2024 Accounting and Auditing Update

Author: Lewis R. Fisher

Join Lewis Fisher as he walks through the updates to US GAAP impacting the 2024 calendar year end reporting period. We will look sequentially at the accounting standard updates and discuss implementation considerations for these standards. Additional time will focus on newly released auditing standards and how it will impact both the auditor and those under audit. Finally, discussion will be given to existing standards originating from the FASB’s Private Company Council and how these can streamline reporting requirements.

Publication Date: November 2024

Designed For
Anyone with financial reporting responsibilities and those in public accounting serving clients who utilize US GAAP.

Topics Covered

• Practitioner Matters
• Relevant Audit Updates Impacting the Profession
• FASB Agenda Priorities
• Revisit CECL
• Employee Retention Credit Accounting Considerations
• 2021 to 2024 Accounting Standards Updates

Learning Objectives

• Identify recently issued Accounting Standards Updates
• Identify implementation lessons learned with the new Statement on Auditing Standards (SAS) 143 and SAS 145
• Recognize how to properly apply new accounting standards
• Identify areas where Private Company Council standards can be applied
• Identify the ASU released in 2024 that removes references to the Concepts Statements

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
Basic understanding of US GAAP and auditing standards.

Advance Preparation
None