This update focuses on some of the most challenging and commonly encountered issues in accounting, auditing, review, compilation, and preparation within the CPA profession. The program will cover recent and upcoming FASB pronouncements that affect audit practices and SSARS requirements for 2022, 2023, and 2024. Topics include engagement letters, modifications to reporting formats, disclosure requirements, and engagement administration.
Key issues addressed will encompass revenue recognition, financial instruments, and leases. We will also review changes to the AICPA’s Code of Professional Conduct relevant to public accounting, business, and other sectors, including NOCLAR. Additionally, new standards for preparation, compilation, review, attestation, and audit engagements will be explored for their current and future implications. The impact of recently issued ASUs, SASs, SSAEs, and SSARSs will also be assessed, along with new standards related to Quality Management.
Topics Covered
Recent releases from the FASB
Updates from the AICPA
New reporting models under GAAP, GAAS, and SSARS standards
Financial instruments: disclosures and presentation related to impairments
Credit loss implications of the CECL Model from the FASB
Current issues in lease accounting for both lessees and lessors, including the recognition of
Right of Use Assets and Lease Liabilities on balance sheets and their potential impact on financial statements in “frozen GAAP” scenarios
Audit considerations for “Going Concern” situations, incorporating new FASB and ASB requirements regarding management involvement, liquidation, and pandemic-related challenges
Professional standards for preparation, compilation, review, attestation, and audit engagements for 2021, 2022, and beyond, including engagement letters, documentation, and
SSARS 21-26 issues, along with anticipated updates
Review of documentation standards impacted by new audit, compilation, review, and attestation considerations
Updates on attest engagements influenced by new Quality Management Standards (SQMS 1, 2, & 3), including documentation and reporting requirements, as well as independence considerations
Changes to the AICPA Code of Professional Conduct and their implications for the profession and relevant state laws
Exploration of Ethics Interpretation 1.295 regarding independence and documentation in attest/nonattest applications, especially for nonattest services provided to attest clients (including NOCLAR)
Insights into the future of accounting and information technology, focusing on cloud computing, blockchain, and AI
The impact of the pandemic on technology adoption and usage
Other relevant and timely topics as they arise during the presentation
Learning Objectives
Recognize and apply recent GAAP standards related to Revenue Recognition, Financial Instruments, Leases, and other critical areas affected during and after the pandemic.
Identify requirements for “Going Concern” assessments in audits, reviews, compilations, and preparation engagements, including non-GAAP situations.
Understand the implications of the CECL Model for credit losses and its practical applications.
Identify updates in the AICPA Code of Professional Conduct, including the Threats and Safeguards framework.
Understand the relationships between the AICPA, PCAOB, FASB, IASB, and IAASB.
About Our Speaker
Pat Patterson
Cecil Patterson, (Pat), CPA, MBA, is an award-winning, nationally recognized author, speaker, and discussion leader for continuing education courses and numerous state societies. He has experience at the local and national CPA-firm level and as an adjunct university professor.
Pat holds an MBA from the University of North Florida and is a CPA and owner of the firm of Cecil Patterson, CPA. His firm provides, accounting, tax preparation and tax planning services, wealth management services, and consulting for businesses and other professional firms.
