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This course is a must to keep you on top of the changes you need to know to be effective.  The course authors evaluate and emphasize only those standards that affect the small and medium sized entity and develops detailed practical guidance and illustrations.  Synopses are provided for specialized issues.

Designed For
All firms, all staff, all CPAs in privately-held companies - all accountants needing a good year-round update on recently issued standards. 

Objective
Participants will be able to apply the provisions of recently issued FASB Statements (FASBs), FASB Staff Positions (FSPs), Statements on Standards for Accounting and Review Services (SSARSs), Statements on Auditing Standards (SASs), Emerging Issues Task Force Consensus Opinions (EITF), and other relevant pronouncements.

This course does not focus on pronouncements with an SEC orientation.  Special emphasis is placed on those pronouncements impacting small and medium sized companies…  Relevant FASBs, FSPs, EITFs, SASs, SSARSs issued since June 2007…  FASBs – Business combinations (FASB 141 (R)) and noncontrolling interests (FASB 160)…  Update on EITF consensus opinions…  FASB Staff Positions update…  Changes in auditing standards… SSARS 16 and 17 and other recent issues…  Quality Control Standard No. 7 and peer review standards.

Presentation Method:  Lecture and group discussion of cases and discussion questions.

Level of Knowledge:  Update

Prerequisites: None

Recommended CPE Credit:  Accounting-4 hours and Auditing-4 hours

Field of Study:  Accounting and Auditing

Advance Preparation:  Participants are asked to read the pronouncements  before attending the session.

Availability Date:  8/15/2008

Author(s):   Margaret Loscalzo, CPA and Deborah Rose, CPA

Section on auditing standards qualifies for 24 hour Yellow Book requirement.  Section on accounting standards qualifies for 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients.  Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm.