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Full Description
The rate of change in today's regulatory environment can make it challenging to stay current on the topics affecting the accounting profession. Keep abreast of the fast-paced changes in accounting and auditing in this comprehensive book that provides information critical to an accountant's success. This book covers relevant pronouncements, exposure drafts, and other guidance recently issued in the accounting, auditing, and compilation, preparation, and review arenas. This book covers important topics such as revenue recognition, leases, financial instruments, as well as intangible assets, consolidation, and statement of cash flows. The authors sort through the complexities and help identify and apply recently issued FASB, PCAOB, and ASB standards and guidance.This book will prepare the accountant to do the following:Understand recently issued FASB standards and guidance.Assess the effect of recently issued auditing standards, attestation standards, and standards on accounting and review services.Become familiar with exposure drafts and other projects in accounting, auditing, compilation, preparation, and review services.
Contents
Chapter 1 1-1FASB Accounting Standards Updates Broad Issues 1-1FASB ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern 1-2FASB ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory 1-5FASB ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes 1-7FASB ASU No. 2016-07, Investments Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting 1-9FASB ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities 1-10FASB ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) 1-15FASB ASU No. 2016-16, Income Taxes (Topic 740): Intra- Entity Transfers of Assets Other than Inventory 1-18FASB ASU No. 2016-17, Consolidation (Topic 810): Interests Held Through Related Parties That Are Under Common Control 1-19FASB ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) 1-21FASB ASU No. 2017-01, Clarifying the Definition of a Business (Topic 805) 1-23FASB ASU No. 2017-04, Intangibles Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment 1-25Chapter 2 2-1FASB Accounting Standards Updates Narrowly Applicable 2-1FASB ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis 2-2FASB ASU No. 2015-03, Interest Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs 2-4FASB ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments 2-6Chapter 3 3-1Revenue Recognition, Financial Instruments, and Leases 3-1FASB ASU No. 2014-09, Revenue From Contracts with Customers (Topic 606) 3-2FASB ASU No. 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities 3-18FASB ASU No. 2016-02, Leases (Topic 842) 3-22Chapter 4 4-1Private Company Financial Reporting 4-1Private Company Council 4-2FASB ASU No. 2016-03, Intangibles Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance (a consensus of the Private Company Council) 4-5FASB ASU No. 2014-02, Intangibles Goodwill and Other (Topic 350): Accounting for Goodwill (a consensus of the Private Company Council) 4-7FASB ASU No. 2014-03, Derivatives and Hedging (Topic 815): Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps Simplified Hedge Accounting Approach (a consensus of the Private Company Council) 4-10FASB ASU No. 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements (a consensus of the Private Company Council) 4-13FASB ASU No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination (a consensus of the Private Company Council) 4-15Current PCC Issues 4-17Summary of PCC Activities 4-18Chapter 5 5-1FASB Exposure Drafts and Projects 5-1Recognition and Measurement Projects 5-2Presentation and Disclosure Projects 5-4Chapter 6 6-1The Current Environment and Implications for Audit Planning 6-1Obtaining an Understanding of the Entity and Its Environment 6-2Considering Economic Conditions to Lower Audit Engagement Risk 6-3Other Issues to Monitor 6-12Summary 6-14Chapter 7 7-1Recently Issued Auditing Standards 7-1Recently Issued SASs 7-3SAS No. 131, Amendment to SAS No. 122 Section 700, Forming an Opinion and Reporting on Financial Statement Audits 7-10SAS No. 132, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern 7-13Proposed SAS 7-19Summary of Recently Issued Audit Interpretations 7-23Summary 7-25Chapter 8 8-1Clarified Attestation Standards 8-1Restructuring of the SSAEs 8-2Recently Issued Measurement Criteria 8-6Summary 8-13Chapter 9 9-1Recent Guidance From the PCAOB 9-1Auditing Standards Projects Underway at the PCAOB 9-2Proposed Auditing Standards 9-5Summary 9-15Chapter 10 10-1Preparation, Compilation and Review Engagements Update 10-1SSARS Clarity Project 10-2Recently Issued SSARS 10-5Recently Issued SSARS Interpretation 10-13Exposure Draft of Proposed New Statements on Standards for Accounting and Review Services 10-15Summary 10-16Chapter 11 11-1Other Recently Issued Guidance 11-1Overview of COSO 11-2Proposed Revision of COSO's ERM Framework 11-3Audit Quality Initiatives 11-9Summary 11-17Glossary 1Index 1Solutions 1Chapter 1 Solutions 1Chapter 2 Solutions 2Chapter 3 Solutions 3Chapter 4 Solutions 4Chapter 5 Solutions 5Chapter 6 Solutions 5Chapter 7 Solutions 6Chapter 8 Solutions 7Chapter 9 Solutions 8Chapter 10 Solutions 9Chapter 11 Solutions 10Recent DevelopmentsUsers of this course material are encouraged to visit the AICPA website at www.aicpa.org/CPESupplements to access supplemental learning material reflecting recent developments that may be applicable to this course. The AICPA anticipates that supplemental materials will be made available on a quarterly basis. Also available on this site are links to the various "Standards Trackers" on the AlCPA's Financial Reporting Center which include recent standard-setting activity in the areas of accounting and financial reporting, audit and attest, and compilation, review and preparation.
