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Full Description
Are your accounting and auditing skills up-to-date and on-par with industry standards? This guide provides updates on the latest standards, including accounting, auditing, compilation, preparation, and review. It covers important industry changes such as revenue recognition, leases, financial instruments, and SASs, and includes practical applications for each, to help you understand and apply the standards to real-life scenarios.Key topics covered include: Accounting, auditing, and attestation standards updatesFASB projects and exposure draftsPrivate company financial reportingRevenue RecognitionLeases, Financial Instruments, Peer Review, Trust Services, Cyber Security, SSAEsGoing Concern;Private company financial reporting
Contents
Chapter 1 1-1FASB Accounting Standards Updates - Broad Issues 1-1FASB 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) 1-2FASB ASU No. 2016-16, Income Taxes (Topic 740): Intra- Entity Transfers of Assets Other than Inventory 1-5FASB ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) 1-6FASB ASU No. 2017-01, Clarifying the Definition of a Business (Topic 805) 1-8FASB ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment 1-10FASB No. ASU 2017-05, Other Income-Gains and Losses from Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets 1-12FASB No. ASU 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Period Pension Cost and Net Periodic Postretirement Benefit Cost 1-14FASB ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Comprehensive Income 1-16FASB ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement 1-18FASB ASU No. 2018-17, Consolidation Topic 810: Targeted Improvements to Related Party Guidance for Variable Interest Entities-Decision-Making Fees 1-20FASB ASU No 2019-03, Not-for-Profit Entities Topic 958: Updating the Definition of Collections 1-22FASB ASU No. 2019-06: Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Non-for-Profit Entities 1-24FASB ASU No 2019-12, Income Taxes Topic 740: Simplifying the Accounting for Income Taxes 1-26Chapter 2 2-1FASB Accounting Standards Updates - Narrow Issues 2-1FASB ASU No. 2017-06, Plan Accounting: Defined Benefit Plans (Topic 960), Defined Contribution Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (a consensus of the Emerging Issues Task Force) 2-2FASB ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities 2-4FASB ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities From Equity (Topic 480), Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features, II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception 2-6FASB ASU No. 2017-15, Codification Improvements to Topic 995, U.S. Steamship Entities: Elimination of Topic 995 2-9FASB ASU No. 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts 2-10FASB ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans 2-12FASB ASU No. 2018-15, Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract 2-14FASB ASU No. 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials 2-16FASB ASU No 2019-08, Codification Improvements-Share-Based Consideration Payable to a Customer 2-18Chapter 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. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 3-23FASB ASU 2019-05, Financial Instruments-Credit Losses (Topic 326) Targeted Transition Relief 3-32FASB ASU NO 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses 3-33FASB ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities 3-36FASB ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes 3-39FASB ASU No. 2016-02, Leases (Topic 842) 3-40FASB ASU No. 2018-11, Lease Accounting, Targeted Improvements 3-52FASB ASU No 2018-20, Leases (Topic 842) Narrow-Scope Improvements for Lessors 3-53Chapter 4 4-1Private Company Financial Reporting 4-1Private Company Council 4-2FASB ASU No. 2013-12, Definition of a Public Business Entity-An Addition to the Master Glossary 4-5FASB 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) 4-7FASB ASU No. 2014-02, Intangibles-Goodwill and Other (Topic 350): Accounting for Goodwill (a consensus of the Private Company Council) 4-9FASB 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) 4-12FASB ASU No. 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements (a consensus of the Private Company Council) 4-15FASB ASU No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination (a consensus of the Private Company Council) 4-17FASB ASU 2018-17, Consolidation Topic 810: Targeted Improvements to Related Party Guidance for Variable Interest Entities 4-19Current PCC activities 4-21International Financial Reporting Standard for Small and Medium-Sized Entities 4-22Chapter 5 5-1FASB Exposure Drafts and Projects 5-1Framework projects 5-2Recognition and measurement projects 5-5Presentation and disclosure projects 5-8Chapter 6 6-1The Current Environment and Implications for Audit Planning 6-1Understanding the entity and its environment 6-3Current economic factors 6-8Executive views of top risks for 2020 6-17Enhancing risk assessment processes 6-20Audit planning considerations 6-24Summary 6-33Chapter 7 7-1New Statements on Auditing Standards 7-1SAS No. 134: Auditor Reporting 7-2SAS No. 135: Omnibus SAS-2019 7-20SAS No. 136: Reporting on Employee Benefit Plan Financial Statements 7-24SAS No. 137 - Auditor Responsibility for Other Information in Annual Reports 7-33SAS No. 138 - Description of Materiality 7-38Summary 7-40Chapter 8 8-1Other Standards-Setting Activities Affecting Audit and Attestation Engagements 8-1Exposure drafts of proposed SASs 8-2Recently issued auditing interpretation 8-18Recently issued technical questions and answers (Q&As) 8-21Recently issued attestation standards 8-25Outstanding exposure draft of proposed revisions to SSAEs 8-30Attest interpretations 8-33ASB's standards setting agenda 8-34Summary 8-36Chapter 9 9-1PCAOB Update 9-1About the PCAOB 9-2Recently issued PCAOB auditing standards 9-4Recently issued exposure drafts of proposed PCAOB auditing standard 9-24Recently issued concept release 9-29Other ongoing, audit-related projects of the PCAOB 9-30Summary 9-32Chapter 10 10-1Preparation, Compilation, and Review Engagement Update 10-1Reminder of SSARS-related engagements 10-2SSARS No. 24 - Omnibus SSARS-2018 10-5SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions 10-16Common practice issues 10-24Case study 10-29Summary 10-30Chapter 11 11-1Other Recently Issued Guidance 11-1Overview of COSO 11-2AICPA audit quality initiative 11-14CAQ audit quality framework 11-19Staying abreast of emerging technologies 11-21Summary of changes to the AICPA Code of Professional Conduct 11-23Summary of exposure drafts of proposed changes to the AICPA Code of Professional Conduct 11-31Summary 11-40Glossary Glossary 1Index Index 1Solutions Solutions 1Chapter 1 Solutions 1Chapter 2 Solutions 3Chapter 3 Solutions 3Chapter 4 Solutions 5Chapter 6 Solutions 7Chapter 7 Solutions 9Chapter 8 Solutions 12Chapter 9 Solutions 14Chapter 10 Solutions 17Chapter 11 Solutions 20
