Details
Date: August 8, 2017
Time: 01:00 pm - 05:00 pm
Cost: $135.00 to $200.00
Event Category: Accounting
Organizer
OSA
Phone: (405) 677-2151
Email: seminars@ospa.org
Venue
Rose State College-Professional Training Center
1720 Hudiburg Drive
Midwest City, OK 73110 US
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Speaker

Bob Jennings, CPA, EA

Bob Jennings, CPA, EA
Bob is a nationally renowned author and speaker, presenting continuing education classes to over 100,000 tax professionals over the last 20 years all over the world. Bob is a licensed CPA (Indiana), a licensed CFP, an IRS Enrolled Agent and a Registered Tax Return Preparer. Bob is also a prolific author and has published over 60 professional articles in such magazines as the Journal of Accountancy as well as many other professional and consumer publications; annually authors several tax, accounting and technology manuals; and is a regular columnist for FoxBusiness.com. As the founder of his own regional CPA firm in 1984, Bob has dealt exclusively with individual and small business financial issues for over 30 years. Bob appears regularly in the media and has been quoted extensively by numerous publications. He has recorded an extensive number of information videos, DVDs and instructional clips.

2017 Compilations


Price for Member: $135.00
Price for Non Member: $200.00


Event Description

Late in 2015, new accounting rules came into effect that changed every financial statement issued by accountants in 2016 and the future. This new guidance, known as SSARS 21 changed every report letter and every engagement letter in existence prior to 2016. When the new rules were first released, there were several obvious omissions, and several clarifications needed. In late 2016, the ARSC committee addressed the omissions and issues with the release of SSARS 22 and SSARS 23, which became effective May 1, 2017 and in October 2016 respectively.

SSARS 22 modifies all the reporting and engagement letter rules for pro forma financial statements. Pro forma financial statements are historical financial statements that have been modified for “What If’s” such as what if we merged; what if we sold our 3rd store; and what if we closed this product line. Not a common event for daily use, the new reports and engagement letters still must be used for these engagements. It became effective May 1, 2017.

SSARS 23 modifies all the reporting and engagement letter provisions for future oriented “projections”, which are rare, but also for historical financial statements, thus changing for the second time in two years the engagement letters for preparations and compilations. SSARS 23 became effective, for the most part, upon issuance in October 2016.

Sorry to say, but accountants that attended 2016 compilation classes need to take a 2017 class from an established small business compilation course provider to be assured of obtaining the revised engagement and reporting letters that came out in late 2016.

TaxSpeaker’s compilation seminar, once again, provides the accountant’s report letters and the engagement letters you need in your office to comply with brand new SSARS 22 and SSARS 23.

What are some of the changes from SSARS 21, 22 and 23? 

  1. Introduction of the new “Preparation” engagement for 2016 and forward;
  2. Modification of the “Preparation” engagement letter in SSARS 23;
  3. Complete revision of the accountant’s compilation report in SSARS 21;
  4. Complete revision of the compilation engagement letter in SSARS 21, modified by SSARS 23;
  5. New requirements for signatures on engagement letter;
  6. Elimination of requirements for “Titles” on compilation reports;
  7. Elimination of requirements for “See accountant’s compilation report” reference on financial statements;
  8. Elimination of requirement for addressee’s in reports;
  9. Complete revision of accountant’s review reports in SARS 21;
  10. Complete revision of review engagement letters in SSARS 21, modified in SSARS 23;
  11. Complete revision of accountant’s reports in Pro Forma financial statements, combined with new engagement letter requirements in SSARS 22;
  12. Complete revision of accountants reports in Prospective financial statements combined with new engagement letter requirements in SSARS 23.

Every single one of these changes and much more will be explained by your speaker at the 2017 compilation seminar from Taxspeaker, and example report and engagement letters will also be provided to comply with SSARS all the way through and including SSARS 23.

 

Member and Non-Member Early price is valid through July 18, 2017

Additional Information

Course Objective

Upon completion of this course you will be able to: Determine in which of your engagements you are required to apply the SSARS literature; Prepare compilation reports that are compliant with the new SSARS 19 literature; Determine the appropriate course of action for subsequent events, departures from GAAP/OCBOA, changes in the level of engagement, and supplemental information; Prepare compliant compilation reports; Increase your firm’s efficiency with useful resources

CPE Hours : 4
Level : Basic
Prerequisites : None
Field Of Study : Accounting

Price for members: $135.00
Price for non members: $200.00

Past Seminar.