Course Detail

Accounting Standards Update for Closely Held Companies (2021)

Description:

  • Receive an update the economic and business situation over the coming 18 months.
  • Become aware of the financial reporting risks for, closely held sized companies as recover from the COVID19 recession.  
  • Prepare to implement the major accounting guidance for loan modifications, forgivable debt and covenant issues
  • Get ready to implement FASB’s new leasing standard
  • Learn techniques for measuring and sustaining resilience in closely held companies.
  • Understand how fraud risks are trending upwards in our current environment. 
  • Receive an update on current and proposed developments at FASB, PCAOB, ASB, & SSARS

Highlights:

  • Economic, business and reporting risk in today’s economy
  • The medium-term outlook for business: staying on course in a turbulent economic environment
  • Accounting for going concern, impairment and inventory write downs,
  • Loan modifications and forgiveness, debt restructuring and covenant compliance
  • Lease accounting: Implementation is here and now
  • Financial statement fraud risks in recovery  
  • SSARS 25: New standards in preparation, compilation and review 
  • Recent FASB postponements and pronouncements

Objectives:

  • To provide CPAs with insights and tools needed to fulfill their leadership and reporting responsibilities as we emerge from the   economic downturn. Coverage will be updated to reflect the most significant challenges that confront companies today and in the medium term. It focusses on issues faced by private companies and the CPAs who provide a range of services to them.

Designed For:

  • Accountants in public practice and industry who need a comprehensive review of recent accounting and auditing pronouncements and other developments which will affect them in the coming year.

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