Audit Risk Alert: General Accounting and Auditing Developments, 2017/18(AICPA)

Updated annually, this useful resource contains a description of all recent auditing, accounting and regulatory developments to ensure that the accountant has a robust understanding of the business, economic, and regulatory environments in which they and their clients operate. In addition, this alert ensures that the accountant has a full understanding of emerging practice issues, with targeted analysis of new developments and how they may affect your engagements, including: •           Recent Economic Trends •           Recent Legislative and PCAOB Developments •           Developments in Peer Review •           Recent Ethics Interpretations It also contains new accounting and auditing guidance related to derivatives and hedging, service concession agreements, discontinued operations, stock compensation, and more

Table of Contents:
How This Alert Helps You 01-03 Economic and Industry Developments  04-08 The Current Economy  04-05 Key Economic Indicators  06-08 Legislative and Regulatory Developments   09-37 Inspections of Broker-Dealer 09-37 Audit and Attestation Issues and Developments 38-119 The AICPA Enhancing Audit Quality Initiative 38-49 Cybersecurity   50-51 Auditing Standards Board 52-87 Accounting and Review Services Committee 88-96 The Public Company Accounting Oversight Board  97-106 Developments in Peer Review   107 Common Peer Review Findings  108-119 Attestation Clarity Project  120-127 Restructuring the Attestation Standards   124-127 Revenue Recognition 128-163 Overview 128-130 Effective or Applicability Date   131-132 Overview of the New Guidance 133-135 Understanding the Five-Step Process 136-147 Additional Guidance Under the New Standard 148-149 Transition Resource Group 150-151 Latest Developments   152-162 Conclusion 163 New Leases Standard Will Change Financial Statement Presentation   164-193 Issuance and Objective 164-165 Applicability and Effective Date  166-167 Main Provisions  168-178 Lessee Accounting 179-185 Lessor Accounting 186-190 Sale and Leaseback Transactions  191-192 Leveraged Lease Arrangements  193 Accounting for Financial Instruments  194-217 Overview 194-195 Applicability and Effective Date  196-199 Impairment 200-214 Hedge Accounting 215-216 Conclusion 217 Other Accounting Issues and Developments  218-323 Income Taxes   219-223 Consolidation  224-231 Restricted Cash  232-236 Business Combinations 237-246 Simplifying the Test for Goodwill Impairment 247-256 Other Income   257-271 Retirement Benefits 272-277 Nonrefundable Fees and Other Costs 278-284 Stock Compensation   285-292 Service Concession Arrangements  293-303 Financial Instruments With Characteristics of Liabilities and Equity  304-312 Financial Instruments With Characteristics of Liabilities and Equity  313-323 Recent Pronouncements at a Glance  324-326 Recent Auditing and Attestation Pronouncements and Guidance 324 Recent Accounting and Financial Reporting Guidance 325 Recently Issued Technical Questions and Answers   326 Recent AICPA Independence and Ethics Developments 327-356 AICPA Conceptual Frameworks Toolkits   327-328 Definition of a Client   329 New Independence Interpretation—Hosting Services 330-356 On the Horizon   357-392 Auditing and Attestation Pipeline—Nonissuers 359-362 Auditing and Attestation Pipeline—Issuers  363-370 Accounting and Financial Reporting Pipeline 371-382 Independence and Ethics Pipeline  383-392 Resource Central  393-409 Publications   394 Continuing Professional Education  395-398 Webcasts 399 Member Service Center 400 Hotlines  401-408 Industry Websites 409

About the Author :
Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting professional nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups, and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession's technical and ethical standards. The AICPA's founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public trust.