Annual Update for Accountants and Auditors (2008-2009 Edition)

• Chapter 0 - Overview
• Course Objectives
• Introduction
• Acronyms
• Chapter 1 - FASB Effective Dates
• Learning Objectives
• Introduction
• Reference Chart for FASB Statement Numbers
• Questions
• Chapter 2 - Recent FASB Pronouncements
• Learning Objectives
• Introduction
• FAS 141(R)-Business Combinations (Issued December 2007)
  • Introduction
  • Scope
  • Key Terms
  • Identifying a Business Combination
  • The Acquisition Method
  • Determining the Acquisition Date
  • Disclosures
  • Effective Date and Transition
• FAS 160-Noncontrolling Interests in Consolidated Financial Statements-an amendment of ARB 51 (Issued December 2007)
  • Scope
  • Amendments to ARB 51
  • Noncontrolling Interest in a Subsidiary
  • Deconsolidation of a Subsidiary
  • Disclosures
  • Effective Date and Transition
• FAS 161-Disclosures about Derivative Instruments and Hedging Activities-an amendment of FAS 133 (Issued March 2008)
  • Introduction
  • Summary
  • Effective Date and Transition
• FAS 157-Fair Value Measurements
  • Introduction
  • Scope
  • Measurement
  • Valuation Techniques
  • Fair Value Hierarchy
  • Disclosures
  • Effective Date and Transition
• 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
  • Background
  • FASB Staff Position
• FSP FAS 157-2 Effective Date of FASB Statement No. 157
  • Scope
  • Amendment to FAS 157
• FSP FAS 157-c Measuring Liabilities Under FAS 157
  • Background
  • FASB Staff Position
• FAS 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 FAS 159
  • Disclosures Applicable to FAS 155 and FAS 159
  • Application to Not-for-Profit Organizations
  • Effective Date
  • Early Adoption
• FAS 158-Employer's 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 FAS 158
  • Reporting by a Business Entity
  • Reporting by a Not-for-Profit Organization
  • Effective Dates
  • Transition
• FSP FAS 158-1 Conforming Amendments to the Illustrations in FASB Statements No. 87, No. 88, and No. 106 and to Related Staff Implementation Guides
• FIN 48-Accounting for Uncertainty in Income Taxes an interpretation of FAS 109
  • Introduction
  • Interpretation
  • Effective Date and Transition
• FSPs Related to FIN 48
  • FSP FIN 48-1, Definition of Settlement in FASB Interpretation No. 48
  • FSP FIN 48-2, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises (Date Posted: February 1, 2008)
• Questions
• Chapter 3 - FSPs, Derivative and EITF Issues
• Learning Objectives
• Introduction
• FASB Staff Positions
  • Introduction
  • Final FSPs
  • Proposed FSPs
• FAS 133 (Derivatives) Implementation Issues
  • Recent Issues
  • 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 No. 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 No. 128, Earnings per Share, to Master Limited Partnerships
• EITF Open Issues
• EITF Topics
• Questions
• Chapter 4- FASB Exposure Drafts
• Learning Objectives
• Introduction
• Proposed FAS-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 FAS-Not-for-Profit Organizations: Goodwill and Other Intangible Assets Acquired in a Merger or Acquisition an amendment of FAS 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 FAS-Earnings per Share an Amendment of FAS No. 128
  • Introduction
  • Amendments to FAS 128
  • Effective Date and Transition
• Proposed FAS-Accounting for Financial Guarantee Insurance Contracts an interpretation of FASB Statement No. 60
  • New Format for FASB Statements
  • Summary
• Proposed FAS The Hierarchy of Generally Accepted Accounting Principles
  • Introduction
  • GAAP Hierarchy
  • Effective Date
• Proposed FAS-Accounting for Transfers of Financial Assets-an amendment of FASB Statement No. 140
  • Introduction
  • Summary
• Questions
• Chapter 5 - FASB Projects
• Learning Objectives
• Introduction
• 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 Pronouncements
• Learning Objectives
• Introduction
• 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-a - Effective Date of AICPA Statement of Position 07-1 (Issued 11/16/07)
• AICPA Technical Practice Aids
  • Not-for-Profit Organizations Reporting Fundraising Expense
  • 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
• 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
  • Changes to the Organization of the FASB and the IASCF
• Questions
• Chapter 8 - ASB Projects
• Learning Objectives
• Introduction
• ASB's Clarity Project
  • Background
• International Convergence of Audit Standards
  • The IAASB's Clarity Project
  • The ASB Plan
• Revision of SAS 103, Audit Documentation
  • Introduction
  • Outline
  • Analysis
  • SAS 103 Revisions Compared to ISA 230
• Revisions to SAS 114, The Auditor's Communication With Those Charged With Governance
  • Introduction
  • New Table of Contents
  • Analysis
• Revision of SAS 74, Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance
  • Background
  • AICPA's Response to the PCIE Report
• Revisions to SAS 108, Planning and Supervision
  • Summary of Proposed Changes to SAS 108
• Revisions to AU Section 341, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern
  • Background
  • Summary of Changes
• Other ASB Projects
  • Introduction
  • Service Organizations
  • An Examination of an Entity's Internal Control
  • Required Supplementary Information/Supplementary Information
  • Interim Financial Information
• SAS and SSAE Interpretations
  • Reporting on Attestation Engagements Performed in Accordance with Government Auditing Standards (Revised January, 2008)
  • AU §9330 - Interpretation 1 - Use of Electronic Confirmations
• Questions
• Chapter 9 - Compilation and Review
• Learning Objectives
• Introduction
• SSARS 17-Omnibus Statement on Standards for Accounting and Review Services
  • Introduction
  • Change in Terminology
  • Compilation and Reviews: Objectives and Limitations
  • Engagement Letters
  • Definitions of Those Charged with Governance, Management, and Third Parties
  • Dating the Management Representation Letter
  • An Entity's Ability to Continue as a Going Concern
  • Subsequent Events
  • Supplementary Information
  • Analytical Procedures
• SSARS 16-Defining Professional Requirements in Statements on Standards for Accounting and Review Services
  • Introduction
  • Professional Requirements
  • Effective Date
• SSARS 15-Elimination of Certain References to the Statements on Auditing Standards and Incorporation of Appropriate Guidance into Statements on Standards for Accounting and Review Services
  • Introduction
  • Amendments to AR Section 100
  • Effective Date
• SSARS Interpretations
  • Interpretations of AR Section 100
  • Interpretation of AR Section 300
  • Other Exhibits
  • Interpretation No. 28: Special-Purpose Financial Statements to Comply With Contractual Agreements or Regulatory Provisions
  • Interpretation No. 29: Reporting on an Uncertainty, Including an Uncertainty about an Entity's Ability to Continue as a Going Concern
• Compilation and Review Alert 2007/08
  • Introduction
  • Independence in a Compilation Engagement
  • Current Practice Issues
  • Common Peer Review Deficiencies
  • ARSC's Potential New Projects
• Questions
• Chapter 10 - New Developments in Professional Ethics
• Learning Objectives
• Introduction
• Revisions to Interpretation 101-3, Performance of Nonattest Services, Under Rule 101, Independence
  • Introduction
  • Tax Compliance Services
  • Forensic Accounting Services
• Conceptual Framework
  • Introduction
  • Transition
  • Revision to "Other Considerations" in Interpretation 101-1, Interpretation of Rule 101, under Rule 101 (ET 101.02)
  • ET Section 100.01-Conceptual Framework for AICPA Independence Standards
• Proposed Interpretation 501-8 Under Rule 501: Failure to Follow Requirements of Governmental Bodies, Commissions, or other Regulatory Agencies on Indemnification and Limitation of Liability Agreements with a Client (Issued December 3, 2007)
  • Text of Proposed Interpretation
• Proposed Revision of ET Section 102: Definition of Firm (August 13, 2007)
  • Proposed Revised Definition, Firm, Under ET Section 92
  • Proposed New Definition, Network, Under ET Section 92
  • Proposed New Definition, Network Firm, Under ET Section 92
  • Proposed Interpretation 101-17, Networks and Network Firms, Under Rule 101
• Proposed Interpretation and Conceptual Framework for Meeting the Objectives of the Fundamental Principles (May 15, 2007)
  • Proposed Interpretation 102-7, Other Considerations: Meeting the Objectives of the Fundamental Principles under Rule 102
  • Proposed Framework for Meeting the Objectives of the Fundamental Principles
• Omnibus Proposal, September 8, 2006
  • Proposed Interpretation 101-16, Indemnification, Limitation of Liability, And ADR Clauses in Engagement Letters, Under Rule 101, Independence
• Independence and Ethics Alert-2007/2008
  • Introduction
  • Digest of the AICPA Independence Rules
• Questions
• Chapter 11 - PCAOB and SEC Update
• Learning Objectives
• Introduction
• PCAOB Update
  • AS6 - Evaluating Consistency of Financial Statements
  • AS5 - An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements
  • Proposed Auditing Standard - Engagement Quality Review
  • Proposed Ethics and Independence Rules
• SEC Update
  • SEC Final Rule
  • Other SEC Activities
• Questions
• Chapter 12 - Ethics Focus: Accounting and Auditing
• Ethics Overview
• Recent Developments
• Spotlight on Independence
• Key Ethical Dilemmas
• Addressing Ethical Dilemmas
• Available Resources
• Chapter 13 - Latest Developments

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