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20WS-1442: Surgent's Going Concern Uncertainty: Complying with the New Requirements When Preparing or Reporting on Financial Statements (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Wednesday, December 16, 2020
9:00am - 11:00am Central Time
2 CPE (2 technical)

One major objective of financial reporting is to ensure that financial statement users have complete information to make reasonable financial decisions, including the likelihood and magnitude of future events and outcomes on the uncertainty of the current financial picture. ASU 2014-15 related to going concern disclosure was fully effective for fiscal years ending on or after December 15, 2016, and interim periods thereafter. This new accounting standard is applicable to all entities that prepare financial statements under U.S. GAAP, regardless of whether the entity undergoes an audit. In fact, an entity that merely receives a compilation or review report on special purpose framework financial statements (like cash or income tax basis) could be impacted by newly-required disclosure of going concern uncertainty. In addition, SAS No. 132 was also recently issued for updating the auditor's responsibility for evaluating going concern uncertainty in a financial statement audit. SAS No. 132 is effective for audits of periods ending on or after December 15, 2017.

Major subjects

  • Current FASB accounting standards related to going concern, including the new requirements of ASU 2014-15
  • Evaluating risk of material misstatement in financial reports related to improper presentation and disclosure of going concern uncertainty
  • The responsibility of an independent accountant for evaluating going concern uncertainty under various levels of engagement to perform attest and nonattest services
  • New requirements of SAS No. 132 related to an auditor's responsibility for considering going concern uncertainty

Learning objective(s)

  • Discuss red flags indicating possible going concern uncertainty
  • Differentiate between the external accountant's and management's responsibility related to identifying, evaluating, presenting and disclosing going concern uncertainty
  • Discuss how to obtai

Who should take this program?

Practicing CPAs and accounting professionals in business and industry that prepare, compile, review or audit financial statements

Fees

Our records indicate you are a nonmember. If you register, you will be charged $89.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.
Standard Member Fee $89.00
checkmark Standard Nonmember Fee $89.00

More program information

Instructor Jennifer Louis, CPA
Location Online
Area
of study
Accounting & audit
Field(s)
of study
Accounting - Technical (2.0)
Level Basic
Format Group Internet Based
Sponsor Surgent
NASBA ID#: 103212
Prerequisites Prereq. Basic understanding of U.S. generally accepted accounting principles
Advance
prep
None
Cancellation
policy
Receive a full refund if you cancel at least four business days before the event start date. Learn more

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If you have questions about this event, please call us at 952-831-2707.