Description:

Get a fast-paced broad-based overview of the profession today and the major issues and challenges it faces. Understand how FASB’s convergence projects on financial instruments, financial statement presentation and consolidation are reshaping financial reporting. Gain insight into how FASB’s new approach to revenue recognition will affect statement preparation and presentation. Understand how the new lease accounting model will alter companies’ financial statements. Preview changes in financial reporting that are likely to result in Big GAAP - Little GAAP. Receive an update on recent developments in compilation and review involving SSARS 19 and how it affects CPAs serving smaller clients. Review recent FASB standards in their codified form and how they will affect your clients, and get updated on current and proposed standards involving EITF, FASB, PCAOB, ASB and IASB.

Objectives:

To provide participants with an overview of new developments in the area of accounting and auditing. Coverage will be updated to reflect the most recently issued official pronouncements.

Major Topics:

• Audit risk and the economy
• FASB / IASB convergence projects; including financial statement presentation, consolidation & financial instruments
• Revenue recognition - the future direction
• Lease accounting proposals & implementation challenges
• The future of private company accounting standards
• Compilation and review update: SSARS 19 and subsequent developments
• Recent FASB pronouncements
• ASB standards: Related parties, auditing principles & audit opinions

Who Should Attend:

Accountants in public practice and industry who need a comprehensive review of recent accounting and auditing pronouncements

Prerequisite:

None