This course highlights significant updates that affect financial reporting and related attestation services. We will explore novel FASB pronouncements while examining the enduring impact of lease accounting and revenue recognition standards. This course will provide reminders regarding both GAAP and non-GAAP financial reporting alternatives for closely held entities. We will also explore selected guidance regarding audit, review, and compilation engagements.
Learning Objectives
Comprehend financial reporting implications of relevant FASB pronouncements Appreciate the continued importance of both the lease accounting and revenue recognition standards Understand practical alternatives to U.S. GAAP; Identify major items that the FASB plans to consider for future updates Recall major audit, review, and compilation considerations that should be considered for financial statement engagements
Major Topics
Analysis of relevant GAAP provisions Reminders regarding the continuing importance of ASC 606 for revenue recognition Fresh perspectives of lease accounting in the wake of ASC 842 implementation Overview of U.S. GAAP alternatives for certain entities Summary of selected, salient standards for today’s audit, review, and compilation engagements
