Seminar

VIRTUAL - Accounting and Auditing Standards Update

  • Thursday, November 5, 2020

    9:00am – 4:30pm
    (Registration: 8:40am)
  • 8
    CREDITS
    Accounting, Auditing

Virtual classes allow us to bring the instructor LIVE to your electronic device.  During the course, you will be able to see the same instructor and the presentation in real time and ask questions during the seminar. 
Virtual Class Agenda
8:40am - Virtual Doors Open
9:00am - Class Begins
12:30pm - Lunch
1:00pm - Class Resumes
4:30pm - Class Ends
Please note: All breaks will be announced by the instructor at the start of class

Examining the New Lease Accounting Standard: More Than Meets the Eye

Implementing ASU No. 2016-02, Leases (Topic 842) is sure to have a major impact on your balance sheet and potentially on your business as well. This course is a one-stop shop for what you need to know about the upcoming changes to lease accounting. In this course, we will review how to measure the lease liability and Right of Use asset that will now be recorded on the balance sheet for all leases. We will also tackle the tricky issues of accounting for lease modifications and other lease re-measurement events as well as address the other major provisions of the new standard, including transition. We will also review the income statement treatment of lease expense for all leases for both lessees and lessors and discuss recent FASB implementation guidance. Lastly, the course will cover all recently issued updates to the lease accounting guidance in Topic 842.

Update on Recent AICPA Standard Setting: Staying Current in a Changing Environment

Professional standards are changing with the times and the desire of the AICPA to move the profession into a new era where use of data analytics and artificial intelligence will play a key role in an audit. We are seeing changes already as the AICPA has recently issued standards that significantly modify the form of the independent auditor’s report. In addition, its Omnibus standard modifies several professional standards including those on related parties, consideration of fraud and the auditor’s communication to those charged with governance. The new auditing standard on employee benefit plan audits makes significant changes in the auditor’s report as well as other aspects of an employee benefit plan audit. Further, recently issued Statements on Standards for Accounting and Review Services (SSARS) have addressed the consideration of going concern and other significant issues. In addition, the AICPA has proposed a new SSARS that will conform its standards with international standards for such engagements. The AICPA has also recently issued new Statements on Standards for Attestation Engagements on Agreed-Upon Procedures and materiality. Clearly, with regard to professional standards, the only constant is change. This course will review recently issued SASs and SSARS and provide both insights into the new standards including how to best implement them.

Objectives

  • Comprehend and apply the FASB’s comprehensive new lease accounting guidance found in ASU No. 2016-02, Leases (Topic 842)
  • Recall operational issues in adopting the new lease accounting standard
  • Identify and understand the requirements of recently issued SASs and SSARS
  • Develop implementation tips and best practices related to these new standards
  • Implement best practices for enhancing engagement quality

Highlights

  • ASU No. 2016-02, Leases (Topic 842)
  • Overall lease accounting guidance
  • Lessor Accounting 101
  • Lessee Accounting 101
  • Detailed review of accounting by lessees and lessors
  • Sale and leaseback transactions
  • Transition guidance
  • Other operational issues
  • Recently issued updates to the lease accounting guidance
  • Feedback from the public company adoption of Topic 842
  • New SASs on reporting and key audit matters
  • Updated guidance on employee benefit plan audits
  • Going concern considerations in all professional engagements
  • Proposed SSARS on conforming U.S. and international standards
  • Recent changes to the Standards on Attestation Engagements
  • Other AICPA hot topics and standard setting initiatives

Additional Information

Designed For

Practicing CPAs and their staffs, both in public accounting and business and industry desiring to stay current on AICPA professional standards 

Vendor

Surgent

Advanced Preparation


None

Credits

4.00 Accounting

4.00 Auditing

Prerequisite

Experience in accounting and auditing

Instructor

Richard Daisley

Course Number

20AASU/NC

Level of Knowledge

Intermediate

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