2022 GAAP, GAAS, & SSARS Update

Author: Pat Patterson

This update is about some of the most difficult and frequently found accounting, auditing, review, compilation, and preparation issues in the CPA profession. The difficulties that are happening because of the Coronavirus Pandemic (COVID-19) and the impact that it has on the accounting professional are discussed. This course reviews new and recently issued FASB pronouncements that impact Audit issues and SSARS requirements for 2020, 2021, 2022, and the future years. Engagement letters, changes to reporting formats, disclosure requirements, and engagement administration matters are presented. Issues include revenue recognition, financial instruments, and leases. A review of the AICPA’s Code of Professional Conduct with its changes for those in public accounting, in business, and others is presented for changes and updates for the profession. New standards for preparation, compilation, review, attestation, and audit engagements are examined for current and future application. Recently issued ASUs, SASs, SSAEs, and SSARSs will be reviewed for their impact.

Publication Date: November 2022

Designed For
CPAs that need to be current on professional standards in their employment, for their clients and client applications, and to meet the continuing professional education requirements of their state laws and rules.

Topics Covered

• Update on selected Accounting Standards Updates (ASUs) and FASB Standards
• Update on selected Auditing Standards from the Auditing Standards Board (ASB) of the AICPA
• Update on selected SSARS from the Accounting and Review Services Committee (ARSC)
• Insight into other related issues

Learning Objectives

• Recognize current and newly issued GAAP, GAAS, SSAE and SSARS pronouncements that impact engagements regarding reporting formats, engagement letters, and disclosure issues currently needed
• Identify updates on GAAP from the FASB
• Identify updates on Auditing Standards from the AICPA and ASB
• Identify updates on SSARS from the ARSC
• Identify other related issues and the future of the FASB and IASB
• Identify one of the new projects added by the FASB
• Identify the recently released ASU related to troubled debt restructurings and vintage disclosures
• Identify the AU-C Section that is about the auditor's responsibility to form an opinion on the financial statements
• Identify the Statement on Auditing Standards (SAS) related to audit evidence released in July 2020 by the AICPA Auditing Standards Board (ASB)

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
Basic understanding of GAAP, GAAS, and SSARS.

Advance Preparation
None