Current Developments in Accounting and Auditing provides an overview of economic conditions, audit risks, accounting for leases, cyber fraud, recent accounting standards, Financial Accounting Standards Board (FASB) updates, and Auditing Standards Board (ASB) updates. Dr. Ray Thompson covers many current issues affecting the profession, including compilation and review and much more.
Upon successful completion of this course, participants will be able to:
- Identify some of the major economic, business, and reporting issues for 2017.
- Recognize the changing regulatory environment, including the cost of industrial regulations, and the potential dismantling of Dodd-Frank.
- Note the current economic conditions.
- Identify current audit risks, including areas of PCAOB concern.
- Recall revenue transactions using the five-step model.
- Recognize construction industry guidance for revenue recognition.
- Cite the revenue recognition rules for not-for-profit entities for both reciprocal and non-reciprocal transactions.
- Identify the prevalence of cyber security risk.
- Note the legal and regulatory issues regarding cyber security.
- Cite the reporting and disclosure issues related to cyber security.
- Recognize service auditor report requirements.
- Identify how to evaluate a company's cyber security insurance coverage.
- Identify the FASB exposure draft for loan covenants and debt classification.
- Cite cash flow reporting per ASU 2016-15 & 2016-18.
- Recall ASU 2016-14 regarding financial statements of not-for-profit entities.
- Recognize financial instruments per ASU 2016-01 & 2016-13.
- Identify the current state of small business lending.
- Recognize the deceptive business practices used by Wells Fargo and the results of the investigation by the Consumer Financial Protection Bureau.
- Cite the current projects of the Accounting and Review Services Committee.
- Identify engagement-driven compilations and the preparation of plain paper financial statements as discussed in SSAES 21.
- Recognize the issues related to going concern and prospective and pro forma financial information.
- Cite current FASB standards and Board projects, including going concern disclosures.
- Identify revenue recognition standards, including accounting for cloud computing arrangements.
- Recognize the FASB simplification initiative and discuss the exposure draft related to hedge accounting.
- Recall the Auditing Standards Board clarification project, and analyze current auditing standards related to going concern issues.
- Identify the procedures for audits of internal control over financial reporting that are integrated with financial statement audits, and list the clarification and recodification attestation standards.
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