2025 Recorded Course Catalog

Stay informed and prepared with this comprehensive annual update on the latest developments in accounting and auditing. We’ll begin with a deep dive into the Accounting Standards Updates (ASUs) effective in 2025, followed by insights from the FAF's 2024 PCC Review and an overview of FASB’s Invitation to Comment - Agenda Consultation, which will shape the future of accounting standards. On the auditing side, we’ll tackle the essential changes in quality management standards that firms must implement by the end of 2025. The session will also highlight common deficiencies identified by the DOL in EBP (Employee Benefit Plan) engagements and provide a peek at upcoming projects from the Auditing Standards Board (ASB). Join us to gain practical insights and actionable takeaways to navigate these updates with confidence. Upon completing this course, a learner will be able to:

• Recognize the impact of Accounting Standards Updates effective in 2025 on financial reporting
• Recall the changes made to PCC processes as a result of the 2024 PCC Review
• Identify potential topics identified by advisory groups in the FASB's ITC agenda consultation
• Identify the components of quality management
• Recall deficiencies identified by the DOL for EBP audits
• Recall key projects of the Auditing Standards Board

This update course focuses on the accounting and auditing changes that matter most to small businesses. We’ll begin with an overview of the FASB’s Accounting Standards Updates (ASUs) most likely to impact small business entities, followed by insights from the 2024 Private Company Council (PCC) Review and FASB’s Invitation to Comment - Agenda Consultation, which will guide future standard-setting initiatives relevant to small businesses. Next, we’ll explore alternative financial reporting frameworks that may offer practical solutions for small businesses seeking options beyond US GAAP. Finally, we’ll shift to the auditing perspective, examining the new quality management standards that practitioners providing attest services including compilations for small business clients must implement. This session equips you with the insights and tools needed to navigate the evolving landscape of small business accounting and auditing with confidence. Upon completing this course, a learner will be able to:

• Recall the impact of recently issued accounting standards on private company financial reporting
• Recall the changes made to PCC processes as a result of the 2024 PCC Review
• Identify potential topics identified by advisory groups in the FASB's ITC agenda consultation
• Recognize alternative financial reporting options for private entities
• Identify the components of quality management

While the pace of FASB's standard-setting has slowed in recent years, the standards that have been issued will be impactful for many organizations. This course will begin with a review of standards effective in 2025 for public, private, and nonprofit organizations. From there, we’ll explore upcoming standards, FASB exposure drafts, and ongoing projects to ensure you're prepared for what’s next in financial reporting. The second half of the course will shift focus to developments at the AICPA. From quality management to ethics standards and the talent pipeline, there’s no shortage of activity. We’ll start with a detailed look at the quality management standards effective this year and their impact on firms, including changes to the Peer Review Program. Next, we’ll cover essential ethics standards and the latest SSARS updates. We'll also examine common deficiencies in employee benefit plan (EBP) audits and discuss the initiatives of the National Pipeline Advisory Group. Key Takeaways: - Gain clarity on standards effective in 2025 and those on the horizon. - Understand the impact of quality management standards and related peer review changes. - Stay informed on ethics updates, SSARS developments, and ongoing AICPA initiatives. - Learn about common EBP audit deficiencies and strategies to address them. Stay ahead of the curve with this comprehensive update for accountants and auditors. Upon completing this course, a learner will be able to:

• Recognize the impact of Accounting Standards Updates effective in 2025 on financial reporting
• Identify proposed changes to ethics requirements
• Recognize proposed changes to GAAP
• Identify the components of quality management
• Identify the impact of recently issued ethics interpretations on independence
• Recall deficiencies identified by the DOL for EBP audits
• Recognize changes to the peer review process
• Identify the recommendations made by the NPAG to improve the accounting pipeline
• Recall key projects of the Auditing Standards Board
• Recognize the impact of recent standard setting on the applicability of AR-70

  Qualifications: YB24 (1.5 Credits); YB56 (1.5 Credits)

Stay ahead of the curve with this essential training designed for not-for-profit accountants and auditors. This course provides a comprehensive update on the latest developments impacting nonprofit financial reporting and auditing. On the accounting side, we will review the latest FASB standard-setting activities affecting NFPs, including programmatic investments and their interplay with the CECL standard. Additionally, we will explore the IFR4NPO project, a global initiative aimed at establishing universal financial reporting standards for nonprofits. Transitioning to auditing, this course covers the 2024 Yellow Book updates, the shift from quality control to quality management, and key audit matters with early adoption options. We'll also address Single Audit updates, GAO reports on improper payments and fraud, the Financial Data Transparency Act (FDTA), and recent Department of Education guidance on related parties. Key takeaways include: - Understanding FASB’s impact on nonprofit financial reporting. - Insights into global initiatives like IFR4NPO. - Preparation for quality management implementation by the end of 2025. - Updates on the 2024 Yellow Book and Single Audit requirements. - Awareness of recent governmental guidance and transparency standards. This course equips you with the knowledge to ensure compliance, enhance audit quality, and support effective financial reporting for not-for-profit organizations. Don’t miss this opportunity to stay informed and ready for the year ahead. Upon completing this course, a learner will be able to:

• Identify elements of the proposed IFR4NPO standards
• Recall the impact of recent standard setting on programmatic investments
• Recognize the impact of recent ASUs on nonprofit financial reporting
• Identify the components of quality management
• Recall the components of quality management in the 2024 Yellow Book
• Identify changes to single audits as a result of the 2025 Compliance Supplement
• Recognize the impact of the 2024 Uniform Guidance on Single Audits
• Identify the key findings in GAO's Improper Payments: Information on Agencies’ Fiscal Year 2023 Estimates report (GAO-24-106927)
• Recognize the requirements of the FDTA
• Identify the impact of the DOE's Related Party Disclosure Requirements on education audits
• Identify the strategies recommended to fight fraud from the AICPA’s Government Performance and Accountability Committee's Detecting Government Fraud report

Environmental, Social and Governance (ESG) has become a hot topic among standard setters. This session will look at the work of the FASB, GASB, and AICPA in the areas of ESG. We’ll also look at the types of engagements CPAs can provide to entities who want assurance around their ESG reporting. Upon completing this course, learners will be able to:

• Identify types of engagements CPAs can perform on ESG-related items
• Describe current projects of accounting standard setters

Bitcoin and crypto have been in the news recently for a variety of reasons. This course will cover the basics of accounting and auditing for cryptocurrency, including recent standard setting by the FASB as well as a look at the AICPA's Accounting for and Auditing of Digital Assets practice aid. Upon completing this course, learners will be able to:

• Recall the impact of recent standard setting by the FASB on digital assets-
• Describe audit considerations for cryptocurrencies

This updated course offers an in-depth look at the FASB leases standard (ASC 842), which requires organizations to recognize lease assets and liabilities on the balance sheet. This comprehensive course will cover recognition, measurement, presentation, and disclosure requirements, while also focusing on a critical area of change which is the proper identification of a lease using a principles-based approach. We will discuss implementation requirements from both the lessee and lessor accounting models. In addition, we explore a variety of scenarios, including short-term leases, purchase options, variable lease payments, and remeasurement. This course offers practical journal entry examples and lessons learned from implementation, while exploring recently issued amendments to the lease accounting guidance. Upon completing this course, learners will be able to:

• Recall the definition of a lease under ASC 842
• Apply recognition and measurement requirements of ASC 842
• Recognize the presentation and disclosure requirements of the new leases standard
• Prepare journal entries necessary to account for leases as both a lessee and lessor

Although the pace of FASB's standard-setting has slowed, the changes that have been issued can significantly impact organizations across sectors. This course begins with an overview of the standards effective in 2025 for public, private, and nonprofit organizations. We'll then explore what's on the horizon, including standards effective after 2025, key exposure drafts, and ongoing FASB projects. Equip yourself with the insights you need to stay informed and up-to-date in financial reporting. Upon completing this course, a learner will be able to:

• Recognize the impact of Accounting Standards Updates effective in 2025 on financial reporting
• Identify changes to financial reporting effective after 2025
• Recognize proposed changes to GAAP