DESCRIPTION
This module introduces participants to the appropriate accounting treatment and audit procedures for commitments and contingencies, including a variety of examples of each. The module also spotlights disclosure requirements and discusses the differences between contingencies and estimates.
LEARNING OBJECTIVES
- Recall common accounts, transactions, and issues that may represent commitments and contingencies
- Recognize appropriate accounting and disclosure for commitments and contingencies
- Plan and perform common audit procedures to identify commitments and contingencies
