CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Current Developments in Accounting and Auditing

Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
6 Credits: Accounting
5 Credits: Auditing

Course Description

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.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • 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.

Chapter 2

  • 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.

Chapter 3

  • 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.

Chapter 4

  • 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.

Chapter 5

  • 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.

Chapter 6

  • 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.

Chapter 7

  • 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.

Chapter 8

  • 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.

Course Specifics

Course ID
1173462
Revision Date
June 29, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Ray Thompson Headshot
Ray Thompson, CBA, CFM, CMA

Dr. Ray Thompson, CBA, CFM, CMA, is an emeritus associate professor of accounting and finance at the University of Pittsburgh. He served as department head at the University of Pittsburgh at Johnstown (UPJ) campus for over 25 years. He was the associate director of UPJ’s Entrepreneurial Development Assistance Project, where he was involved in financial consulting and assisting in preparing loan proposals for small business start-ups. He has taught in graduate and undergraduate business programs in Europe, Africa, and the United States. Ray received his BS and MS degrees in economics and systems dynamics from the University of Bradford in …

Ray Thompson, CBA, CFM, CMA Read More »

Current Developments in Accounting and Auditing

Expert Instructors
Format
CPE CREDITS
6 Credits: Accounting
5 Credits: Auditing

$308.00$348.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
6 Credits: Accounting
5 Credits: Auditing

Course Description

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.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • 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.

Chapter 2

  • 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.

Chapter 3

  • 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.

Chapter 4

  • 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.

Chapter 5

  • 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.

Chapter 6

  • 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.

Chapter 7

  • 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.

Chapter 8

  • 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.

Course Specifics

Course ID
1173462
Revision Date
June 29, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Ray Thompson Headshot
Ray Thompson, CBA, CFM, CMA

Dr. Ray Thompson, CBA, CFM, CMA, is an emeritus associate professor of accounting and finance at the University of Pittsburgh. He served as department head at the University of Pittsburgh at Johnstown (UPJ) campus for over 25 years. He was the associate director of UPJ’s Entrepreneurial Development Assistance Project, where he was involved in financial consulting and assisting in preparing loan proposals for small business start-ups. He has taught in graduate and undergraduate business programs in Europe, Africa, and the United States. Ray received his BS and MS degrees in economics and systems dynamics from the University of Bradford in …

Ray Thompson, CBA, CFM, CMA Read More »

Current Developments in Accounting and Auditing

Expert Instructors
Format
CPE CREDITS
6 Credits: Accounting
5 Credits: Auditing

$308.00$348.00

Clear