This course addresses frequently encountered disclosures associated with the preparation of private company financial statements prepared in accordance with generally accepted accounting principles (GAAP) issued by the Financial Accounting Standards Board (FASB), or a "Special Purpose Framework"; (SPF), such as cash or tax basis. Learn to research presentation and disclosure requirements and examples using the FASB Codification and other resources. Understand frequent disclosure requirements such as contingencies, risks and uncertainties, accounting policies, revenue recognition, leases, credit losses, impairment, fair value, and much more. Know the additional disclosure requirements needed when preparing private company financial statements using a special purpose framework, such as cash or tax basis.
DESIGNED FOR
Industry and Public Accountants
BENEFITS
- Understand the AICPA's clarified risk assessment standards and their importance in the auditing process.
- Familiarize oneself with the key components of the new Statement on Auditing Standard (SAS 145) related to understanding the entity, the entity's environment, the entity's internal controls, and assessing the risks of material misstatement.
- Develop an understanding of the relationship between audit risk assessment and the overall audit strategy.
HIGHLIGHTS
- Overview of Audit Risk Assessment
- AICPA's clarified Risk Assessment Standards
- SAS 145
- Assessing the Entity's Environment
PREREQUISITES
None
ADVANCE PREPARATION
None