COURSE SUMMARY

This course provides in-depth, hands-on coverage of recent developments in accounting, auditing, financial reporting, quality management, peer review, and professional ethics. Strong emphasis is placed on the practical application of selected newly issued and/or effective authoritative pronouncements affecting practitioners who perform or supervise compilation, review and/or audit engagements for small and middle–market, privately held businesses. The course is designed for a high level of interaction between the instructor and participants.

COURSE AUTHOR AND FACILITATOR

Ralph Nach,
Author and Facilitator

LEARNING OBJECTIVES

This course will enable participants to apply selected newly issued and effective technical accounting and auditing pronouncements and provide advisory services for clients on related implementation issues.

COURSE INFORMATION

Delivery Methods Fields of Study
Group Live

Group Internet

 Accounting (5.5)

Auditing (1.5)

Behavioral Ethics (1)
CPE Credits Prerequisites
8 Credits  Basic knowledge of US GAAP and US GAAS
Level Advance Preparation
Update None

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COURSE OUTLINE (see note 1)

Module Title DURATION H:MM CPE CREDITS FIELD OF STUDY

Introduction and The State of the Profession Report 

  • Hot Topics from the News 
  • AICPA Hires a New CEO 
  • AICPA Audit Quality Initiative – Is Quality Improving? 
  • Update on Efforts to Improve the CPA Pipeline 
  • ESG and Sustainability – What’s All the Fuss? 
  • Timetable of FASB ASC Amendments with Imminent Effective Dates for Private Companies 
  • The Private Company Council – Current  Developments
 1:15 1.5 Accounting

Joint Venture Formation-Date Accounting and Disclosure 

  • Introduction and Scope 
  • Applying ASC 805 to the Joint Venture Accounting 
  • Disclosure Requirements 
 1:15 1.5 Accounting

Behavioral Ethics (see note 2)

  • Corporate Fraud – A Walk Down Memory Lane – The WorldCom and Parmalot Frauds 
  0:50 1.0 Behavioral Ethics

Accounting for and Disclosure of Software Costs 

  • Current Practice and Reasons for Change 
  • Generalized vs. Specialized Industry Rules 
  • Scope of Codification Amendments 
  • Accounting Protocols 
  • Website Development Costs 
  • Presentation and Disclosure 
 1:15 1.5 Accounting

Quality Management and Peer Review Developments 

  • Change is in the Air for Your A&A Practice 
  • CAAS is Not Exempt 
  • Dispensing with Spreadsheets and Canned Templates 
  • Mandatory Quality Objectives, Identified Quality Risks  
  • Timeline and Project Plan for 2025 and Beyond 
 1:15 1.5 Auditing

Other Private Company GAAP Developments 

  • Interim Reporting – Narrow Scope Improvements 
  • Determining the Acquirer in an Acquisition of a VIE 
  • Derivatives Scope Refinements 
  • Government Grant and Credit Programs 
  • Government Grants 
  • Environmental Credit Programs 
 0:50 1.0 Accounting
Totals 6:40 8.0  
  1. Topics, duration and the allocation of CPE credits between fields of study are subject to change to accommodate late-breaking developments.
  2. Each state board of accountancy has the final authority on the acceptance of ethics-related content for credit.

Tailor the Course for Your Firm’s Needs: Pricing includes consultation with the author/instructor to discuss topic time allocations in accordance with your firm’s distinctive needs.