Auditors must stay abreast of current developments – from both accounting and audit standard setters – and our 2022 Accounting and Audit Update will fill your plate with knowledge on new standards under U.S. GAAP, PCAOB, and U.S. GAAS standards! The recipe for our courses includes a heavy dose of interactivity, combined with a full cup of application-based examples. Our course favors to professionals working at accounting firms responsible for auditing financial statements in accordance with U.S. standards, whether those be U.S. GAAS or PCAOB auditing standards.

For 2022, our menu includes the following courses, each of which can be taught live via a webinar or in the classroom at the date, time, and location of your choosing. Bundle them together to provide your team with eight (8.0) hearty hours of CPE:

1. Refresher and Hot Topics (2.0 CPE)
2. ASUs Effective in 2022 (2.0 CPE)
3. ASUs Effective in 2023 and Beyond (2.0 CPE)
4. Audit Update (2.0 CPE)

Hungry for more? Let’s look at the course descriptions, learning objectives, and agendas for each of these courses.

Hors D’oeuvres: Refreshers and Hot Topics

Program Description

We always start our annual update courses with a refresher section filled with “bite-sized” class discussion questions to get learners “in the mood” for U.S. GAAP and auditing before we jump into new pronouncements. It’s interactive and application-based, with plenty of examples to illustrate key learning points. In this CPE-eligible course (2.0 CPE), we cover the following:

• Hot topics and recent guidance related to share-based payment awards
• The accounting for PPP loans and reference rate reform under U.S. GAAP
• Hot topics identified at the AICPA and CIMA Conference on Current SEC and PCAOB Developments, such as
• • ESG reporting
  • Financial reporting considerations for SPACs
  • Materiality and restatements
  • Accounting for cryptocurrency and other digital assets
• SEC comment letter trends and enforcement actions.

Learning Objectives

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

• Recall recent hot topics and related guidance with respect to share-based payment awards
• Recognize the various options available within U.S. GAAP with respect to accounting for PPP loans
• Identify the practical expedients available to companies within ASC 848 Reference Rate Reform
• Recall SEC hot topics discussed at the AICPA and CIMA Conference on Current SEC and PCAOB Developments and highlighted in recent SEC comment letters and enforcement actions

Agenda

• Share-based payments: Hot topics and recent guidance
  • Refresher on accounting for share-based payments under ASC 718
  • Issuance of “cheap” stock prior to IPO
  • “Spring-loaded” awards and related guidance (SAB 120)
• Accounting for PPP loans under U.S. GAAP – You’ve got options!
• ASC 848 Reference Rate Reform
• Hot topics discussed at the AICPA and CIMA Conference on Current SEC and PCAOB Developments
  • ESG reporting and the role of auditors
  • Financial reporting and auditing considerations related to SPACs
  • Materiality and restatements
  • Accounting for cryptocurrency and other digital assets, including SAB 121
• SEC comment letter trends
• What we can we learn from recent SEC enforcement actions

Appetizer: ASUs Effective in 2022

Program Description

Accounting updates are a necessary evil, but that doesn’t mean they have to be mind-numbingly boring! Come experience the GAAP Dynamics difference in this CPE-eligible course (2.0 CPE) as we discuss the Accounting Standards Updates (ASUs) under U.S. GAAP applicable to both public companies and private entities effective in 2022. We kick things off with ASUs effective in 2022 for all entities, including the new Codification topic ASC 832 Government Assistance. We then cover the new guidance on the accounting for convertible instruments, which is the only ASU newly effective for public companies this year. We then move into a section reminding learners about the key accounting and reporting requirements of ASC 842 Leases, which is FINALLY applicable for private entitles this year, as well as recent ASUs related to the accounting for leases under U.S. GAAP. The webinar concludes with a discussion of the other ASUs effective for private entities in 2022.

Learning Objectives

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

• Recall recently issued ASUs effective in 2022
• Identify the impacts of recently issued ASUs on financial reporting

Agenda

• ASUs effective in 2022 for all entities
  • ASC 832 Government Assistance (ASU 2021-10)
  • Issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options (ASU 2021-04)
• ASUs effective in 2022 for public companies
  • Accounting for convertible instruments (ASU 2020-06)
• ASUs effective in 2022 for private entities
  • ASC 842 Leases
  • Practical expedient for estimating the current share price in equity-classified share-based payment awards (ASU 2021-07)
  • Clarifying the interactions between Topics 321, 323, and 815 (ASU 2020-01)
  • Simplifying the accounting for income taxes (ASU 2019-12)

Main Course: ASUs Effective in 2023 and Beyond

Program Description

Now that we’re comfortable with the ASUs effective this year, it’s time to look into the future. In this CPE-eligible webinar we cover Accounting Standards Updates (ASUs) applicable to both public companies and private entities effective in 2023 and beyond. This course begins with a discussion of recent application issues associated with adopting ASC 326 Credit Losses noted by regulators for SEC filers and PBEs that are SEC filers who’ve already adopted this standard, as it is effective for all other entities in 2023. The course then talks about other recently issued ASUs, such as accounting for contract assets and contract liabilities in a business combination, changes to the goodwill impairment test under U.S. GAAP and other ASUs issued in 2022 that are effective in 2023 and beyond.

Learning Objectives

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

• Recall recently issued ASUs effective in 2023 and beyond
• Identify the impacts of recently issued ASUs on financial reporting
• Describe recent application issues highlighted by regulators and public companies with respect to ASC 326 Credit Losses

Agenda

• Reminders and application issues associated with ASC 326 Credit Losses
  • Revised effective dates
  • Highlights of requirements of ASC 326
    • Amortized cost instruments (ASC 326-20)
    • Impairment of available-for-sale debt securities (ASC 326-30)
    • Purchased credit deteriorated assets (ASC 326-40)
  • Key aspects of estimating expected losses
  • Process for estimating expected losses for trade receivables
  • TDRs and vintage disclosures (ASU 2022-02)
  • Lessons learned from first adopters
  • Hot topics with respect to ASC 326 discussed by regulators
• Fair value measurement of equity securities subject to contractual sale restrictions (ASU 2022-03)
• Accounting for contract assets and contract liabilities in a business combination (ASU 2021-08)
• Goodwill impairment testing (ASU 2017-04)
• Other recently issued ASUs effective in 2023 and beyond

Dessert: Audit Update

Program Description

Hope you saved room for dessert! Auditors must stay abreast of current developments, and our Audit Update webinar for 2022 has you covered! In this CPE-eligible course (2.0 CPE), we cover recent changes to PCAOB auditing standards and U.S. GAAS, look at common audit deficiencies noted by inspectors and examine recent enforcement actions against auditors. We also discuss the expected impact the International Standards on Quality Management (ISQM) and Statement on Quality Management Standards (SQMS) are expected to have on the audit profession. If you audit, review, or compile financial statements in accordance with U.S. GAAP, this course is for you!

Learning Objectives

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

• Recall recently issued guidance from the PCAOB and AICPA and its impact on the audit
• Identify the issues most frequently noted in inspections of audits of financial statements
• Recall the requirements of the quality management standards (ISQM and SQMS) and the expected impact on the audit profession

Agenda

• PCAOB and U.S. GAAS Update
  • Dividing responsibility for the audit with another accounting firm (AS 1206)
  • Audit evidence (SAS 142)
  • Auditing accounting estimates (SAS 143)
  • Use of specialists and pricing information obtained from external sources (SAS 144)
  • Understanding the entity and its environment and assessing RoMM (SAS 145)
  • Quality management for an engagement conducted in accordance with GAAS/SSARS (SAS 146 / SSARS 46)
  • Inquiries of the predecessor auditor regarding fraud and noncompliance with laws and regulations (SAS 147)
• Enhancing audit quality
  • International Standards on Quality Management (ISQM) and Statement on Quality Management Standards (SQMS)
  • PCAOB inspection report trends and focus areas
  • Common peer review deficiencies
  • Enforcement actions against auditors (PCAOB and SEC)

The cost

So how much dough is it going to take to offer 8 hours of the highest-quality CPE to your professionals? If you’re looking at offering live, facilitated webinar(s) to your entire firm, you’re looking at around $12,000, which includes giving those professionals that cannot attend access to recorded webinar. 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.

Instructor-led training (at the location of your choosing) is a similar investment (with travel costs for facilitators added in).

Looking for eLearning? Keep an eye out!  We’ll be adding eLearning equivalents to the Revolution, our online learning platform, later this fall!

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!

Disclaimer  

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.