2023 FASB, SSARS AND SAS UPDATE AND REVIEW
Steven C. Fustolo, CPA
CPE: 5 CPEs (3 Accounting, 2 Auditing)
Thursday, December 28, 2023
(US and Canada)
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 2023 and beyond.
- Discuss post-implementation issues for the new lease standard including how to handle related party leases, and approaches to avoid the lease standard - BIG PEER REVIEW ISSUE
- Review the special new election available for related party leases under ASU 2023-01- Leases- Common Control Arrangements.
- Discuss the new ASU 2016-13 that is effective in 2023 relates to the computation of the trade receivable allowance for bad debt. NEW 2023 CHANGE
- Learn about the new auditing standards found in SAS No. 142-149, some effective in 2023 year end audit engagements.
- Discuss new SSARS No. 26 for compilation, review and preparation engagements.
- Learn Pass-Through Entity (PTE) Tax election accounting and disclosures issues and the authority for presenting the expense as an income tax expense
- Review GAAP issues related to inflation and rising inflation rates, including bank loan covenants and defaults
- Address the impact of rising interest rates on unrealized losses in securities
- Review the proposed ESG standards that may affect non-public company reporting
- Discuss the new ASU 2016-13 that is effective in 2023 relates to the computation of the trade receivable allowance for bad debts
- Learn about the proposed required disclosures of certain operating expenses
- Review the results of the latest fraud report
- Small business LIFO using the external index – in an inflationary market
- Learn about private company accounting and practice issues, and more
Recommended CPEs: 5 hours
Field of study: Accounting (3 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 Internet Based
Credits: 5.0 (Qualifies for Registry CPE credit based on a 50-minute per CPE hour measurement.)