Top Accounting and Auditing Issues for 2023 CPE Course: Module 1
Author: Robert K Minniti, Lewis R. Fisher
| CPE Credit: |
6 hours for CPAs |
This six CPE hour course reviews top accounting issues: 2022 GAAP update, cost-effective cybersecurity for small businesses, and real-world blockchain applications. This course provides an overview of updates to U.S. generally accepted accounting principles (GAAP) impacting the 2022 calendar year-end reporting period. To ensure all recent pronouncements are captured, this course revisits standards issued in late 2021, to alert readers to changes that could impact their reporting. Discussion will also be provided on existing standards originating from the FASB’s Private Company Council and how these can streamline reporting requirements. This course is also designed to assist accountants and auditors who are working with small businesses. The course assumes that there will be a limited budget for implementing cybersecurity internal controls for a small business. It will also discuss working directly with small business owners and bookkeepers, and some of their resistance to formalized internal controls. Since an effective risk assessment is necessary to develop internal controls, cyber fraud risks specific to small businesses will also be covered. Finally, the course will review real-world applications for blockchains. Many people have heard of blockchains but are not sure what they are or how they work. You might know that blockchains are used for cryptocurrency transactions, but are you aware of the other business and accounting uses for blockchain technology? This course explores current and possible future uses for blockchain technology in businesses, government entities, and in the accounting and auditing profession. Examples of how blockchains work will be provided.
This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.
Publication Date: August 2022
Topics Covered
- Accounting for Cryptocurrencies
- Recent SEC Proposals
- PPP Loan Treatment and Employee Retention Tax Credit
- Fair Value of Equity Securities: Proposed Changes
- Recent Authoritative U.S. Accounting Standards
- Fraud Statistics
- Cybersecurity Awareness
- Phishing
- Vishing
- Smishing
- QR Code Scams
- Denial of Service (DOS) Attacks
- Spoofing
- Ransomware
- Data Breaches
- Credential Stuffing
- Internal Controls for Cybersecurity
- Cybersecurity Frameworks
- Internal Controls for Small Businesses
- Blockchain Basics
- How Blockchains Work
- Blockchain Terminology
- Uses for Blockchains
- Cryptocurrencies
- Crypto Frauds
- Virtual Currency Wallets
- Accounting and Auditing for Virtual Currencies
- Blockchain in the News
Learning Objectives
- Recognize required GAAP reporting requirements for your company or clients
- Identify proper accounting treatment for cryptocurrencies
- Summarize recent SEC proposals
- Identify accounting issues related to Paycheck Protection Program (PPP) loan treatment and the Employee Retention Tax Credit
- Differentiate how various Accounting Standards Updates (ASUs) apply
- Recognize how to properly apply new accounting standards
- Identify risks for cyber fraud
- Develop cost-effective cybersecurity internal controls for small businesses
- Define what a blockchain is
- Identify how blockchains work
- Identify uses for blockchains
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (6 hours)
Program Prerequisites
None
Advance Preparation
None
