This course provides an efficient update on recent and upcoming accounting standard-setting activity issued by the Financial Accounting Standards Board. The course focuses on Accounting Standards Updates (ASUs) effective for December 31, 2026 year-ends for public companies, private entities, and not-for-profit organizations.
Participants will also review issued ASUs with future effective dates, along with high-level insights into recent exposure drafts. Emphasis is placed on understanding timing, scope, and areas of change that may affect financial reporting and implementation planning.
Designed as a practical update for preparers, auditors, and financial professionals, this course helps participants stay current on FASB activity and better anticipate the impact of evolving accounting standards.
DESIGNED FOR
Anyone who performs audit or other attest services
BENEFITS
- Recall the nature of risks faced when performing a variety of professional services for clients
- Explain how to mitigate risks faced by all CPAs in performing professional services
- List best practices for maintaining quality control for all professional engagements
HIGHLIGHTS
- Differentiating risks faced when performing various levels of professional services, such as audits, reviews, compilations, preparing financial statements, bookkeeping, tax return preparation, and similar
- Best practices for preventing quality control concerns that could lead to peer review deficiencies or malpractice claims
- Establishing an understanding with the client to minimize misunderstandings as to the nature and scope of engagements
- Explain situations when independence should be appropriately safeguarded when performing nonattest services
PREREQUISITES
None
ADVANCE PREPARATION
None