Steven C. Fustolo, CPA

CPE: 5 CPEs (3 Accounting, 2 Auditing)

Tuesday, June 18, 2024
Check-in Begins: Jun 18, 2024 12:10 PM Eastern Time (US and Canada)
Official Start Time: 12:30pm-4:40pm

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, 2024 and beyond.

Topics Include:

  • Discuss the new ASU 2016-13 that is effective in 2023 relates to the computation of the trade receivable allowance for bad debts. NEW
  • Review newly issued ASU 2023-08 (Crypto assets) and ASU 2023-09 (income tax disclosures). NEW
  • 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.
  • Learn about the new auditing standards found in SAS No. 143-149, some effective in 2023 year-end audit engagements.
  • Address the new 2024 fraud Report to the Nation.
  • 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.
  • Address accounting for late ERC elections and the new IRS withdrawal program.
  • Review GAAP issues related to inflation and rising inflation rates, including bank loan covenants and defaults.
  • Learn about the proposed required disclosures of certain operating expenses.

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.)

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