Designed as an all-you-need-to-know update for accounting, auditing, and attestation practitioners at all levels in public accounting and industry, this course provides a comprehensive review of recent standard-setting and rulemaking activities of the Financial Accounting Standards Board (FASB), American Institute of Certified Public Accountants (AICPA), Public Company Accounting Oversight Board (PCAOB), and Securities and Exchange Commission (SEC). On the financial accounting front, we will cover the FASB?s Post-Implementation Review (PIR) report released in late 2025 for lease accounting under ASC 842 and discuss the best practices in applying the standard and identifying any ongoing issues practitioners are experiencing with applying the standard. We will also discuss the more than a dozen ASUs the FASB has issued since the beginning of 2024 and into 2026, covering government grants, derivatives and financial instruments, practical expedients for credit losses under ASC 326, and expense disaggregation on the income statement. Our focus on AICPA standards includes a detailed discussion of revamped AICPA quality management standards. The AICPA updated and modernized the standards by issuing Statement on Quality Management Standards 1, 2, and 3 (SQMS 1, SQMS 2, and SQMS 3, respectively), SSARS No. 26, and SAS 146, Quality Management for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards (SAS 146). These standards, now effective as of December 15, 2025, modernize quality management standards to reflect an increased focus on risk assessment, technology use, and the presence of outside experts on engagements. We will also discuss AICPA?s proposed SAS, The Auditor?s Responsibilities Relating to Fraud in an Audit of Financial Statements, intended to supersede AU-C section 240. We will also cover new rules impacting public company audits and present case studies on recent fraudulent accounting stories and best practices for detecting and preventing such frauds. In summary, the course is your go-to source for all things A&A and will prepare you for your upcoming engagements throughout the rest of the year.
Learning Objectives
- Review and apply recently issued and proposed FASB, PCAOB, SEC, and AICPA pronouncements
- Recall and apply AICPA quality management standards (SQMS 1, SQMS 2, and SQMS 3)
- Understand the major findings of the FASB’s PIR report for ASC 842 and best practices in applying ASC 842
- Be familiar with other important A&A practice matters you should be aware of
- Recall key provisions in SAS 146 and SSARS No. 26
- Utilize hands-on examples and illustrations to increase your overall understanding and application of the material
Major Topics
- Recently issued FASB Accounting Standards Updates, PCC Update, and items on the FASB’s Technical Agenda
- Recently issued ASUs covering derivatives, credit losses under ASC 326, government grants, and expense disaggregation
- FASB Final PIR Report for Leases (Topic 842)
- Statement on Quality Management Standards: SQMS 1, SQMS 2, and SQMS 3
- Proposed SAS on the auditor’s responsibility relating to fraud
- Recently issued SASs and other AICPA activity
- Recently issued PCAOB standards and SEC rulemaking activities
- Other important A&A practice matters
