Overview
Designed specifically for CPAs serving privately held companies, this fast-paced 4-hour version of our more comprehensive 8-hour SMBP highlights the most important accounting, auditing, SSARS, and ethics developments affecting small- and medium-sized business clients.
While the AICPA’s standard-setting activity has moderated following implementation of the Quality Management Standards, the FASB continues to issue significant new guidance that practitioners need to understand. This course provides a practical review of recently issued Accounting Standards Updates (ASUs), including developments related to credit losses, government grants, internal-use software, environmental credits, hedge accounting, and other emerging areas affecting nonpublic entities. Participants will also examine recent auditing and SSARS pronouncements, ethics interpretations, and changes to the AICPA Code of Professional Conduct that impact attest and nonattest engagements. In addition, the course explores the FASB’s final Post-Implementation Review of ASC 842, providing valuable insight into implementation challenges, lessons learned, and potential future simplification efforts for private companies.
Using practical examples and real-world applications, this course helps practitioners identify the standards most likely to affect their clients, understand implementation considerations, and prepare for upcoming changes in accounting and assurance practice.
Note: This course does not cover the recent suite of Quality Management Standards issued by the AICPA.
Major Topics:
- Small- and medium-sized business-related FASB ASUs, including recent PCC activities
- Recently issued AICPA standards
- Ethics and independence updates and interpretations
- Newly issued SSARS and SSAE standards
- SASs effective for 2026 audits and beyond
Learning Objectives:
- Understand recently issued Accounting Standards Updates (ASUs) relative to nonpublic business entities
- Review recently issued accounting and nonaudit attestation pronouncements, including PCC activities
- Understand new guidance applicable to auditing, SSARS, and attest engagements
- Be aware of other important AICPA guidance affecting small- and medium-sized business practitioners, including updates to the AICPA Code of Professional Conduct
- Understand key provisions of the Stage 3 final report from the FASB on ASC 842, Leases