Accounting and Auditing Current Developments (Accounting Update)
Description
Get a fast-paced, broad-based overview of the profession today and the major issues and challenges the profession faces. New developments in the area of accounting and auditing will be highlighted with updated coverage on the most recently issued official pronouncements. The course will highlight issues faced by private companies and the CPAs who provide a range of services to them.
**This course is divided into two four-hour segments. Part 1 will be held on Tuesday, January 12, 2021, starting at 12:00 pm and ending by 4:00 pm. Part 2 will be held on Wednesday, January 13, 2021, starting at 8:00 am and ending by 12:00 pm.
Learning Objectives
Prepare to implement the revenue recognition standard and understand how it may change recognition, documentation and disclosure for your company or clients
Obtain and utilize a progress report on standards affecting revenue recognition, leases, and financial instruments
Understand the accountants compliance and reporting responsibilities for data breaches
Understand the impact of Peer Review program changes on your practice
Receive an implementation update on SSARS 21, and the preparation of (plain paper) engagements
Recognize recent FASB standards and how they will affect your company or clients.
Identify current and proposed standards involving EITF, FASB, PCAOB, ASB, and IASB.
Understand how data analytics will transform the accounting profession.
Major Topics
Economics, business and reporting risk in today’s economy
Implementing the revenue recognition standard
Cybersecurity: compliance and reporting issues
Recent accounting standards, cash flow, not for profits and financial instruments.
Financial reporting consequences of the Tax Cuts and Jobs Act.
Recent FASB pronouncements
FASB’s simplification projects
SSARS Update: 21: Preparation, compilation and review update
ASB standards
The impact of deregulation on compliance & reporting
Provider
Maryland Association of CPAs
Course Level
Update
Professional Area of Focus
Accounting & Auditing
CPE Field of Study
TBD
Who Should Attend
Accountants in public practice and industry who need a comprehensive review of recent accounting and auditing pronouncements and other developments which will affect them in the coming year
Instructor(s)
Ray Thompson
Prerequisites
Prior learning or experience in accounting and auditing
