Upon completion of this course, participants will be able to:
Review recent changes in accounting principles
Discuss pending changes and their potential impact
Determine necessary changes to processes and procedures based on these updates.
During the first half of the session, we will cover statements that should be implemented for June 30, 2017 (GASB Statement Nos. 73, 74, 77, 80, 82, 85 and 87).
There will also be an update of the all-important Financial Reporting Model Reexamination Project and related projects on revenue and expense recognition, note disclosure and recognition concepts. The debt disclosures and direct borrowing, capitalized interest, equity method and going concern projects will be discussed.
The remainder of the course will focus on auditing standards. This will include, but not be limited to: SAS-132, (The Auditor’s Consideration of An Entity’s Ability to Continue as a Going Concern) (AU-C Section 570), OPEB Auditing, the effect of Blockchain, Cybersecurity, the Government Auditing Standards exposure draft (unless finalized by the time of the presentation,) and then any Single Audit update needed. [Note that the General Accountability Office may require a minimum of 4 hours of training on any new issuance of Government Auditing Standards, should the provisions of the exposure draft be approved. Should it be approved, half the day will focus on the new standards as required.]