Webcast: Going Concern Uncertainty: The Impact of ASU 2014-15: Preparing Fincl Statements (XSAAGC17)
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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 is fully effective for fiscal years ending on or after December 15, 2016. This new accounting standard is applicable to all entities that prepare financial statements under U.S.

12/15/2017
When: 12/15/2017
9:00 AM until 11:00 AM
Where: Webcast
SURGENT
AAGC-2017-01-WEBNR-349-01
United States
Presenter: Jen Louis, CPA


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Acronym XSAAGC17
CPE 2 hours
Vendor Surgent
Category
Accounting & Auditing
Level Basic
Prerequisite Basic understanding of U.S. generally accepted accounting principles
Adv Prep None
Yellow Book? No
Designed for Practicing CPAs and accounting professionals in business and industry that prepare, review or audit financial statements
Registration
Member $89
CPA Non-Member $114

The Member rate applies to LCPA members, other state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course Description

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 is fully effective for fiscal years ending on or after December 15, 2016. 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 (such as cash or income tax basis) could be impacted by newly-required disclosure of going concern uncertainty.

Objectives

  • 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 obtain sufficient appropriate evidence to evaluate management’s assertions about an entity’s ability to continue as a going concern for a reasonable period of time
  • Describe the independent accountant’s report options under preparation of financial statement, compilation, review and audit engagements when uncertainty associated with going concern exists

Topics

  • 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