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.