AICPA's Annual Accounting and Auditing Update Workshop (2008-2009 Edition)

• Chapter 1 - Business Combinations and Noncontrolling Interests
• Learning Objectives
• Introduction
• Pre-Chapter Quiz
• SFAS No. 141(R) - Business Combinations (Issued December 2007)
  • Introduction
  • Scope
  • Key Terms
  • Identifying a Business Combination
  • The Acquisition Method
  • Disclosures
  • Effective Date and Transition
• SFAS No. 160 - Noncontrolling Interests in Consolidated Financial Statements - an amendment of ARB No. 51 (Issued December 2007)
  • Scope
  • Amendments to ARB No. 51
  • Noncontrolling Interest in a Subsidiary
  • Deconsolidation of a Subsidiary
  • Disclosures
  • Effective Date and Transition
• Questions
• Chapter 2 - Other Recent FASB Standards
• Learning Objectives
• Introduction
• Pre-Chapter Quiz
• SFAS No. 161 - Disclosures about Derivative Instruments and Hedging Activities - an amendment of FAS 133 (Issued March 2008)
  • Introduction
  • Summary
  • Effective Date and Transition
• SFAS No. 157 - Fair Value Measurements
  • Introduction
  • Scope
  • Measurement
  • Valuation Techniques
  • Fair Value Hierarchy
  • Disclosures
  • Effective Date and Transition
• FSPs Related to SFAS No. 157
• FSP FAS 157-1, Application of FASB Statement No. 157 to FASB Statement No. 13 and Its Related Interpretive Accounting Pronouncements that Address Leasing Transactions
• FSP FAS 157-2, Effective Date of FASB Statement No. 157
• FSP FAS 157-c, Measuring Liabilities under SFAS No. 157
• SFAS No. 159 - The Fair Value Option for Financial Assets and Financial Liabilities
  • Introduction
  • The Fair Value Option
  • Key Terms
  • Applying the Fair Value Option
  • Presentation of Items Measured at Fair Value under SFAS No. 159
  • Disclosures Applicable to SFAS No. 155 and SFAS No. 159
  • Application to Not-for-Profit Organizations
  • Effective Date
  • Early Adoption
• SFAS No. 158 - Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans - an amendment of FASB Statements No. 87, 88, 106, and 132(R)
  • Introduction
  • Changes Made by SFAS No. 158
  • Reporting by a Business Entity
  • Reporting by a Not-for-Profit Organization
  • Effective Dates
  • Transition
• FSP Related to SFAS No. 158
  • FSP FAS No. 158-1, Conforming Amendments to the Illustrations in FASB Statements No. 87,
    No. 88, and No. 106 and to Related Staff Implementation Guides
• FIN No. 48 - Accounting for Uncertainty in Income Taxes - an interpretation of SFAS No. 109
  • Introduction
  • Interpretation
  • Effective Date and Transition
• FSPs Related to FIN No. 48
  • FSP FIN 48-1, Definition of “Settlementâ€? in FASB Interpretation No. 48
  • FSP FIN 48-2, Effective Date of FASB Interpretation 48 for Certain Nonpublic Enterprises
    (Date Posted: February 1, 2008)
• Questions
• Chapter 3 - FSPs, Derivative and EITF Issues
• Learning Objectives
• Introduction
• Pre-Chapter Quiz
• FASB Staff Positions
  • Introduction
  • Final FSPs
  • Proposed FSPs
• FAS 133 (Derivatives) Implementation Issues
  • Issue E23 – Hedging – General: Issues Involving the Application of the Shortcut Method under
    Paragraph 68 (Posted January 10, 2008)
  • Issue E15 – Hedging – General: Continuing the Shortcut Method after a Purchase Business
    Combination (Revision Posted December 6, 2007)
  • Issue B40 – Embedded Derivatives: Application of Paragraph 13(b) to Securitized Interests in
    Prepayable Financial Assets (Posted January 17, 2007)
  • Issue G26 – Cash Flow Hedges: Hedging Interest Cash Flows on Variable-Rate Assets and
    Liabilities that Are Not Based on a Benchmark Interest Rate (Posted January 8, 2007)
  • Issue G19 – Cash Flow Hedges: Hedging Interest Rate Risk for the Forecasted Issuances of
    Fixed-Rate Debt Arising from a Rollover Strategy (Revision Posted January 8, 2007)
  • Proposed Statement 133 Implementation Issues
• Recent EITF Issues
  • 07-03 - Accounting for Nonrefundable Advance Payments for Goods and Services to Be Used in Future Research and Development Activities (June, 2007)
  • 06-11 - Accounting for Income Tax Benefits of Dividends on Share-Based Awards (Draft for Public Comment)
  • 06-10 - Accounting for Deferred Compensation and Postretirement Benefit Aspects of Collateral Assignment Split-Dollar Life Insurance Agreements (Draft for Public Comment)
  • 06-8 - Applicability of the Assessment of a Buyer's Continuing Investment under FASB Statement 66, Accounting for Sales of Real Estate, for Sales of Condominiums
  • 06-4 - Accounting for Deferred Compensation and Postretirement Benefit Aspects of Endorsement Split-Dollar Life Insurance Arrangements (June 15, 2006)
  • 06-1 - Accounting for Consideration Given by a Service Provider to Manufacturers or Resellers of Equipment Necessary for an End-Customer to Receive Service from the Service Provider (September 7, 2006)
• Proposed EITF Consensuses
  • Introduction
  • 07-04 – Application of the Two-Class Method under FASB Statement 128, Earnings per Share,
    to Master Limited Partnerships
• EITF Open Issues
• EITF Topics
• Questions
• Chapter 4 - FASB Exposure Drafts
• Learning Objectives
• Introduction
• Pre-Chapter Quiz
• Proposed SFAS - Not-for-Profit Organizations: Mergers and Acquisitions
  • Introduction
  • Scope
  • Key Terms
  • The Acquisition Method
  • Determining the Acquisition Date
  • Recognizing and Measuring the Identifiable Assets Acquired and the Liabilities Assumed
  • Exceptions to the Recognition Requirements
  • Measurement Requirements
  • Exceptions to the Fair Value Measurement Requirements
  • Recognizing and Measuring either Goodwill Acquired or a Contribution Received
  • Measurement Period
  • Assessing What Is Part of the Merger or Acquisition
  • Presentation
  • Disclosures
  • Effective Date and Transition
• Proposed SFAS - Not-for-Profit Organizations: Goodwill and Other Intangible Assets Acquired in a Merger or Acquisition an Amendment of SFAS No. 142
  • Introduction
  • Scope
  • Intangible Assets Other Than Goodwill
  • Goodwill
  • Reporting Unit
  • Operating Segments
  • Assigning the Assets Acquired and Liabilities Assumed to the Reporting Units
  • Determining a Reporting Unit's Primary Support
  • Applying the Qualitative Evaluation
  • Applying the Fair-Value-Based Evaluation
  • Goodwill Impairment Evaluation by a Subsidiary
  • Goodwill Impairment Evaluation When a Noncontrolling Ownership Interest in a Subsidiary Exists
  • Equity Method Goodwill
  • Financial Statement Presentation of Goodwill and Related Impairment Losses
  • Disclosures
  • Effective Date and Transition
• Proposed SFAS - Earnings per Share - an amendment of SFAS No. 128
  • Introduction
  • Amendments to SFAS No. 128
  • Effective Date and Transition
• Proposed SFAS - Accounting for Financial Guarantee Insurance Contracts - an interpretation of FASB Statement No. 60
  • New Format for FASB Statements
  • Summary
• Proposed SFAS - Accounting for Transfers of Financial Assets - an Amendment of FASB Statement No. 140
  • Introduction
  • Summary
• Proposed SFAS - The Hierarchy of Generally Accepted Accounting Principles
  • Introduction
  • GAAP Hierarchy
  • Effective Date and Transition
• Questions
• Chapter 5 - FASB Projects
• Learning Objectives
• Introduction
• Pre-Chapter Quiz
• Major Project - Conceptual Framework
  • Introduction
  • Summary
• International Convergence Project - Earnings per Share
• Income Tax Convergence Project
  • Objective
  • Topics Included
  • Immediate Plans
• Convergence Project - Financial Statement Presentation
  • Objective
  • Phase A
  • Phase B
  • Phase C
  • Immediate Plans
• Convergence Project - Revenue Recognition
  • Introduction
  • Revenue Recognition
  • General Approach
  • Summary of Tentative Conclusions
• Preliminary Views - Financial Instruments with Characteristics of Equity
  • Background
  • The Basic Ownership Approach
  • The Ownership-Settlement Approach
  • The Reassessed Expected Outcomes (REO) Approach
  • The Board's Conclusion
• Classification Examples
• Convergence Project - Accounting for Leases
  • Status
  • Summary
• Research Project - Financial Instruments
• Research Project - Accounting for Insurance Contracts
  • Invitation to Comment
• Research Project - Consolidations: Policy and Procedures
• FASB Project - Accounting for Certain Nonfinancial Liabilities
• FASB Project - Accounting for Hedging Activities
• FASB Project - Emission Allowances
  • Background
• FASB Project - Fair Value Option (Phase 2)
• FASB Project Insurance - Risk Transfer
  • Summary
• FASB Project - Loan Loss Disclosures
  • Objective
  • Background
• FASB Project - Postretirement Benefit Obligations including Pensions (Phase 2)
  • Phase 1
  • Phase 2
• Invitation to Comment - Selected Issues Related to Assets and Liabilities with Uncertainties
  • Introduction
  • Probability and Contingencies
  • Contingent Assets
  • Contingent Liabilities
  • Probability Recognition Criterion
  • Measurement
• FASB Project: Codification and Retrieval
  • Summary
• Valuation Resource Group
• Questions
• Chapter 6 - AcSEC Update
• Learning Objectives
• Introduction
• Technical Practice Aids
• Pre-Chapter Quiz
• SOP 07-01 - Clarification of the Scope of the Audit and Accounting Guide Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies
• FSP SOP 07-1-1 - Effective Date of AICPA Statement of Position 07-1 (February 14, 2008)
• AICPA Technical Practice Aids
• Guidance on Applying FSP AAG INV-1 and SOP 94-4-1
  • Not-for-Profit Organizations Reporting Fundraising Expense
  • TPAs on SOP 05-1, Accounting by Insurance Enterprises for Deferred Acquisition Costs in Connection with Modifications or Exchanges of Insurance Contracts
  • Other TPAs
• Exposure Draft of Proposed Audit and Accounting Guide, Airlines
  • Introduction
  • What the Guide Does
• Other Current AcSEC Projects
  • Introduction
  • Projects
• Questions
• Chapter 7 - U.S. GAAP and IFRS Convergence
• Learning Objectives
• Introduction
• Pre-Chapter Quiz
• The International Accounting Standards
  • The Standards Advisory Council
  • International Accounting Standards Board
  • IASB Standards
  • International Financial Reporting Interpretations Committee
  • Funding of the IASB
  • Memorandum of Understanding - Roadmap for Convergence
  • SEC's Major Convergence Related Activities
  • Proposed Changes to the Organization of the FASB and the IASCF
• Questions
• Chapter 8 - Auditing in a Changing Environment
• Learning Objectives
• Introduction
• Pre-Chapter Quiz
• The Changing Auditing Environment
  • Return to Core Values on Every Engagement
  • Lessons from Recent Events
• Assessing the Risk of Fraud in a Financial Statement Audit
  • Auditor Responsibility for Fraud Detection
  • Three Conditions of Fraud
• Considering Economic Conditions to Lower Audit Engagement Risk
  • Current Economic Factors
• U.S. Treasury Department's Focus on the Auditing Profession
• Understanding the Implications of Sarbanes-Oxley
  • Public Company Accounting Oversight Board
  • Registering with the PCAOB
  • Defining "The Client"
  • Implications for Auditor Independence
  • Implications for Auditing Standards
  • Implications for the Public Company
  • Implications for Auditors of Non-Public Companies
  • Focus of AICPA Auditing Standards Board
• Summary
• Questions
• Chapter 9 - Auditing Standards Board Risk Assessment Standards
• Learning Objectives
• Introduction
• Pre-Chapter Quiz
• The Risk Assessment Standards
• Overview of the Collective Effect of the Risk Assessment Standards
  • Applying the Risk Assessment SASs - An Overview
  • SAS No. 104, Amendment to SAS No. 1, Codification of Auditing Standards and Procedures ("Due Professional Care in the Performance of Work")
  • SAS No. 105, Amendment to SAS No. 95, Generally Accepted Auditing Standards
  • SAS No. 106, Audit Evidence
  • SAS No. 107, Audit Risk and Materiality in Conducting an Audit
  • SAS No. 108, Planning and Supervision
  • SAS No. 109, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
  • SAS No. 110, Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained
  • SAS No. 111, Amendment to SAS No. 39, Audit Sampling
• Summary
• Questions
• Chapter 10 - New Standards Issued by the AICPA's Auditing Standards Board
• Learning Objectives
• Introduction
• Pre-Chapter Quiz
• Newly Issued Statements on Auditing Standards
  • SAS No. 112, Communicating Internal Control Related Matters Identified in an Audit
  • SAS No. 113, Omnibus Statement on Auditing Standards - 2006
  • SAS No. 114, The Auditor's Communication With Those Charged With Governance
• Recently Issued Auditing Interpretations
  1. Communicating Internal Control Related Matters Identified in an Audit - AU Section 9325
  2. Use of Electronic Confirmations - AU ¡×9330
• Recently Issued Practice Alerts
  • Practice Alert 07-01 - Dating the Auditor's Report and Related Practical Guidance
• Recently Issued Technical Practice Aids
  • TIS 8100.01 - Determining the Effective Date of a New Statement on Auditing Standards for Audits of a Single Financial Statement
  • TIS 8100.02 - Determining the Effective Date of a New Statement on Auditing Standards for Audits of Interim Periods
  • TIS 8200.05 - Testing the Operating Effectiveness of Internal Controls
  • TIS 8200.09 - Assessing Inherent Risk
  • TIS 8350.01 - Audit Evidence: Audit Documentation
  • TIS 9100.06 - Signing and Dating Reports
  • TIS 9120 - Reliance on Others
  • Practice Aid - Alternative Investments - Audit Considerations
• Recently Issued Guidance for Attestation Engagements
  • SSAE No. 14, SSAE Hierarchy
  • SOP 07-02, Attestation Engagements That Address Compliance Control
• New Statement on Quality Control Standard
  • SQCS No. 7, A Firm's System of Quality Control
  • Practice Aid on Establishing and Maintaining a System of Quality Control
• Summary
• Questions
• Chapter 11 - On the Horizon: Issues for Audits of Nonpublic Entities
• Learning Objectives
• Introduction
• Pre-Chapter Quiz
• Overview of Existing Auditing Standards Board Projects
• Exposure Draft - Amendments to SAS No. 69, The Meaning of Present Fairly in Conformity with Generally Accepted Accounting Principles, for Nongovernmental Entities
• Exposure Draft - Reporting on an Entity's Internal Control Over Financial Reporting
  • How It Affects Existing Standards
  • Key Components of New SSAE
• The ASB's Clarity Project
  • Background
  • Establishing Objectives of Standards
  • Improving Readability and Understandability
• The ASB's International Convergence Plan
• Other Current ASB Projects
  • Task Forces of the ASB
  • Other Activities of the Auditing Standards Board
• Summary
• Questions
• Chapter 12 - On the Horizon: Issues for Audits of Public Entities
• Learning Objectives
• Introduction
• Pre-Chapter Quiz
• PCAOB Standards Setting Scope and Process
  • Rule 3100
  • Due Process
  • Standing Advisory Group
  • References to Auditing and Professional Practice Standards
• Current PCAOB Auditing Standards
  • Establishment of Interim Standards
  • PCAOB Auditing Standard No. 1, References in Auditor’s Reports to the Standards of the Public Company Accounting Oversight Board
  • PCAOB Auditing Standard No. 2, An Audit of Internal Control Over Financial Reporting Performed in Conjunction With an Audit of Financial Statements [Superseded by Auditing Standard No. 5]
  • PCAOB Auditing Standard No. 3, Audit Documentation
  • PCAOB Auditing Standard No. 4, Reporting on Whether a Previously Reported Material
    Weakness Continues to Exist
  • PCAOB Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That
    Is Integrated with An Audit of Financial Statements
  • PCAOB Auditing Standard No. 6, Evaluating Consistency of Financial Statements, and
    Amendments to the Board’s Interim Auditing Standards
  • Proposed Auditing Standard – Engagement Quality Review
  • PCAOB’s “4010 Reportâ€? Relating to Auditor’s Responsibilities for Fraud
  • Rule 3101, Certain Terms Used in Auditing and Related Professional Practice Standards
  • Rule 3525, Audit Committee Pre-Approval of Non-Audit Services Related to Internal Control Over Financial Reporting
• PCAOB Ethics and Independence Rules
  • Ethics and Independence Rules – Concerning Independence, Tax Services, and Contingent
    Fees
  • Proposed Amendment to Rule 3523, Tax Services for Persons in Financial Reporting
    Oversight Roles
  • Proposed Ethics and Independence Rule 3526, Communication with Audit Committees
    Concerning Independence
• Small Business Concerns Related to Section 404
• COSO's Interpretive Guidance Related to Internal Controls for Smaller Public Companies
• Summary
• Questions
• Chapter 13 - Compilation and Review Update
• Learning Objectives
• Introduction
• Pre-Chapter Quiz
• Overview of New Statements on Standards for Accounting and Review Services
  • SSARS No. 15, Elimination of Certain References to Statements on Auditing Standards and
    Incorporation of Appropriate Guidance Into Statements on Standards for Accounting and
    Review Services
  • SSARS No. 16, Defining Professional Requirements in Statements on Standards for
    Accounting and Review Services
  • SSARS No. 17, Omnibus Statement on Standards for Accounting and Review Services –
    2008
• New SSARS Interpretation and Revised Appendices
  • Interpretation No. 28: “Special-Purpose Financial Statements to Comply with Contractual
  • Agreements or Regulatory Provisionsâ€? (AR 9100)
  • Interpretation No. 29: “Reporting on an Uncertainty, Including an Uncertainty about an
    Entity’s Ability to Continue as a Going Concern� (AR 9100)
• On the ARSC Horizon
  • Survey on Independence in Compilation Engagements
• Effect of Sarbanes-Oxley Act of 2002 on Compilation and Review Engagements
• Consideration of Fraud in Compilation and Review Engagements
  • Compilation Engagements
  • Review Engagements
• Understanding the "Submission" of Financial Statements
  • Preparing Financial Statements
  • Presenting Financial Statements
• Management-Use-Only Financial Statements
  • Definition of Third Parties
  • Management's Use, Not Internal Use
  • Communication Requirements: Options Available
• Overview of the Compilation and Review Alerts
  • Generating Monthly Financial Statements Efficiently
  • Online Accounting Services
  • Different Levels of Assurance on a Single Set of Financial Statements (Split-Level Reporting) . 13-22 Applicability of the SSARSs to Financial Statements Included in Consulting Reports
  • Independence and Client Services
  • Distribution of Draft Financial Statements
  • Documentation
  • Management Representation Letters in Review Engagements
  • Representation Letters for the Compilation of Personal Financial Statements
  • Deciding When to Use OCBOA Financial Statements
  • Recurring Deficiencies Noted in Compilation and Review Engagements
• Summary
• Questions
• Chapter 14 - Other Issues Affecting Auditors
• Learning Objectives
• Introduction
• Pre-Chapter Quiz
• Recent GAO Guidance
  • Overview of Major Revisions
  • Guidance on Complying with GAGAS Reporting Requirements for the Report on Internal
  • Control for Audits of Certain Entities Subject to Sarbanes-Oxley and GAGAS Requirements
• COSO's Guidance on Internal Control for Smaller Public Companies
  • Smaller Public Companies
  • Internal Control Challenges for Smaller Businesses
  • Strengthening Internal Control for Smaller Businesses
  • Key Messages about Implementing Effective Internal Control
  • Organization of Guidance
• COSO's Proposed Guidance about the Monitoring Component of Internal Control
  • Key Monitoring Concepts
  • Primary Elements to Monitoring
  • Communication of Monitoring
  • Anticipated Exposure Draft
• COSO's Enterprise Risk Management - Integrated Framework
  • What Is Enterprise Risk Management?
  • Overview of COSO's Enterprise Risk Management Framework
• Professional Ethics Activities
  • Code of Conduct Revisions
  • New Ethics Interpretations
  • Revision of Interpretation 101-3 under Rule 101 – “Performance of Non-Attest Servicesâ€?
  • Tax and Forensic Accounting Services
  • Establishing or Maintaining Internal Control
  • Proposed New Interpretation 101-16, Indemnification, Limitation of Liability and ADR Clauses
    in Engagement Letters
  • Proposed New Interpretation 102-7, Framework for Meeting the Objectives of the
    Fundamental Principles
  • Proposed Interpretation 101-17, Networks and Network Firms, and Proposed Revisions to
    ET 92
  • Proposed Interpretation 501-8, “Failure to Follow Requirements of Governmental Bodies,
    Commissions, or Other Regulatory Agencies on Indemnification and Limitation of Liability
    Agreements with Client,� Under Rule 501, Acts Discreditable
• Center for Audit Quality
• AICPA Audit Committee Effectiveness Center
  • Dealing with Management Override
• AICPA Employee Benefit Plan Audit Quality Center
• AICPA Governmental Audit Quality Center
• Summary
• Questions
• Chapter 15 - Ethics Focus: Accounting and Auditing
• Ethics Overview
• Recent Developments
• Spotlight on Independence
• Key Ethical Dilemmas
• Addressing Ethical Dilemmas
• Available Resources
• Chapter 16- Latest Developments
• Value Aid AICPA's Audit Risk Alert

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