This annual update covers activities of the FASB and Private Company Council (PCC) and reviews new SAS and SSARS. Stay current on new standards related to financial accounting and attest and assurance services including compilations, review and auditing. You'll learn the specific requirements of the standards and their potential impact on financial statements and we will review the pipeline of proposed standards. This years' update will cover induced conversions of convertible debt, stock compensation accounting and disclosure, income tax disclosures, crypto currency accounting, joint venture accounting, and updates to the accounting for government grants. We will cover new audit standards including group audit standards, and new fraud, evidence and materiality standards. We'll do a deep dive into SAS 145 and the new quality management standards. Note: SEC reporting requirements and public company audit requirements will not be covered.
Learning Objectives
• Recognize the requirements and impact of all financial accounting standards recently issued or effective in 2025 and thereafter
• Determine compilation and review standards issued during the past two years
• Identify and gain an understanding of recently enacted or proposed auditing standards
• Recall the activities of the Private Company Council (PCC)
Major Topics
• Review of new accounting standards issued in 2025 and 2026
• Applicable changes to accounting for government grants and crypto currency
• Compilation and review standards and interpretations (SSARS)
• Auditing standards including a deep dive into the quality management standards
