Both public and private CPAs must be current on changes to various potentially relevant accounting and financial reporting standards, including U.S. GAAP. This module provides recent and proposed changes to relevant technical standards most relevant to the preparation and fair presentation of current period financial statements.

Major Topics:

  • U.S. GAAP accounting standards updates that have recent or current period effective dates
  • Other relevant matters, including highlights of significant changes related to international standards
Learning Objectives
  • Discover and discuss changes to accounting and financial reporting that have current period impact.
  • Identify and explain accounting or financial reporting matters on the horizon meriting attention in the short-term.
Last updated/reviewed: August 25, 2023

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Certification - Level 1 - Beginning Staff

  1. Professional Skepticism - Creating a Mindset for Finding Fraud and Error
  2. Audit Documentation - Creating Workpapers That Pass Review
  3. Adapting to the Engagement - Differentiating the Requirements of Preparations, Compilations, Reviews, and Audits
  4. The Audit Risk Model - Understanding Foundational Principles
  5. Internal Control Fundamentals - Satisfying Audit Requirements for Evaluating Design and Implementation
  6. Auditing Cash - Applying Basic Skills to the Starting Point of Any Audit
  7. Auditing PP&E, Including Leases under Topic 842 - Digesting the Risks of Improper Treatment of Tangible Long-Lived Assets
  8. Auditing Inventory - Performing Required Observations and Other Common Procedures
  9. Analytical Procedures - Comprehending Financial Statement Audit Fundamentals
  10. Audit Reporting Fundamentals - Introducing Core Concepts in the Audited Financial Statement Drafting and Issuance Process
  11. AICPAs Code of Professional Conduct - Exploring the Foundational Principles Underlying the CPA Profession as a Whole
  12. Accounting Update - Hot Topics for Preparing Current Period Financial Statements
  13. Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services

13 CoursesAudit Training Certification - Level 2 - Experienced Staff

  1. Fraud Risk - Complying with Minimum Audit Requirements
  2. Best Practices for Identifying and Evaluating Audit Risk - Linking Risk to the Detailed Audit Plan
  3. Testing Internal Controls - Exploring Strategies for Verifying Operating Effectiveness
  4. Inquiry and Research - Improving Critical Audit Skills
  5. Auditing Investments - Understanding Risks and Procedures for the Most Common Investments
  6. Auditing Accounts Receivable - Focusing Procedures for Testing Existence and Valuation
  7. Auditing Liabilities, Including Long-Term Debt - Addressing the Risks of Completeness, Classification, and Disclosure
  8. Substantive Analytic Procedures - Strengthening Evidence to Satisfy Audit Objectives
  9. Sampling - Avoiding Common Mistakes on Financial Statement and Compliance Audits
  10. Desired Traits of a Star Performer - Visualizing How to Become an Exceptional Staff Auditor
  11. Professional Requirements for Assurance Providers, Including Independence - Understanding Critical Code of Professional Conduct Concepts
  12. Accounting Update - Hot Topics for Preparing Current Period Financial Statements
  13. Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services

13 CoursesAudit Training Certification - Level 3 - In-Charge/ Senior

  1. Fraud Trends - Applying Real-life Lessons to Small and Mid-Size Entities
  2. Reviewing Workpapers - Embracing Responsibilities for Quality Control
  3. Advanced Audit Planning Concepts - Ensuring an Effective and Efficient Audit
  4. Internal Controls to Mitigate Financial Reporting Risk - Designing Stronger Internal Controls for Small or Mid-Size Entities
  5. Auditing Revenue Recognition - Grasping the Higher Risks and Special Audit Considerations
  6. Auditing Contingencies and Going Concern Uncertainty - Testing for Completeness and Proper Disclosure
  7. Audit Reporting Advanced Concepts - Understanding the Impact of General Audit Procedures on Disclosures and Audit Report Modifications
  8. Critical Traits of a Thinking Auditor - Stretching Experienced Auditors Beyond the Basics
  9. Client and Engagement Management - Managing the Black Holes that Erode Profitability
  10. Supervisor Skills - Coaching Staff to Stay on the Right Track
  11. Professional Ethical Considerations for CPAs
  12. Accounting Update - Hot Topics for Preparing Current Period Financial Statements
  13. Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services

13 CoursesAudit Training Certification - Level 4 - Supervisor/Manager

  1. Audit Quality Control - Avoiding Peer Review Deficiencies
  2. Internal Control Deficiencies and Other Matters - Adding Value Through Required Auditor Communications
  3. Auditing Impairment of Long-Lived Assets, Including Goodwill - Identifying and Calculating Impairment Losses
  4. Maximizing Analytic Procedure Evidence - Adding Value Through Useful Financial Statement Analysis
  5. Accounting Estimates, Including Fair Value - Evaluating the Propriety of Areas with Uncertainty
  6. Special Audit Considerations - Comprehending Requirements of Group Audits, Compliance Audits, Using the Work of a Specialist or Others, and More!
  7. The Art of Discipline and Getting Things Done - Applying Better Time, Team, and Project Management Techniques
  8. Management Skills - Exhibiting Traits of a Balanced Leader-Manager
  9. Personality Styles - Adapting to Different Types of Personalities for Improved Relationships and Interactions
  10. Making Rain - Improving Success with Retaining Clients and Attracting Prospects
  11. General Ethics for Business Professionals
  12. Accounting Update - Hot Topics for Preparing Current Period Financial Statements
  13. Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services
13 Reviews (46 ratings)

Reviews

1
Anonymous Author
It has taken me 6 hours to pass this class. I had to Google the topics to help understand the topics and to find the answers. The layout was not clear to what topics were still being covered. For those whom just need CPE, and who do not use these topics, do not take this course.

5
Member's Profile
it was a challenging series of topics that required full attention and high level of understanding - but didn't have so many good examples to illustrate the impact - still good overall review of recent pronouncements

5
Anonymous Author
jennifer is a great teacher, what can I say, she knows how to get at all the big picture ideas! great course!

4
Member's Profile
A lot of complicated information highlights. Some prior understanding of the topics would be beneficial.

3
Anonymous Author
There was a lot of material covered in the time allotted. Leases alone could have taken up the time.

5
Member's Profile
This gave me a great look at the new adoptions for this year. It was extremely helpful!

3
Anonymous Author
It was a relevant topic and had good slides. Thank you for providing this training.

5
Anonymous Author
There was a lot of great detail in this lecture, especially around lease accounting.

5
Member's Profile
n/a..............................................................................

4
Member's Profile
Cover a great deal of information in detail. A very comprehensive course.

5
Member's Profile
Excellent videos, very explanatory in a difficult topic.

5
Anonymous Author
Well self explained course will recommend for new staff.

4
Member's Profile
Great course and very well prepared and explained.

Prerequisites
Course Complexity: Foundational

No Advanced Preparation or Prerequisites are needed for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  LearningObjectives for Annual Accounting and Financial Reporting Update1:04
  Leases-Answers to FAQ Post-Implementation15:44
  Short Term and Related Party Leasing Arrangements16:56
  Leases Incentives and Improvements9:36
  Practical Expedients-Implementation and Thereafter7:00
  Expected Credit Loss Model10:40
  Expected Credit Loss Model Cont'd19:18
  Focus on Goodwill7:16
  Effective for Nonpublic Entities in FY 20233:58
  Effective for Nonpublic Entities in FY 20245:58
  Effective for Nonpublic Entities in FY 20255:04
Continuous Play
  Annual Accounting and Financial Reporting Update1:42:34
Supporting Materials
  Slides: Accounting Update - Hot Topics for Preparing Current Period Financial StatementsPDF
  Accounting Update - Hot Topics for Preparing Current Period Financial Statements Glossary/IndexPDF
Review And Test
  REVIEW QUESTIONSquiz
 FINAL EXAMexam