify a threshold in a review engagement under which an accountant is not required to accumulate misstatements. 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 Review actions that would and would not impair an accountant’s independence Recognize bookkeeping functions that would impair independence, and Identify a key factor in determining whether the performance of a nonattest service 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 Recognize the benchmark used to evaluating going concern of an entity Identify a behavioral trait of most occupational fraudsters Recall a red flag that is most prominent with a man versus woman fraudster Recognize when negative accounts receivable confirmations should not be used Identify the form of a comfort letter that would be appropriate for an accountant to make to a lender

Course Number:	A0305
NASBA Field of Study:	Accounting
Level:	Overview
Author/Instructor:	Steven C. Fustolo
Publication Date:	March 2026
CPE Credits:	24
Program Prerequisites:	Basic understanding of U.S. GAAP, compilation and review, and audit standards
Advanced Preparation:	None

Course Format: Online
Test Format: Online
CPE Credit: 24
Level: Overview
NASBA Field of Study: Accounting
Instructional Method: Self Study
Program Prerequisites: Basic understanding of U.S. GAAP, compilation and review, and audit standards
Advanced Preparation: None

Our Price: $109.95
You Save $59.05(35%)
Credit Hours 24

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