Live Video Conference

Steven C. Fustolo CPA
Tuesday, February 1, 2022
1:00-4:30pm EST
4 CPEs- (2 hours - Accounting, 2 hours - Auditing)

The objective of this course is to address key changes affecting accounting, compilation and review, and auditing engagements, as well as a review of selected other developments. The focus is on standards that affect year 2021 and 2022 engagements.

Topics Include:

  • Learn the Pass-Through Entity (PTE) Tax election – Accounting and disclosures NEW
  • Discuss the Employee Retention Credit (ERC) – Accounting and disclosures NEW
  • Discuss changes to the review report in 2021 under newly issued SSARS No. 25
  • Review COVID-19 disclosures for 2021, and other CARES Act accounting and reporting issues
  • Identify PPP loans and forgiveness affecting 2021 and 2022- accounting, reporting and disclosure issues
  • Learn how to implement the new lease standard on January 1, 2022 and approaches to avoid the lease standard
  • Review the new auditor’s report effective in 2021, and other auditing reporting standards found in SAS Nos. 134-141
  • Understand the going-concern reporting requirements in an audit or review engagement, including use of third-party support letter
  • Learn about private company accounting and practice issues, and more

Recommended CPEs: 4 hours
Field of study: Accounting (2 CPEs) and Auditing (2 CPEs)
Level of knowledge: Update
Prerequisites: General understanding of accounting, financial reporting, auditing and compilation and review standards recommended
Advance Preparation: None, but registrants are encouraged to review the handout material before participating in the live video conference Instructional
Method: Group Live (presented online due to COVID-19)
Credits: 4.0 (Qualifies for Registry CPE credit based on a 50-minute per CPE hour measurement.)

National Association of State Boards of Accountancy
Quality Assurance Service (QAS)

NTI is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NTI NASBA Sponsor Number: 103075


NTI has entered into an agreement with the Office of Professional Responsibility, Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the Office of Professional Responsibility as to the quality of the program or its contribution to the professional competence of the enrolled individual.

CPE credits earned by enrolled agents directly to the IRS in accordance with the IRS requirements for CPE providers. Enrolled agents must provide us with their PTIN number so that we may report CPE directly to the IRS.

IRS Approval information: Provider Number: BTYZG


Mr. Fustolo is a partner with the Boston CPA firm of James J. Fox & Company. He is a frequent lecturer and author of numerous tax and accounting issues affecting closely held businesses. An AICPA author, Mr. Fustolo’s articles have been featured in The Practical Accountant and other publications. He is the author of numerous books and publications including: Practice Issues: Compilation and Review, Accounting and Auditing Reference Guide, Everything You Never Wanted to Know About GAAP, Enron: Fraud, Deception and the Aftermath, FASB Review for Industry, Current Developments: Accounting and Financial Reporting, Making Money with Special Engagements, Understanding the Variable Interest Entity Rules, FASB, SSARS and SAS Update and Review, Tax Basis Accrual Financial Statements, Accounting for the New Lease Standard, and numerous other books and manuals that have been published by Practitioners Publishing Company (PPC) and Commerce Clearing House (CCH.)

Mr. Fustolo’s recent best-selling courses entitled The Impact of the Tax Cuts and Jobs Act on GAAP and Financial Reporting, Implementing the New Revenue Standard (ASC 606)- Guidance for Private Companies, and Accounting and Financial Reporting for COVID-19 and the CARES Act, have received accolades from the financial media. Mr. Fustolo is the recipient of several Outstanding Discussion Leader awards from many professional organizations including the New York and Florida Societies of CPAs.

Mr. Fustolo’s course entitled FASB, SSARS and SAS Update and Review continues to be regarded as one of the top live CPE programs in the country today with ratings that average 4.91 on a scale of 5.0. He speaks regularly for professional groups including being a guest lecturer at the AICPA Advanced Accounting and Auditing Technical Symposium. Mr. Fustolo is the recipient of the Elijah Watts Sells Award (AICPA) and Silver Medal (Massachusetts) for scores received on the CPA Examination.

For conference registration or information: 888-515-3674 Ext 1, fax to 888-552-9749,
or email

For self-study reservations or information:
888-515-3674 Ext 2, fax to 888-552-9749,
or email
or purchase by on-line shopping cart.


NTI is a premier provider of continuing professional education (resort CPE) geared toward CPAs, attorneys and other professionals. NTI's mission is to offer the finest state-of-the-art resort CPE conferences, seminars, programs available in the country. NTI (Novel Training Ideas) is a division of Fustolo CPE LLC
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