Compilation, Preparation, and COVID-19

Author: Pat Patterson

This course explains the varied and unusual details of Generally Accepted Accounting Principles (GAAP) and Special Purpose Financial Standards that impact the accounting, compilation, and preparation principles for privately held entities during the Corona Virus Global Pandemic (COVID-19). SSARS 25 is discussed for application to preparation and compilation engagements.

Publication Date: January 2021

Designed For
The course is designed for CPAs in public practice, professionals in business, industry, and other accounting professionals working in the accounting and financial statement preparation areas under the COVID-19 threats. In addition, the AICPA’s Code of Professional Conduct (as revised) is also important to understand as it relates to independence, documentation, and form and content of financial statements, if any.

Topics Covered

• The Challenge of Compilations and COVID”19
• Sound Professional Judgment
• Modified Compilation Reports
• Selected Accounting and Financial Reporting Specific Matters
• Unusual or Infrequent Events
• The Changes to SSARS
• SSARS 25, AR”C Section 70, February 2020
• SSARS 25 AR”C Section 80, Compilation Engagements

Learning Objectives

• Identify selected FASB effective dates
• Recognize and apply Preparation and Compilation Standards, SSARS 25
• Recognize challenges of nondisclosure compilations and the COVID”19 pandemic
• Identify Selected Accounting and Financial Reporting Specific Matters and COVID”19 Issues
• Describe true statements when an accountant is asked to prepare financial statements
• Recognize examples of an entity-specific event

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
The participants should be familiar with the basics of accounting and Compilation Standards using GAAP, Other Special Purpose Financial Standards, and Ethics.

Advance Preparation
None