Go for the Gold with GAAP Dynamics: Our A&A Update
Go for the Gold with GAAP Dynamics: Our A&A Update

Go for the Gold with GAAP Dynamics: Our A&A Update

Auditors must stay abreast of current developments – from both accounting and audit standard setters – and our A&A Update has you covered (and standing atop the podium)! It’s interactive and application-based, focusing on standards applicable to professionals working at accounting firms responsible for auditing financial statements in accordance with U.S. standards.

For 2021, our A&A Update totals 8.0 CPE credits and includes the following four courses:

  1. ASUs Effective in 2021
  2. ASUs Effective in 2022 and Beyond
  3. Audit Update (2021)
  4. Refresher and Hot Topics (2021)

Here are the course descriptions, learning objectives, and agendas for each of the courses:

ASUs Effective in 2021

Accounting updates are a necessary evil, but that doesn’t mean they have to be mind-numbingly boring! Come experience the GAAP Dynamics difference as we discuss the Accounting Standards Updates (ASUs) applicable to both public companies and private entities effective in 2021. It’s interactive and application-based, with plenty of examples to illustrate key learning points.

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 2021 for all entities
    • Revenue recognition by franchisors (ASU 2021-02)
    • ASC 848 Reference Rate Reform
  • ASUs effective in 2021 for public companies
    • Clarifying the interactions between Topics 321, 323, and 815 (ASU 2020-01)
    • Simplifying the accounting for income taxes (ASU 2019-12)
  • ASUs effective in 2021 for private entities
    • Evaluating triggering events for impairment testing (ASU 2021-03)
    • Collaborative arrangements (ASU 2018-18)
    • Cloud computing arrangements (ASU 2018-15)
    • Improvements to hedge accounting (ASU 2017-12)

Some of these ASUs were discussed in this post.

ASUs Effective in 2022 and Beyond

The FASB never sleeps and despite a wave of big standards issued over the past several years, new ASUs continue to be issued that impact financial accounting and reporting under U.S. GAAP. Plus, a few of these big standards that were previously issued are going to be applicable for private companies before too long, so we want to review the highlights for those as well. This webinar looks at those new ASUs that have been issued and are effective in 2022 and beyond for all entities.

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

  • Recall recent ASUs 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 with respect to ASC 842 Leases and ASC 326 Credit Losses


  • Reminders and application issues associated with:
    • ASC 842 Leases
    • ASC 326 Credit Losses
  • Goodwill impairment testing (ASU 2017-04)
  • Accounting for convertible instruments (ASU 2020-06)
  • Issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options (ASU 2021-04)
  • Other ASUs effective in 2021 and beyond

Want comprehensive training on ASC 842 Leases? Learn more here. Check out this post for FREE videos on the three things you need to know when implementing the new leases standard.

Audit Update (2021)

Auditors must stay abreast of current developments and our Audit Update webinar for 2021 has you covered! In this webinar we’ll cover recent changes to PCAOB auditing standards and U.S. GAAS, as well as look at common audit deficiencies noted by inspectors, recent enforcement actions against auditors, and mitigating fraud per review of SEC enforcement actions. The webinar concludes with a discussion of the role of auditors in company prepared environmental, social, and corporate governance (ESG) information.

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


  • Auditor’s reporting model
    • Revision to the auditor’s report (SAS 134)
    • Insights on critical and key audit matters
  • PCAOB and U.S. GAAS Update
    • Auditing accounting estimates and using the work of specialists (AS 2501 / SAS 143)
    • Use of specialists and the use of pricing information obtained from external sources (AS 1210 / SAS 144)
    • Financial statements of employee benefit plans subject to ERISA (SAS 136)
    • Other information (SAS 137)
    • Audit evidence (SAS 142)
  • Enhancing audit quality
    • PCAOB inspection report trends and focus areas
      • Staff observations and reminders during the COVID-19 pandemic
      • Staff outlook for 2021 inspections
    • Examples of matters in peer reviews
    • Enforcement actions against auditors
    • Mitigating fraud schemes: Insights from SEC enforcement actions
  • The role of auditors in company prepared ESG information
    • Attestation engagements on sustainability information

Some of these issues were discussed in a free webinar we held earlier this year. Check out this post to learn more and watch the recording!

Refresher and Hot Topics (2021)

Even Shaq has a SPAC! What are special purpose acquisition companies (SPACs) and why are they all the rage? We’ll discuss that, as well as the financial reporting and auditing considerations of companies merging with SPACs. We’ll also cover hot topics and reminders related to ASC 606 Revenue from Contracts with Customers, the COVID-19 pandemic, and risk assessment and its impact on your audit procedures.

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

  • Recall accounting and audit issues associated with special purpose acquisition companies (SPACs)
  • Identify accounting and disclosure issues arising because of the COVID-19 pandemic
  • Recall the requirements surrounding risk assessment and the impact on your audit procedures


  • Financial reporting and auditing considerations related to SPACs
    • Business combinations vs. asset acquisitions
    • Who is the acquirer (i.e., reverse acquisitions)?
    • Contingent consideration
    • Classification of instruments as debt or equity
    • Auditor considerations
  • Premium amortization on callable debt securities (ASU 2017-08), including clarifying amendments
  • Hot topics with respect to ASC 606 Revenue from Contracts with Customers
    • Material rights
    • Contract costs
    • Principal vs. agent considerations
    • Auditor missteps related to ASC 606
  • Reminders and new guidance arising from COVID-19
    • Ordering of impairment tests
    • Lease concessions
    • Hedge accounting
  • Risk assessment and its impact on your audit procedures

 Want to learn more about the accounting issues associated with SPACs? Check out this post and this one for more information!


 Luckily, it won’t cost you a lot of gold to get your A&A Update for 2021!

CPE specifics (for each course):

Price:  $189

CPE credits:  2.0 hours

Instructional delivery method:  QAS Self Study (or Group Internet Based)

Field of study:  Accounting / Auditing

Knowledge level:  Update

Prerequisites:  Fundamental knowledge of and auditing financial statements prepared in accordance with U.S. GAAP

Advanced preparation:  None

We’re offering an incredible deal on our A&A Update (2021) collection. Four eLearning courses (eligible for 8.0 CPE credits) for only $299. That’s nearly a 40% savings! Have multiple professionals to train? Save even more with the following volume discounts:

  • 10-25 people (10% off)
  • 26-50 people (20% off)
  • 51-100 people (35% off)
  • 100+ people (50%)

Looking at offering live, facilitated webinar(s) to your entire firm? As discussed in this post, you’re looking at around $12,000, which includes giving those professionals that cannot attend access to the self-study version of the courses. We can run consecutive webinars in one day covering all 8 hours or spread them out. It’s up to you! If you just want to run the webinar (and you can handle administration of the CPE), we can do a 1-day webinar covering all 4 courses for around $10,000.


Although I believe our A&A Update is competitively priced, you might be able to find a cheaper alternative in the marketplace. However, as the adage goes, you get what you pay for! Other training providers just recreate the standard on the slides. They don’t really get into the standards with application issues affecting your client. And they certainly don’t tailor the discussion to your needs!

Or you might think you can send 1-2 people to an “off-the-shelf” update course and just have them train your firm. Well, besides the issue of potentially violating intellectual property rights, don’t your people have better things to do? I guess if you are currently overstaffed this might be a viable option, but I don’t know too many accounting firms to which this applies. Sometimes outsourcing makes sense and we believe that training your professionals is one of those areas!

Offered by GAAP Dynamics, a trusted adviser to Big 4 and regional accounting firms for the past 20 years, our training engages your people and guides them through complex accounting and auditing rules – saving you time, money, and mistakes!

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.

Virtual A&A Update for Accounting Firms
Simulated Live Webinar: Accounting Issues Arising from COVID-19

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