Audit Risk Alert (eBook)

Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting professional nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups, and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession's technical and ethical standards. The AICPA's founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public trust.

How This Alert Helps You 01-03

Economic and Industry Developments 04-08

The Current Economy 04-05

Key Economic Indicators 06-08

Legislative and Regulatory Developments 09-37

Inspections of Broker-Dealer 09-37

Audit and Attestation Issues and Developments 38-119

The AICPA Enhancing Audit Quality Initiative 38-49

Cybersecurity 50-51

Auditing Standards Board 52-87

Accounting and Review Services Committee 88-96

The Public Company Accounting Oversight Board 97-106

Developments in Peer Review 107

Common Peer Review Findings 108-119

Attestation Clarity Project 120-127

Restructuring the Attestation Standards 124-127

Revenue Recognition 128-163

Overview 128-130

Effective or Applicability Date 131-132

Overview of the New Guidance 133-135

Understanding the Five-Step Process 136-147

Additional Guidance Under the New Standard 148-149

Transition Resource Group 150-151

Latest Developments 152-162

Conclusion 163

New Leases Standard Will Change Financial Statement

Presentation 164-193

Issuance and Objective 164-165

Applicability and Effective Date 166-167

Main Provisions 168-178

Lessee Accounting 179-185

Lessor Accounting 186-190

Sale and Leaseback Transactions 191-192

Leveraged Lease Arrangements 193

Accounting for Financial Instruments 194-217

Overview 194-195

Applicability and Effective Date 196-199

Impairment 200-214

Hedge Accounting 215-216

Conclusion 217

Other Accounting Issues and Developments 218-323

Income Taxes 219-223

Consolidation 224-231

Restricted Cash 232-236

Business Combinations 237-246

Simplifying the Test for Goodwill Impairment 247-256

Other Income 257-271

Retirement Benefits 272-277

Nonrefundable Fees and Other Costs 278-284

Stock Compensation 285-292

Service Concession Arrangements 293-303

Financial Instruments With Characteristics of Liabilities

and Equity 304-312

Financial Instruments With Characteristics of Liabilities

and Equity 313-323

Recent Pronouncements at a Glance 324-326

Recent Auditing and Attestation Pronouncements

and Guidance 324

Recent Accounting and Financial Reporting Guidance 325

Recently Issued Technical Questions and Answers 326

Recent AICPA Independence and Ethics Developments 327-356

AICPA Conceptual Frameworks Toolkits 327-328

Definition of a Client 329

New Independence Interpretation--Hosting Services 330-356

On the Horizon 357-392

Auditing and Attestation Pipeline--Nonissuers 359-362

Auditing and Attestation Pipeline--Issuers 363-370

Accounting and Financial Reporting Pipeline 371-382

Independence and Ethics Pipeline 383-392

Resource Central 393-409

Publications 394

Continuing Professional Education 395-398

Webcasts 399

Member Service Center 400

Hotlines 401-408

Industry Websites 409