AICPA Q&A

Author: Pat Patterson

The AICPA has posted questions and answers issued since in the past years. The questions and answers in this section are not sources of established authoritative principles. This material is based on selected practice matters identified by the staff of the AICPA's Technical Hotline and various other bodies within the AICPA and has not been approved, disapproved, or otherwise acted upon by any senior committee of the AICPA. The selected questions and answers are from common issues that professionals encounter in their work.

Publication Date: July 2020

Designed For
Attendees should include professionals in public accounting, in business, and others that would like to have some of the latest questions answered by the staff of the AICPA and then discussed in this session.

Topics Covered

• Statement of Financial Position
• Income Statement
• Statement of Cash Flows
• Consolidated Financial Statements
• Financial Statements Prepared in Accordance With a Special Purpose Framework
• Personal Financial Statements
• Notes to Financial Statements
• Interim Financial Information
• FASB for the Future

Learning Objectives

• Recognize certain issues with financial statement preparation
• Identify and implement correct procedures for unusual issues
• Differentiate ASC topics and how they apply in various client scenarios
• Recognize which type of contractual provisions that limit risk transfer need to be considered when reviewing insurance contracts
• Differentiate which types of premiums is determined after the inception of the policy based on the loss experience under the policy

Level
Basic

Instructional Method
Self-Study

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

Program Prerequisites
None

Advance Preparation
None