Annual Accounting and Auditing Update - Connecticut Society of CPAs

Overview

Designed for accounting and attestation practitioners at all levels in both public accounting and business and industry, this course provides a comprehensive review of recent standard-setting activities of the FASB and AICPA. In addition to providing a detailed review of SAS No. 145, this course will bring you up to date on FASB and AICPA standards issued over the past few years, including the 16 SASs effective since 2021 and beyond. The course also provides many hands-on examples and illustrations to help you apply the guidance in practice. On the financial front, the course covers the 9 ASUs issued in 2023, including ASUs covering crypto assets and leases for common control entities. In addition to a financial accounting update, the course will discuss what you will need to do differently as you adopt new audit standards 142-149 over the next few years, including a detailed review of the audit requirements under SAS 142. The course will also cover the key changes related to SSARS No. 25. Finally, the course reviews the AICPA’s quality management project. 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.

Objectives

Review and apply recently issued and proposed FASB and AICPA pronouncements

Review and apply guidance within ASC 842, Leases

Understand SAS 142 and SAS 145

Recall and apply AICPA quality management standards (SQMS 1, SQMS 2, and SQMS 3)

Be familiar with other important A&A practice matters you should be aware of

Utilize hands-on examples and illustrations to increase your overall understanding and application of the material

Highlights

Recently issued FASB Accounting Standards Updates, PCC Update and items on the FASB's Technical Agenda Leases - Topic 842

Recently issued ASUs covering common control leases, crypto assets (e.g., cryptocurrency), and income tax disclosures

ASC 326: CECL

Review of SAS 142 - Focus on Audit Evidence

Recently issued SASs and other AICPA activity

SSARS No. 25 and other recently issued SSARS

Detailed review of SAS 145

Other important A&A practice matters

Designed For

Accounting and auditing practitioners at all levels desiring to remain up to date on recent pronouncements and other standard setters’ activities

Prerequisites

Experience in accounting and attestation

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Thomas Sheets

Leader Bios

Thomas Sheets

Thomas M. Sheets, CPA Tom Sheets is a Certified Public Accountant with over 35 years’ experience in auditing and tax return preparation for businesses and individuals. He established his own consulting, tax, and accounting practice 19 years ago in Enid, Oklahoma. He provides consulting, auditing, and tax planning and preparation services for a wide variety of individual clients and industries. Mr. Sheets started with a Big Eight accounting firm in Tulsa, Oklahoma and then was with a large, local CPA firm in Enid, Oklahoma for 15 years. He has written and led seminars for leading providers of CPE for over 29 years on various topics including real estate accounting, construction accounting and tax, fraud, bank auditing, tax issues for nonprofit organizations, compilation and review, cash and tax basis financial statements, and nonprofit accounting and auditing.

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