Accounting and Auditing Clinic

This course provides in-depth, hands-on coverage of recent developments in accounting, auditing, and financial reporting. Strong emphasis is placed on the practical application of selected newly issued and/or effective authoritative pronouncements affecting practitioners who serve small and middle-market, privately held businesses. The session is designed for a high level of interaction between the instructor and participants.

Learning Objectives
This session will enable the participant to apply selected newly issued and effective technical accounting and auditing pronouncements and advise companies on related implementation issues.

Coverage is expected to include*
The State of the Profession Report

• Legislative and regulatory responses to the economic downturn and how they impact CPAs
• Interstate mobility: What can we do and where can we do it?
• Financial statements under construction: The FASB/IASB vision to overhaul financial reporting
• Breaking Developments
  Coverage of the status of proposals currently pending that would significantly amend certain longstanding rules including:
  • Accounting for trading inventory
  • Accounting for business combinations involving variable interest entities
  • Simplification of accounting for hedging activities
  • Contingencies accounting and disclosure

FIN 48: Private Company Adoption
As the end of the final deferral period fast approaches for private companies, this segment provides practical implementation guidance to assist clients in identifying, assessing, measuring, and disclosing income tax positions arising from their activities or their form of organization.

Accounting Research Revolutionized: The FASB Accounting Standards Codification™
The July 1, 2009 release of the FASB Accounting Standards Codification ™ will transform how CPAs navigate, research, and retrieve authoritative literature. This segment provides practical guidance on the new research process and how research performed in prior periods will need to be refreshed to prevent it from citing obsolete sources.

International GAAP and GAAS Preparedness: Convergence, Conversion, or Capitulation

• How international developments are affecting CPAs serving nonissuer clients
• IFRS planning and preparedness activities for CPAs and their clients
• AICPA initiative to converge and clarify its auditing standards
• The final framework of International GAAP for Private Entities

Auditing and Accounting Issues in Perilous Economic Conditions
Case studies devoted to a review/refresher of accounting and auditing issues that arise in times of economic distress including

• Asset valuation and impairment
• Troubled debt restructurings
• Violations of debt covenants
• Discontinued operations
• Going concern
• Subsequent events
• Risks and uncertainties

SAS 115 — Internal Control Communications: ASB and PCAOB “Leapfrog” Standard
Once again, the definitions of internal control deficiencies have been revised in the interest of convergence between the ASB, PCAOB, and International Auditing and Assurance Standards. Obtain up-to-date information on how to apply this standard in your practice.

Compilation and Review Developments

• Coverage of all newly issued and effective statements and interpretations
  

 

Optional 2nd Day Content for Advanced A&A Clinicians

Optionally, the following modules can be substituted for one or more of the above or added to extend the program to 1 ½ or 2 days in duration

FAS 157 and FAS 159 — All is Fair Value in Love and Accounting

• How FAS 157 has affected practice
• Determining the level of the fair value hierarchy to assign to relevant measurements
• Valuation in markets that are no longer active

Business Combinations and Noncontrolling Interests

• FAS 141(R)/FAS 160-Major changes in recognizing business combinations
• Acquisition date accounting for contractual contingencies
• Revised treatment for acquisition costs and post-combination restructuring costs
• New accounting for bargain purchases, income taxes, and noncontrolling interests

Insurance Accounting: Are Your Clients Getting the GAAP Right?

• Survey of authoritative literature
• The accounting model for insurance transactions
• Differentiating retroactive and prospective insurance policies
• Property and casualty insurance arrangements that limit insurance risk
• Accounting for insurance claims and recoveries
• Recognition of death benefits

Course Details
Duration One Day Audience All Levels Level of Instruction Intermediate Delivery Method Group-Live	CPE Credits* 8 Hours (6 hours Accounting, 2 hours Auditing) Prerequisites No prerequisites or pre-work are required. Questions? Call 1.800.775.9866

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* Topics, duration, and the allocation of CPE hours between fields of study are subject to change to accommodate late-breaking developments and firm-specific needs