Chapter 1 1-1
FASB Accounting Standards Updates — Broad Issues 1-1
FASB ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) 1-2
FASB ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) 1-5
FASB ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment 1-7
FASB ASU No. 2017-05, Other Income–Gains and Losses from Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets 1-9
FASB ASU No. 2017-07, Compensation–Retirement Benefits (Topic 715): Improving the Presentation of Net Period Pension Cost and Net Periodic Postretirement Benefit Cost 1-11
FASB ASU No. 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Comprehensive Income 1-13
FASB ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework–Changes to the Disclosure Requirements for Fair Value Measurement 1-15
FASB ASU No. 2018-17, Consolidation Topic 810: Targeted Improvements to Related Party Guidance for Variable Interest Entities–Decision-Making Fees 1-17
FASB ASU No 2019-03, Not-for-Profit Entities Topic 958: Updating the Definition of Collections 1-19
FASB ASU No. 2019-06: Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Non-for-Profit Entities 1-21
FASB ASU No 2019-12, Income Taxes Topic 740: Simplifying the Accounting for Income Taxes 1-23
Chapter 2 2-1
FASB Accounting Standards Updates — Narrow Issues 2-1
FASB ASU No. 2017-06, Plan Accounting: Defined Benefit Plans (Topic 960), Defined Contribution Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (a consensus of the Emerging Issues Task Force) 2-2
FASB ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities 2-4
FASB ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans 2-6
FASB ASU No. 2018-15, Intangibles—Goodwill and Other—Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract 2-8
FASB ASU No. 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials 2-10
FASB ASU No 2019-08, Codification Improvements—Share-Based Consideration Payable to a Customer 2-12
Chapter 3 3-1
Revenue Recognition, Financial Instruments, and Leases 3-1
FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) 3-2
FASB ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 3-23
FASB ASU 2019-05, Financial Instruments—Credit Losses (Topic 326) Targeted Transition Relief 3-32
FASB ASU NO 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses 3-33
FASB ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities 3-36
FASB ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes 3-39
FASB ASU No. 2016-02, Leases (Topic 842) 3-40
FASB ASU No. 2018-11, Lease Accounting, Targeted Improvements 3-52
FASB ASU No 2018-20, Leases (Topic 842) Narrow-Scope Improvements for Lessors 3-53
Chapter 4 4-1
Private Company Financial Reporting 4-1
Private Company Council 4-2
FASB ASU No. 2013-12, Definition of a Public Business Entity—An Addition to the Master Glossary 4-5
FASB ASU No. 2016-03, Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance (a consensus of the Private Company Council) 4-7
FASB ASU No. 2014-02, Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill (a consensus of the Private Company Council) 4-9
FASB ASU No. 2014-03, Derivatives and Hedging (Topic 815): Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps—Simplified Hedge Accounting Approach (a consensus of the Private Company Council) 4-12
FASB ASU No. 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements (a consensus of the Private Company Council) 4-15
FASB ASU No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination (a consensus of the Private Company Council) 4-17
FASB ASU 2018-17, Consolidation Topic 810: Targeted Improvements to Related Party Guidance for Variable Interest Entities 4-19
Current PCC activities 4-21
Chapter 5 5-1
FASB Exposure Drafts and Projects 5-1
Framework projects 5-2
Recognition and measurement projects 5-5
Presentation and disclosure projects 5-8
Chapter 6 6-1
The Current Environment and Implications for Audit Planning 6-1
Understanding the entity and its environment 6-2
Current economic factors 6-4
Enhancing risk assessment processes 6-14
Audit planning considerations 6-18
Summary 6-21
Chapter 7 7-1
New Statements on Auditing Standards 7-1
SAS No. 134: Auditor Reporting 7-3
SAS No. 135: Omnibus SAS-2019 7-12
SAS No. 136: Reporting on Employee Benefit Plan Financial Statements 7-16
SAS No. 137 — Auditor Responsibility for Other Information in Annual Reports 7-21
SAS No. 138 — Description of Materiality 7-24
SAS No. 139 — Amendments to AU-C Sections 800, 805, and 810 7-26
SAS No. 140 — Amendments to AU-C Sections 725, 730, 930, 935, and 940 7-27
Summary 7-29
Chapter 8 8-1
Other Standards-Setting Activities Affecting Audit and Attestation Engagements 8-1
Exposure drafts of proposed SASs 8-2
Recently issued attestation standards 8-9
Outstanding exposure draft of proposed revisions to SSAEs 8-13
Summary 8-15
Chapter 9 9-1
PCAOB Update 9-1
Recently issued PCAOB auditing standards 9-2
Recently issued exposure drafts of proposed PCAOB auditing standard 9-17
Summary 9-21
Chapter 10 10-1
Preparation, Compilation, and Review Engagement Update 10-1
Reminder of SSARS-related engagements 10-2
SSARS No. 24 — Omnibus SSARS–2018 10-3
SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions 10-12
Summary 10-17
Chapter 11 11-1
Other Recently Issued Guidance 11-1
Overview of COSO 11-2
AICPA audit quality initiative 11-14
CAQ audit quality framework 11-18
Staying abreast of emerging technologies 11-20
Summary 11-22
Glossary Glossary 1
Index Index 1
Solutions Solutions 1
Chapter 1 Solutions 1
Chapter 2 Solutions 2
Chapter 3 Solutions 3
Chapter 4 Solutions 4
Chapter 6 Solutions 5
Chapter 7 Solutions 7
Chapter 8 Solutions 10
Chapter 9 Solutions 11
Chapter 10 Solutions 13
Chapter 11 Solutions 15
