This seminar will feature a full discussion of all new FASBs and SASs including a full discussion of the new lease standards effective for 2022 and SSARS No. 24 & 25 and newly released SSARS No. 26 on compilations and reviews. This course will also highlight GAAP for ERC and Pass-Through Entities (PTE) elections. Additionally, COVID-19 has a dramatic affect on financial statements and this seminar will highlight many COVID-19 effects including small business LIFO in an inflationary environment (we have a separate 4-credit seminar that will take a deeper dive into these issues - click here to register). 

The objective of this course is to address key changes affecting accounting, compilation and review, and auditing engagements, as well as a review of selected other developments. The focus is on standards that affect years 2022 and beyond. This is a must attend seminar for all CPA's who prepare financial statements, and now also tax return preparers.

Topics & Learning Objectives Include:

• Learn how to implement the new lease standard (effective January 1, 2022) and approaches to avoid the lease standard
• GAAP for the Employee Retention Credit (ERC) including new ASU 2021-10 disclosures - BRAND NEW
• GAAP for the Pass-Through Entity (PTE) Tax election for S corps and LLCs - BRAND NEW
• Discuss changes to the review engagement changes (including the review report) under newly issued SSARS No. 25
• New SSARS No. 26 - BRAND NEW
• Review post-COVID-19 accounting, reporting, and disclosure issues
• Identify PPP loan and forgiveness - accounting, reporting, and disclosure issues affecting 2022
• Review the new auditor’s report and other auditing reporting standards found in SAS Nos. 134-141 (effective in 12/21) and new SAS No. 142- audit evidence
• Small Business LIFO in an inflationary environment - BRAND NEW
• Learn about private company accounting and practice issues, and more
• Practical Examples Will Be Illustrated
• Various other items

Kenneth Heaslip is one of the foremost lecturers in Accounting & Auditing. He has over 30 years of experience in lecturing on A&A topics and is currently a professor at Mercy College.