PES - Annual Accounting and Auditing Update & Review

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Annual Accounting and Auditing Update & Review

Annual Accounting and Auditing Update & Review

ITEM SKU

5410

CPE Hours

24

Full Course Price

$209.50

Exam Questions: 120

Course Level: Basic

Pages: 766 | Content: 738, Supplemental: 28

NASBA Area of Study: Accounting and Auditing

Not Acceptable for: Enrolled Agents

Version: 5410Y

The purpose of this course is to inform the reader of the various changes affecting accounting, compilation and review, and auditing engagements, as well as a review and recall of existing standards. Topics include a summary of newly issued FASB statements, new statements issued by the Auditing Standards Board, changes in compilation and review engagements, current and pending developments, practice issues, and more. ***PLEASE NOTE: This course qualifies for 16 Accounting hours and 8 Auditing hours. Not acceptable for Enrolled Agents. All course material provided. Prerequisites: Basic understanding of U.S. GAAP, compilation and review, and auditing standards. Course level: Basic.

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Purchase EXAM ONLY

Course Information

The New Allowance For Credit Losses: ASU 2016-13 Financial Instruments
Accounting and Financial Disclosures for the Employee Retention Credit
(ERC) and the Pass-Through Entity (PTE) Tax - 2024/
The New Lease Standard - ASU 2016-02 and Other Amendments
Post-Implementation Issues - 2024 Edition
Selected Newly Issued Accounting Standards Updates
Accounting and Financial Reporting in a Post-COVID Economy - 2024
Current Developments- Accounting and Financial Reporting - 2024
Auditing Developments including New Auditing Standards
SAS Nos. 143-145 - 2024
SAS Nos. 146-149 - Recently Issued Auditing Standards
Compilation and Review Update and Review - 2024

Objectives

To recognize examples of assets that are and are not subject to the ASC 326-20 expected credit loss model
To recognize the model that ASU 2016-13 uses to deal with credit losses
To recall how an entity should present the allowance for credit losses on the balance sheet
To identify how credit losses should be recorded under new ASU 2016-13
To recognize some of the disclosures required by ASU 2016-13
To identify examples of entities that are under common control
To identify how a decline in fair value of a held-to-maturity debt security should be handled under GAAP
To recognize the new impairment model for available-for-sale debt securities under ASC 326-30
To identify how an entity should implement the ASU 2016-13 rules
To recognize the type of expense that is the basis for measuring the amount of the ERC
To identify where to present the ERC in the statement of income using the ASC 958 conditional contribution model
To recognize where to present the ERC in the statement of income using the IAS 20 grant model
To recognize the proper presentation of the ERC in a tax-basis statement of income
To identify how to account for an ERC filing in 2023
To recognize a technique that has been attempted to circumvent the SALT deduction limitation
To identify how to account for the PTE tax in an entity's financial statements
To recognize the requirements for recording deferred state income taxes with respect to the PTE tax election
To identify disclosures that should be made for the PTE tax
To recognize a key change made to GAAP by the new lease standard
To identify a type of lease that exists for a lessee under ASU 2016-02
To recall a type of lease for which the ASU 2016-02 rules do not apply
To identify some of the types of benefits a lessee can obtain from a leased asset
To identify a threshold for a lease term to be considered a major part of an asset's remaining economic life
To recognize who an entity might not want to use the risk-free rate to compute the present value of lease payments
To identify how a lessee should account for initial direct costs
To recognize items that are and are not components of a lease term
To recall the method a lessee should use to record interest expense on a lease obligation
To identify some types of leases for a lessor
To recall how a lessor should initially account for initial direct costs for a lease in certain instances
To identify how a lessor should account for lease payments received on the income statement for an operating lease
To recall how a lessor should classify certain cash receipts on the statement of cash flows
To recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
To identify how deferred income taxes will be treated for lessees under ASU 2016-02
To recall the potential impact that the new lease standard might have on a lessee's EBITDA and debt-equity ratios
To recall the IRS rules regarding when an entity should and should not capitalize a lease for tax purposes
To recognize how to account for a joint venture
To identify how to measure a crypto asset and record it on the balance sheet and income statement
To recall some of the new disclosures for income taxes required by ASU 2023-09
To recognize some types of concentrations that might require disclosure under the risk and uncertainty rules
To identify the definition of "near term"
To recall the frequency in which an entity should test goodwill for impairment
To recall how to classify business interruption insurance proceeds on the financial statements
To recognize the relationship that a change in interest rates has on real estate values
To identify the benchmark used to determine going concern
To recognize how to report on going concern in an engagement
To identify a method that can be used to measure variable consideration revenue
To recognize an example of a construction-type contract
To identify an advantage of remote auditing
To recognize a reason to justify using LIFO for GAAP
To identify whether the LIFO IPIC approach is acceptable for GAAP
To identify the goal of the FASB's Disaggregation-Income Statement Expenses project
To recognize one of the characteristics of a multi-employer pension plan
To recognize the impact that life expectancy has on the amount of a pension liability
To identify the shift in the types of retirement plans over the past decade
To recall an example of a financial instrument subject to the concentration of credit risk disclosure
To identify the requirements of the SEC's ESG disclosures
To recall the general GAAP rule for management's evaluation of going concern
To recognize the VIE accounting alternative for leases under common control in ASU 2018-17
To recognize when a state might be able to charge sales tax under the Wayfair decision
To review the accounting for a net operating loss
To recall the rule for deductibility of interest in IRC 163(j)
To recognize the difference between fraud and an error
To recall the three conditions of the fraud triangle
To recognize an example of a misappropriation of assets
To identify an example of an accounting estimate related to classes of transactions, account balances and disclosures identified in SAS No. 143
To recognize how inherent and control risks should be assessed in accordance with SAS No. 143
To recognize an example of an inherent risk factor
To identify examples of approaches that can be performed in assessing the risks of material misstatement from accounting estimates
To recall one of the amendments made to AU-C 501 by SAS No. 144 in connection with using the work of an external inventory-taking firm
To identify some instances in which an auditor may conclude that a specialist's work is not adequate
To identify a type of risk-assessment procedure that an auditor can use in accordance with SAS No. 145
To recall examples of risk-assessment procedures that an auditor may perform in SAS No. 145
To recognize how to perform risk-assessment procedures when relying on information obtained from previous experience with an entity
To identify examples of risk-assessment procedures to obtain audit evidence in accordance with SAS No. 145
To recognize a new requirement made by SAS No. 145 in connection with assessing inherent risk and control risk in an audit

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.

Annual Accounting and Auditing Update & Review

ITEM SKU 5410 CPE Hours 24 Full Course Price $209.50

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Course Information

Table of Contents

Objectives

ITEM SKU

5410

CPE Hours

24

Full Course Price

$209.50