PES - Annual Accounting and Auditing Update & Review

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Annual Accounting and Auditing Update & Review

Annual Accounting and Auditing Update & Review

ITEM SKU

5410

CPE Hours

24

Full Course Price

$209.50

Exam Questions: 120

Course Level: Basic

Pages: 738 | Content: 710, Supplemental: 28

NASBA Area of Study: Accounting and Auditing

Not Acceptable for: Enrolled Agents

Version: 5410W

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 engagements, current and pending developments, practice issues, and more. PLEASE NOTE: This course qualifies for 12 Accounting hours and 12 Auditing hours. Not acceptable for Enrolled Agents. All course material provided. Prerequisites: Basic understanding of U.S. GAAP, compilation and review, and auditing standards. Course level: Basic.

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Course Information

Implementing the New Lease Standard-2022: ASU 2016-02 Leases (Topic 842) and Other Amendments
Accounting and Financial Reporting for COVID-19, the CARES Act, and PPP Loans - 2022 Edition
Accounting and Disclosures for The Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax - 2022 Edition
ASU 2016-13: Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments - 2022
Current Developments- Accounting and Financial Reporting - 2022
Selected Accounting Standards Updates (ASUs) - 2022
SSARS No. 25: Materiality in a Review of Financial Statements and Adverse Conclusions
New Auditing Standards: SAS Nos. 134-145

Objectives

To recognize a key change made to GAAP by the new lease standard
To identify a type of lease that exists for a lessee under ASU 2016-02
To recall a type of lease for which the ASU 2016-02 rules do not apply
To recognize some of the criteria that determine whether a contract is or is not a lease
To identify how a lessee should account for initial direct costs
To recall how a lessor should initially account for initial direct costs for a lease in certain instances
To identify how a lessor should account for lease payments received on the income statement for an operating lease
To recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
To recall the potential impact that the new lease standard might have on a lessee's EBITDA and debt-equity ratios
To recognize some types of concentrations that might require disclosure under the risk and uncertainty rules, including supply-chain shortages
To identify the definition of near term
To recall the frequency in which an entity should test goodwill for impairment
To recognize some exit and disposal costs
To recall how to classify business interruption insurance proceeds on the financial statements
To identify the benchmark used to determine going concern
To identify a method that can be used to measure variable consideration revenue
To recognize an example of a construction-type contract
To identify an advantage of a remote accounting function
To recall how to adjust a deferred tax account when there is a change in tax law
To recognize a change made by the CARES Act to the deductibility of interest
To recognize how to account for PPP loan forgiveness
To identify how to treat the forgiveness of a PPP loan for tax purposes
To recognize the type of expense that is the basis for measuring the amount of the ERC
To identify where to present the ERC in the statement of income using the ASC 958 conditional contribution model
To recognize where to present the ERC in the statement of income using the IAS 20 grant model
To identify an action step to be taken to correct the previous presentation and disclosure of an ERC in the prior year statement of income
To recognize the proper presentation of the ERC in a tax-basis statement of income
To recognize a technique that has been attempted to circumvent the SALT deduction limitation
To identify how to account for the PTE tax in an entity's financial statements
To recognize the requirements for recording deferred state income taxes with respect to the PTE tax election
To identify disclosures that should be made for the PTE tax
To recognize the model that ASU 2016-13 uses to deal with credit losses
To identify how credit losses should be recorded under new ASU 2016-13
To identify some of the disclosures required by ASU 2016-13
To identify the elements that are the target of the FASB's disaggregation project
To recognize one of the characteristics of a multi-employer pension plan
To recognize the impact that life expectancy has on the amount of a pension liability
To identify the basic rule of the LIFO Conformity Requirement
To recognize how the IPIC external index for LIFO is used for GAAP
To recall the type of investment that is eliminated by ASU 2016-01
To identify when a sustainability disclosure is required by an SEC company
To recognize an example of a contract that is exempt from the scope of the revenue standard
To identify one of the two approaches that is used to recognize revenue using the new revenue standard
To recall a change to the accounting for goodwill that is proposed by the FASB
To recognize how to present deferred income taxes on the balance sheet under ASU 2015-17
To recognize the basis that most marijuana businesses have to use
To recognize when a state might be able to charge sales tax under the Wayfair decision
To identify the private company election to perform a triggering event evaluation
To recognize the types of arrangements that qualify for the private company accounting alternative election related to goodwill amortization and acquisitions
To recognize the accounting alternative for leases under common control in ASU 2018-17
To recognize a precondition for an accountant to accept a SSARS engagement
To recall whether the preparation of financial statements standard is an attest or nonattest service
To identify whether a report is required in a preparation of financial statements engagement
To recognize what the reporting requirements are, if any, when a "no assurance" legend is omitted from prepared financial statements under the AR-C 70 standards
To identify where to disclose GAAP departures in a preparation of financial statements engagement
To identify factors that should be considered in determining materiality in a review engagement
To recognize a change that SSARS No. 25 makes to the accountant's review report
To identify the term that GAAP uses for management's assessment of an entity's going concern
To recall some of the items that should be documented in a review engagement
To identify a suggestion for an auditor to reduce time and increase audit efficiency
To recognize when negative accounts receivable confirmations should not be used
To identify the form of a comfort letter that would be appropriate for an accountant to make to a lender
To recall the rule for an auditor presenting his or her city and state on the audit report
To identify the rules for an auditor communicating deficiencies found in an audit
To recognize an example of a result that can occur if there is a problem with a DOL employee benefit plan audit
To identify a type of fraudster
To recall the location of certain sections in the auditor's report
To recognize the categorization of an adverse opinion
To identify a change that SAS No. 136 makes to the limited-scope ERISA audit
To recognize one of the changes made by AU-C 703 to ERISA audits
To recall the reporting requirement when an auditor obtains other information in an audit
To identify a reference that is made in the new definition of materiality
To recognize the definition of certain types of paragraphs made by SAS No. 139
To recognize an example of an attribute of information obtained as audit evidence per SAS No. 142
To identify how inherent and control risk should be assessed under the SAS No. 143 requirements
To recall the three approaches that an auditor can use to perform further audit procedures required by SAS No. 143
To identify some instances in which an auditor may conclude that a specialist's work is not adequate
To identify a type of risk assessment procedure that an auditor can use in accordance with SAS No. 145
To recall examples of risk assessment procedures that an auditor may perform in SAS No. 145
To recognize how to perform risk assessment procedures when relying on information obtained from previous experience with an entity
To identify examples of risk assessment procedures to obtain audit evidence in accordance with SAS No. 145
To recognize a new requirement made by SAS No. 145 in connection with assessing inherent risk and control risk in an audit
To identify how an auditor should respond if the auditor does not plan to test the operating effectiveness of an entity's controls

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.

Annual Accounting and Auditing Update & Review

ITEM SKU 5410 CPE Hours 24 Full Course Price $209.50

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Course Information

Table of Contents

Objectives

ITEM SKU

5410

CPE Hours

24

Full Course Price

$209.50