Accounting & Auditing Conference (E1811350)

Agenda

8-8:30 a.m.
Registration and Continental Breakfast

8:30-10:10 a.m.
FASB Update - Part 1
John M. Fleming, CPA, MBA
Part 1 of this session will address implementation issues and business implications associated with applying the new revenue and lease accounting standards. For non-public entities, ASU 2014-09 Revenue from Contracts with Customers is effective January 1, 2019 and ASU 2016-02 Leases is effective January 1, 2020.

10:10-10:25 a.m.
Break

10:25 a.m.-12:05 p.m.
FASB Update - Part 2
John M. Fleming, CPA, MBA
Part 2 of this session will provide an overview of changes made by FASB’s Accounting Standard Updates from the period June 2016 through June 2018.

12:05-12:55 p.m.
Lunch Break

12:55-2:35 p.m.
Concurrent Session 1. Please Choose One.

1A. Revenue Recognition - ASU 2014-09, As Amended, Revenue from Contracts with Customers
John M. Fleming, CPA, MBA
This session will overview the new revenue standard and identify and apply the new five-step revenue recognition model as well as describe and illustrate the new revenue disclosure requirements for both public and non-public entities.

1B. Issues Associated with Tax Basis Presentations
Kenneth A. Heaslip, CPA, MBA
This session will address the presentation and disclosure of tax basis financial statements, including the impact of the new tax law. It will include a discussion on the various options and factors in determining the appropriateness of preparation, compilation, and review reporting.

1C. Current Practice Issues in Peer Review
Rebecca M. Lee, CPA
Peer Review this year? Again, so soon? This “not to miss” session will address the most common peer review matters as identified by the AICPA and the PCAOB. Even though these deficiencies are common doesn’t mean they are new. However, they can contribute to a non-conforming engagement which can result in peer review results of pass with deficiency or worse, a failed peer review. Don’t fall victim to these deficiencies. Join this session to explore the issues and find common sense solutions.

2:35-2:50 p.m.
Break

2:50-4:30 p.m.
Concurrent Session 2. Please Choose One

2A. DOL Update Including New Audit Report Letter and Procedures
Rebecca M. Lee, CPA
Significant changes are coming soon to your Employee Benefit Plan Audits! Don’t miss this critical update. The Department of Labor’s influence and oversight continues on Employee Benefit Plan audits with the new (proposed) audit standard. The limited scope audited, while allowed by DOL, has long been considered a significant risk to auditor. Much of the risk can be attributed to misunderstanding by plan sponsors, fiduciaries and auditors of their respective responsibilities. Clarification has been needed and this standard will provide a better understanding of each parties’ responsibility. The auditor report letter, engagement letter and representation letter will see significant changes while documentation of new specific procedures will be required to ensure that adequate evidence is accumulated to support the report.

2B. Deceptive Accounting Practices
Kenneth A. Heaslip, CPA, CGMA
This session will cover various deceptive accounting practices and the CPAs role in identify frauds and assisting in the implementation of controls to avoid them. It will include a discussion on how financial statements will be impacted by the new revenue recognition standard and how to be prepared for the misapplication of such standards.

2C. Revenue Recognition - ASU 2014-09, As Amended, Revenue from Contracts with Customers (Repeated)
John M. Fleming, CPA, MBA
This session will overview the new revenue standard and identify and apply the new five-step revenue recognition model as well as describe and illustrate the new revenue disclosure requirements for both public and non-public entities.