This course provides in-depth, hands-on coverage of recent developments in accounting, auditing, and financial reporting. Strong emphasis is placed on the practical application of selected newly issued and/or effective authoritative pronouncements affecting practitioners who serve small and middle-market, privately held businesses. The session is designed for a high level of interaction between the instructor and participants.

Learning Objectives
This session will enable the participant to apply selected newly issued and effective technical accounting pronouncements and advise companies on related implementation issues.

Coverage is expected to include*
The State of the Profession Report

• Status report on the AICPA/NASBA interstate mobility initiative
• Upcoming overhaul of financial statement formats
• Proposals to “fix” the profession: critics, committees, collaborators, and just plain cuckoos
• Peer review transparency
• The FASB Codification — How you can help simplify US GAAP
• On again/off again-A scorecard on delayed and/or deferred rules

International GAAP — The Surge to Converge

• The train has left the station — What every CPA should know about IFRS
• International “Little GAAP” — A possible alternative for small U.S. businesses

Accounting and Auditing Issues During Times of Economic Turbulence

• Issues to devote special attention to in a challenging economic environment

Fair Value, Derivatives, and Hedging Developments

• Adoption date reminder for portion of FAS 157 that was not delayed
• Newly required disclosures and attempts to simplify/clarify hedge accounting

EITF 07-1 — Accounting for Collaborative Arrangements

• Accounting for joint operating activities and “Virtual Joint Ventures”

Business Combinations and Noncontrolling Interests

• FAS 141(R)/FAS 160 — Major changes in recognizing 2009 business combinations
• Acquisition date accounting for contractual contingencies
• Revised treatment for acquisition costs and post-combination restructuring costs
• New accounting for bargain purchases, income taxes, and noncontrolling interests

Compilation and Review Update

• Coverage of all newly issued and effective statements and interpretations

New AICPA Quality Control Standards — Emphasizing The Tone at the Top New AICPA Quality Control
 
Assessing the Impact of the Risk Assessment Audit Standards: The First Busy Season

• Brief summary of the principal changes to audit requirements
• Recommendations on how to leverage first-year efforts in year 2
• Lessons learned, best practices, and approaches that did not work with respect to:
• Internal control documentation and level of client ownership and assistance
• Walkthroughs
• Audit program linkage
• Scalability for small and middle-market auditees

A & A Clinic Public Seminars $309 (includes tuition, lunch, & snacks)
Chicago, IL	10/27	Register Here
San Francisco, CA	11/14	Register Here
FALL SPECIAL ON HOT TOPICS! Package a day of Internal Controls and Audit and Accounting Clinic training! Save 10% when you register for both sessions—PLUS, save an additional 10% if you register by September 30! Course Details Duration One Day Audience All Levels Level of Instruction Update Delivery Method Group-Live     CPE Credits* 9 Hours (6 hours Accounting, 2 hours Auditing) Prerequisites No prerequisites or pre-work are required. Questions? Contact Beckie Reilly Beckie.Reilly@thomson.com 1.800.775.9866

 

* Topics, duration, and the allocation of CPE hours between fields of study are subject to change to accommodate late-breaking developments and firm-specific needs

For more information regarding refund, complaint, and program cancellation policies, please contact our office at (800) 775-9866.

AuditWatch is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. Web site www.nasba.org.