FASB SSARS and SAS: An Update and Review for 2024

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Title: FASB SSARS and SAS: An Update and Review for 2024
Category: Accounting and Auditing
Field of Study: Accounting, Auditing
Course Code: M300
CPE Credits: 24.0
Price: 119.95



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.

Delivery Method: Online Interactive Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

Course Details

Category: Accounting and Auditing

Field of Study: Accounting, Auditing

Passing Score: 70%

Technical Details: Accounting and Auditing: Technical

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Chapter 1:

  • 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 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
  • 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, and
  • Identify how an entity should implement the ASU 2016-13 rules.

Chapter 2:

  • Review how to account for a joint venture
  • Identify how to measure a crypto asset and record it on the balance sheet and income statement, and
  • Recall some of the new disclosures for income taxes required by ASU 2023-09.

Chapter 3:

  • 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
  • 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
  • Recognize why an entity might not want to use the risk-free rate to compute the present value of lease payments
  • Identify how a lessee should account for initial direct costs
  • Recognize items that are and are not components of a lease term
  • Recall the method a lessee should use to record interest expense on a lease obligation
  • Identify some types of leases for a lessor
  • 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
  • Recall how a lessor should classify certain cash receipts on the statement of cash flows
  • Recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
  • 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, and
  • Recall the IRS rules regarding when an entity should and should not capitalize a lease for tax purposes.

Chapter 4:

  • Recognize the type of expense that is the basis for measuring the amount of the ERC
  • Identify where to present the ERC in the statement of income using the ASC 958 conditional contribution model
  • Recognize where to present the ERC in the statement of income using the IAS 20 grant model
  • Recognize the proper presentation of the ERC in a tax-basis statement of income
  • Identify how to account for an ERC filing in 2023 and 2024
  • Recognize a technique that has been attempted to circumvent the SALT deduction limitation
  • Identify how to account for the PTE tax in an entity’s financial statements
  • Recognize the requirements for recording deferred state income taxes with respect to the PTE tax election, and
  • Identify disclosures that should be made for the PTE tax.

Chapter 5:

  • 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
  • Recall how to classify business interruption insurance proceeds on the financial statements
  • Recognize the relationship that a change in interest rates has on real estate values
  • Identify the benchmark used to determine going concern
  • Recognize how to report on going concern in an engagement
  • 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
  • Recognize a reason to justify using LIFO for GAAP. and
  • Identify whether the LIFO IPIC approach is acceptable for GAAP.

Chapter 6:

  • Identify the goal of the FASB’s Disaggregation-Income Statement Expenses project
  • 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
  • Identify the shift in the types of retirement plans over the past decade
  • Recall an example of a financial instrument subject to the concentration of credit risk disclosure
  • Identify the requirements of the SEC’s ESC disclosures
  • Recall the general GAAP rule for management’s evaluation of going concern
  • Recognize the VIE accounting alternative for leases under common control in ASU 2018-17
  • Recognize when a state might be able to charge sales tax under the Wayfair decision
  • Review the accounting for a net operating loss, and
  • Recall the rule for deductibility of interest in IRC 163(j).

Chapter 7:

  • Recognize a behavioral trait of most occupational fraudsters
  • Recognize the difference between fraud and an error
  • Recall the three conditions of the fraud triangle
  • Identify an example of an accounting estimate related to classes of transactions, account balances and disclosures identified in SAS No. 143
  • Recognize how inherent and control risks should be assessed in accordance with SAS No. 143
  • Recognize an example of an inherent riskfactor
  • Identify examples of the approaches that can be performed in assessing the risks of material misstatementfrom accounting estimates
  • Recall one of the amendments made to AU-C 501 by SAS No. 145 in connection with using the work of an external inventory-taking firm
  • Identify some instances in which an auditor may conclude that a specialist’s work is not adequate
  • Identify a type of risk assessment procedure that an auditor can use in accordance with SAS No. 145
  • Recall examples of risk assessment procedures that an auditor may perform in SAS No. 145
  • Recognize how to perform risk assessment procedures when relying on information obtained from previous experience with an entity
  • Identify examples of risk assessment procedures to obtain audit evidence in accordance with SAS No. 145
  • Recognize a new requirement made by SAS No. 145 in connection with assessing inherent risk and control risk in an audit, and
  • Identify how an auditor should respond if the auditor does not plan to test the operating effectiveness of an entity’s controls.

Chapter 8:

  • 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, and
  • Identify the party required to take overall responsibility for the quality on a group audit engagement in accordance with SAS No. 149.

Chapter 9:

  • 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 factors an accountant should consider when determining materiality in a review engagement
  • 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
  • Recognize certain GAAP departures that the author suggests are easiest to implement
  • Identify a recommendation to mitigate the risk associated with performing bookkeeping services, and
  • Recall a better approach to compute the number of days sales in accounts receivable.

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QAS: Yes

CPA: Not suitable for CPAs

IRS: No IRS credit for Enrolled Agents.

Profession Identifiers: CPA