Virtual Training Options for Your Firm’s Accounting and Audit Update
Virtual Training Options for Your Firm’s Accounting and Audit Update

Virtual Training Options for Your Firm’s Accounting and Audit Update

I don’t hate many things, but I do hate COVID-19. Like you, I miss hanging out with friends and family. I miss going to football games, concerts, and restaurants. And I miss travelling around the world spreading the love of GAAP! While we’d all like to be together, face-to-face, for training sessions, unfortunately, I just don’t think it’s in the cards for the foreseeable future. Maybe in the fourth quarter, but I’m not holding my breath. Which means we all should be planning, right now, for virtual training options for the upcoming year. Luckily, we’ve got a plan!

Accounting and Audit (A&A) Update

Auditors must stay abreast of current developments – from both accounting and audit standard setters – and our A&A Update courses have you covered! They’re interactive and application-based, focusing on standards applicable to professionals working at accounting firms responsible for auditing U.S. GAAP financial statements in accordance with U.S. auditing standards.

Delivered either via live webinars or self-study eLearning courses, our A&A Update includes the following four courses, 100 minutes each, totaling 8 hours of CPE:

  • Refresher and Hot Topics
  • ASUs Effective in 2021
  • ASUs Effective in 2022 and Beyond
  • Audit Update (2021)

Refresher and Hot Topics

Accountants should consider the accounting and reporting implications arising from the COVID-19 pandemic. Using mini case studies and polling questions, this course reviews the accounting requirements related to asset impairments, exit and disposal activities, fair value measurements, revenue recognition, and much more! We also cover reminders and recent pronouncements related to reviews, compilations, preparation of financial statements, and direct examination engagements.

By the end of this course, you should be able to:

  • Recall matters noted in peer reviews related to compilations and reviews
  • Recall recent pronouncements related to reviews, compilations, preparation of financial statements, and direct examination engagements
  • Identify accounting and disclosure issues arising as a result of the COVID-19 pandemic

ASUs Effective in 2021

This course focuses on Accounting Standards Updates (ASUs) that are effective for the first time in 2021 for both public and private entities, which include: Cloud computing arrangements, collaborative arrangements, targeted improvements to hedge accounting, simplifying the accounting for income taxes, clarifying the interaction between Topics 321, 323, and 815, and reference rate reform.

By the end of this course, you should be able to:

  • Recall recently issued ASUs effective in 2021
  • Identify the impacts of recently issued ASUs on financial reporting

ASUs Effective in 2022 and Beyond

This course looks at the new ASUs that have been issued and are effective in 2022 and beyond, such as goodwill impairment testing, accounting for convertible debt, and targeted improvements for long-duration insurance contracts. We also cover the implementation issues encountered by public companies adopting ASC 842 Leases and ASC 326 Credit Losses since these major standards will soon be effective for private companies.

By the end of this course, you should be able to:

  • Recall recent ASUs issued by the FASB with effective dates in 2022 and beyond and how they will change accounting and reporting under U.S. GAAP
  • Describe recent application issues highlighted by regulators and public companies surrounding ASC 842 Leases and ASC 326 Credit Losses.

Audit Update (2021)

Auditors must stay abreast of current developments and our Audit Update course does just that. In this course we cover recent changes to PCAOB auditing standards and U.S. GAAS, as well as taking a look at common audit deficiencies noted by inspectors and recent enforcement actions against auditors.

By the end of this course, you should be able to:

  • Recall changes to the auditor’s report, including identifying and disclosing critical audit matters (CAMs) and key audit matters (KAMs)
  • Recall recently issued guidance from standard setters which impact audits of financial statements
  • Identify the issues most frequently noted in inspections of audits of financial statements


Plans and Pricing for Accounting Firms

Silver Plan

With our Silver Plan, your professionals get access to the self-study versions of all four courses within our A&A Update, giving them the opportunity to complete the courses on their own, at their own pace. And since it’s produced by GAAP Dynamics, you can be confident that it’s both technically accurate and engaging, giving your people the necessary information to complete their year-end audits.

This plan is a good option for those firms with under 50 people and those needing a cost-effective option to get an annual A&A Update into the hands of their professionals.

Price: $200 per person ($25 per CPE credit) 


Gold Plan

Our most popular option, the gold plan is the best of both worlds. Two expert facilitators from GAAP Dynamics facilitate, via live webinars, the four courses within the A&A Update. And the best part – you pick the dates and times most convenient for your firm. Want to do it all in one day? (Not recommended, but hey, it’s your call!) No worries. Want to spread it out over several days? We can do that too!

In addition, your professionals also receive access to the self-study versions of all the courses, so they’re covered in case they miss the live event or want to go back re-watch a particular topic at a later date.

Want to get more “bang for your buck?” Talk to us about combining the two ASUs Update courses into a 4-hour, live U.S. GAAP Update webinar and invite your clients and prospective clients. They’ll get CPE and you’ll get kudos for including them! Plus, think of all the extra assistance you could provide once they have a full understanding of the rules.

Price: $12,000 flat fee (up to 50 people); $30 per person for each additional person.


Platinum Plan

This is the best option for accounting firms that are serious about providing quality training to their professionals. Not only will they receive the A&A Update courses via live webinars coupled with the self-study options, but they’ll also receive an all-access, year-long subscription to our entire eLearning library available on the Revolution, our online learning platform. With over 70 courses (and counting), your professionals will have instant and immediate access to quality accounting courses in a variety of topics under U.S. GAAP and IFRS, as well as industry-specific training for banking, investment management, and insurance, available at their moment of need. We encourage you to check out our catalog, which is continually being updated with new courses constantly being added.

Price: $25,000 flat fee (up to 50 people); $250 per person for each additional person.

Have more than 100 people? Call us for additional discounts!


BONUS (All Plans)

Included with all the plans is access for your learners to the Revolution, our online learning platform, which includes:


GAAP Dynamics has been a trusted adviser to Big 4 and regional firms for the past 20 years, so you’re in good hands. Our training engages your people and guides them through complex accounting and auditing rules – saving you time, money, and mistakes!

But don’t just take my word for it, see for yourself. We’d like to invite you to our periodic webinar series that we are hosting for regional accounting firms and independent member firms of global accounting networks. While you’ll get CPE, the best part is the webinars are absolutely FREE!

We’d love to understand your training needs and see if we can help. Let’s talk!


About GAAP Dynamics  

We’re a DIFFERENT type of accounting training firm. We don’t think of training as a “tick the box” exercise, but rather an opportunity to empower your people to help them make the right decisions at the right time. Whether it’s U.S. GAAP training, IFRS training, or audit training, we’ve helped thousands of professionals since 2001. Our clients include some of the largest accounting firms and companies in the world. As lifelong learners, we believe training is important. As CPAs, we believe great training is vital to doing your job well and maintaining the public trust. We want to help you understand complex accounting matters and we believe you deserve the best training in the world, regardless of whether you work for a large, multinational company or a small, regional accounting firm. We passionately create high-quality training that we would want to take. This means it is accurate, relevant, engaging, visually appealing, and fun. That’s our brand promise. Want to learn more about how GAAP Dynamics can help you? Let’s talk!


This post is published to spread the love of GAAP and provided for informational purposes only. Although we are CPAs and have made every effort to ensure the factual accuracy of the post as of the date it was published, we are not responsible for your ultimate compliance with accounting or auditing standards and you agree not to hold us responsible for such. In addition, we take no responsibility for updating old posts, but may do so from time to time.

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