Annual Update for Accountants and Auditors: 2020

Keep abreast of the fast-paced changes in accounting and auditing with relevant pronouncements, exposure drafts, and other guidance recently issued in the accounting, auditing, compilation, preparation, and review arenas. This book will help accountants and financial managers sort through the most recent accounting and auditing complexities so they can identify and apply recently issued FASB, PCAOB, and AICPA standards and guidance. New topics covered include:* Revenue recognition* Leases* Financial instruments* Intangible assets* Consolidation* Business combinations* Recently issued SAS No. 134-140* Auditing interpretations* Recently proposed SSAE standards* Overview of SSARS guidance

List of contents

Chapter 1 1-1FASB Accounting Standards Updates -- Broad Issues 1-1FASB ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) 1-2FASB ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) 1-5FASB ASU No. 2017-04, Intangibles--Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment 1-7FASB ASU No. 2017-05, Other Income-Gains and Losses from Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets 1-9FASB ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Period Pension Cost and Net Periodic Postretirement Benefit Cost 1-11FASB ASU No. 2018-02, Income Statement--Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Comprehensive Income 1-13FASB ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement 1-15FASB ASU No. 2018-17, Consolidation Topic 810: Targeted Improvements to Related Party Guidance for Variable Interest Entities-Decision-Making Fees 1-17FASB ASU No 2019-03, Not-for-Profit Entities Topic 958: Updating the Definition of Collections 1-19FASB ASU No. 2019-06: Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Non-for-Profit Entities 1-21FASB ASU No 2019-12, Income Taxes Topic 740: Simplifying the Accounting for Income Taxes 1-23Chapter 2 2-1FASB Accounting Standards Updates -- Narrow Issues 2-1FASB ASU No. 2017-06, Plan Accounting: Defined Benefit Plans (Topic 960), Defined Contribution Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (a consensus of the Emerging Issues Task Force) 2-2FASB ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities 2-4FASB ASU No. 2018-14, Compensation--Retirement Benefits--Defined Benefit Plans--General (Subtopic 715-20): Disclosure Framework--Changes to the Disclosure Requirements for Defined Benefit Plans 2-6FASB ASU No. 2018-15, Intangibles--Goodwill and Other--Internal Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract 2-8FASB ASU No. 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials 2-10FASB ASU No 2019-08, Codification Improvements--Share-Based Consideration Payable to a Customer 2-12Chapter 3 3-1Revenue Recognition, Financial Instruments, and Leases 3-1FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) 3-2FASB ASU No. 2016-13, Financial Instruments--Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 3-23FASB ASU 2019-05, Financial Instruments--Credit Losses (Topic 326) Targeted Transition Relief 3-32FASB ASU NO 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses 3-33FASB ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities 3-36FASB ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes 3-39FASB ASU No. 2016-02, Leases (Topic 842) 3-40FASB ASU No. 2018-11, Lease Accounting, Targeted Improvements 3-52FASB ASU No 2018-20, Leases (Topic 842) Narrow-Scope Improvements for Lessors 3-53Chapter 4 4-1Private Company Financial Reporting 4-1Private Company Council 4-2FASB ASU No. 2013-12, Definition of a Public Business Entity--An Addition to the Master Glossary 4-5FASB ASU No. 2016-03, Intangibles--Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance (a consensus of the Private Company Council) 4-7FASB ASU No. 2014-02, Intangibles--Goodwill and Other (Topic 350): Accounting for Goodwill (a consensus of the Private Company Council) 4-9FASB ASU No. 2014-03, Derivatives and Hedging (Topic 815): Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps--Simplified Hedge Accounting Approach (a consensus of the Private Company Council) 4-12FASB ASU No. 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements (a consensus of the Private Company Council) 4-15FASB ASU No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination (a consensus of the Private Company Council) 4-17FASB ASU 2018-17, Consolidation Topic 810: Targeted Improvements to Related Party Guidance for Variable Interest Entities 4-19Current PCC activities 4-21Chapter 5 5-1FASB Exposure Drafts and Projects 5-1Framework projects 5-2Recognition and measurement projects 5-5Presentation and disclosure projects 5-8Chapter 6 6-1The Current Environment and Implications for Audit Planning 6-1Understanding the entity and its environment 6-2Current economic factors 6-4Enhancing risk assessment processes 6-14Audit planning considerations 6-18Summary 6-21Chapter 7 7-1New Statements on Auditing Standards 7-1SAS No. 134: Auditor Reporting 7-3SAS No. 135: Omnibus SAS-2019 7-12SAS No. 136: Reporting on Employee Benefit Plan Financial Statements 7-16SAS No. 137 -- Auditor Responsibility for Other Information in Annual Reports 7-21SAS No. 138 -- Description of Materiality 7-24SAS No. 139 -- Amendments to AU-C Sections 800, 805, and 810 7-26SAS No. 140 -- Amendments to AU-C Sections 725, 730, 930, 935, and 940 7-27Summary 7-29Chapter 8 8-1Other Standards-Setting Activities Affecting Audit and Attestation Engagements 8-1Exposure drafts of proposed SASs 8-2Recently issued attestation standards 8-9Outstanding exposure draft of proposed revisions to SSAEs 8-13Summary 8-15Chapter 9 9-1PCAOB Update 9-1Recently issued PCAOB auditing standards 9-2Recently issued exposure drafts of proposed PCAOB auditing standard 9-17Summary 9-21Chapter 10 10-1Preparation, Compilation, and Review Engagement Update 10-1Reminder of SSARS-related engagements 10-2SSARS No. 24 -- Omnibus SSARS-2018 10-3SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions 10-12Summary 10-17Chapter 11 11-1Other Recently Issued Guidance 11-1Overview of COSO 11-2AICPA audit quality initiative 11-14CAQ audit quality framework 11-18Staying abreast of emerging technologies 11-20Summary 11-22Glossary Glossary 1Index Index 1Solutions Solutions 1Chapter 1 Solutions 1Chapter 2 Solutions 2Chapter 3 Solutions 3Chapter 4 Solutions 4Chapter 6 Solutions 5Chapter 7 Solutions 7Chapter 8 Solutions 10Chapter 9 Solutions 11Chapter 10 Solutions 13Chapter 11 Solutions 1

About the author

Kurt G. Oestriecher, CPA, is partner in charge of accounting and auditing services at Oestriecher & Company. He has also served as an Adjunct Instructor of Accounting at Louisiana State University at Alexandria and Northwestern State University. In addition, he functions in many capacities for the Louisiana Society of CPAs on its board and varying committees, is Past President of the LCPA and past President of the Central Louisiana Chapter of Society of Louisiana CPAs, and the current chair of the LCPA Professional Ethics Committee. He is a member of the AICPA and has served on the Accounting and Review Services Committee, which issues the Statements on Standards for Accounting and Review Services. He also served a six year term on the AICPA Joint Trial Board, and recently completed a three year term on AICPA Council

Mark Beasley, PhD, CPA, is the Deloitte Professor of Enterprise Risk Management and Director of North Carolina State's Enterprise Risk Management (ERM) Initiative, which provides thought leadership about ERM practices and its integration with strategy and corporate governance. He is a frequent speaker at national and international conferences and works with boards of directors and senior executives on risk oversight issues. Beasley has authored over 80 research articles and business publications and he is the author of a leading auditing textbook.

Summary

Keep abreast of the fast-paced changes in accounting and auditing with relevant pronouncements, exposure drafts, and other guidance recently issued in the accounting, auditing, compilation, preparation, and review arenas. This book will help accountants and financial managers sort through the most recent accounting and auditing complexities so they can identify and apply recently issued FASB, PCAOB, and AICPA standards and guidance. New topics covered include:
* Revenue recognition
* Leases
* Financial instruments
* Intangible assets
* Consolidation
* Business combinations
* Recently issued SAS No. 134-140
* Auditing interpretations
* Recently proposed SSAE standards
* Overview of SSARS guidance

Product details

• Authors: Mark Beasley, Kur Oestriecher, Kurt Oestriecher, Kurt Beasley Oestriecher
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Paperback / Softback
• Released: 30.11.2020
• EAN: 9781119784616
• ISBN: 978-1-119-78461-6
• No. of pages: 304
• Series: AICPA
• Subjects: Social sciences, law, business > Business > Business administration; Rechnungswesen, Revision, Accounting, Auditing