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Going Concern Uncertainty: Complying with the New Requirements When Preparing or Reporting on Financial Statements Webinar

CPE

When
June 14
10:00 a.m. - 12:00 p.m.

CPE Credits
2-A&A

Details

 Pricing

PICPA Member: $89 | Nonmember: $114


 More Information

Course No.
AAGC-2019-01-WEBNR-165-01
Level
Basic
Prerequisites
Basic understanding of U.S. generally accepted accounting principles
Note
This webinar is hosted by PICPA's partner, Surgent CPE. After registering, you will receive an email from Surgent CPE with the log-in information.

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 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.

Highlights

  • 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


Speaker(s)

Jennifer F. Louis, CPA

Jennifer F. Louis, CPA, has over 25 years of experience in designing and presenting high-quality training programs in a wide variety of technical accounting, auditing, and "soft skills" topics needed for professional and organizational success.  She is the principle author of audit and attest related courses for Surgent and frequent speaker at Surgent live programs and seminars.  She has received the Surgent Outstanding Discussion Leader Award because of her consistently high evaluations for knowledge and presentation skills.  Ms. Louis is also the president of Emergent Solutions Group, LLC, a company she founded in 2003, dedicated to developing and delivering a wide variety of accounting and auditing training services, including audit staff training, audit productivity improvement, and value-added auditing.  Prior to that, she was executive vice president/director of training services at AuditWatch, Inc.

Before joining AuditWatch, Ms. Louis was the financial/operational audit manager at AARP. While at AARP, she served as one of their specially trained facilitators available as a resource throughout the organization for designing and leading strategic meetings and training sessions. Ms. Louis was also an audit manager for Deloitte and Touche, LLP. During her years in that firm’s Washington, D.C. office, she served as an instructor for the firm’s national “Train the Trainers” program.

Ms. Louis graduated summa cum laude from Marymount University with a BBA in accounting.


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