Specifically tailored for practitioners who not only perform audits but also provide other attest and non-attest services to small and medium-sized businesses, this course is a comprehensive update covering recently issued accounting, auditing, and SSARS standards, including SAS 145 and the quality management standards, as well as other professional guidance impacting small and medium-sized business accountants. The course uses practical examples and illustrations to help you understand and apply the new guidance. Following the release of the FASB?s final PIR report for ASC 606, Revenue, in December of 2024, we do a deep dive into the complex revenue recognition standard and findings of the PIR report, review common special purpose frameworks, and discuss the new quality management standards for audits and SSARS engagements. This course will get you up to speed on the things that are most important to your small and medium-sized clients.
Learning Objectives
- Keep abreast of current private company standard-setting activities of the PCC
- Review recently issued accounting and non-audit attestation pronouncements and hot topics
- Understand the key findings in the FASB’s PIR report on ASC 606 and the major provisions within the standard
- Understand new guidance applicable to auditing, SSARS, and attest engagements
- Be aware of other important guidance affecting small and medium-sized business practitioners
Major Topics
- Private company standard-setting activities
- Small and medium-sized business-related ASUs
- Post-Implementation Review (PIR) report for ASC 606
- FASB ASC 606, revenue from contracts with customers
- Special purpose frameworks – cash, modified cash, and tax basis
- Common small and medium-sized business financial statement errors and deficiencies
- New and upcoming SSARS, SAS, and SSAE standards
- SAS 145
- AICPA Quality Management Standards (SQMS 1, SQMS 2, and SQMS 3)
