General Accounting and Auditing Developments - 2018/19 Audit Risk Alert
This alert will ensure you have a robust understanding of the business, economic, and regulatory environments in which you and your clients operate.

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Product details

Who Will Benefit

  • All auditors as new accounting guidance is discussed

Key Topics

  • Discussion of Revenue Recognition Standard.
  • Discussion of the Leases Standard.
  • Discussion of the Financial Instruments Standard.
  • Common Peer Review Findings.

Containing descriptions of all recent auditing, accounting and regulatory developments, this 2018 alert will ensure you have a robust understanding of the business, economic, and regulatory environments in which you and your clients operate. In addition, you will gain 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

This useful resource also contains new accounting and auditing guidance related:

  • Derivatives and Hedging
  • Service Concession Agreements
  • Discontinued Operations
  • Stock Compensation


  • Revenue Recognition
  • Leases
  • Financial Instruments
  • Updates on Ethics Interpretations
Content preview

Content refers to previous edition

  • How This Alert Helps You
  • Economic, Legislative, and Regulatory Developments
    • The State of the Economy
    • Events Leading to the Current Economic Crisis
    • Regulatory Interventions
      • Consolidation of Banks
      • Conversion of Investment Banks to Bank Holding Companies
      • Conservatorship of Fannie Mae and Freddie Mac
      • Emergency Economic Stabilization Act of 2008
    • Other Government Interventions
    • Resources for Economic Information
  • Accounting Issues and Developments
    • Fair Value
      • The Need for Further Fair Value Guidance
      • Opposition to Fair Value
      • Support for Fair Value
      • Results of SEC Study on Fair Value Accounting
      • Understanding Fair Value Accounting
    • Measurements of Fair Value in Illiquid Markets
      • International Accounting Standards Board Fair Value Guidance
    • FASB Statement No. 159
    • Fair Value Resources
    • Other-Than-Temporary Impairment
    • Modifications of Residential Mortgage Loans
    • Liquidity Restrictions
    • Tax Exempt Debt Issues for Not for Profit Organizations
    • Other Accounting and Financial Management Considerations
      • Managing Risk
      • Internal Control and Processes
      • Disclosures
  • Audit and Attestation Issues and Developments
    • Understanding the Entity and Its Environment and Performing Audit Procedures in Response to Assessed Risks
    • Audit Risks Arising From Current Economic Conditions
      • Liquidity Considerations
      • Alternative Investments
    • Auditing Fair Value Measurements
      • Fair Values of Securities
    • Auditing Accounting Estimates
    • Using the Work of a Specialist
    • Consideration of an Entity's Ability to Continue as a Going Concern
    • Consideration of Fraud in a Financial Statement Audit
    • Management Letter of Representations
    • Communication With Those Charged With Governance
  • Recent Accounting, Auditing, and Attestation Pronouncements
    • Summary of Recent Accounting Pronouncements and Related Guidance
    • Summary of Recent Auditing and Attestation Pronouncements and Related Guidance
  • Recent AICPA Independence and Ethics Pronouncements
  • On the Horizon
    • Auditing Pipeline—Issuers
    • Accounting Pipeline
  • Resource Central
    • Publications
    • AICPA reSOURCE: Accounting and Auditing Literature
    • Continuing Professional Education
      • Online CPE
    • Webcasts
      • CFO Quarterly Roundtable Series
      • SEC Quarterly Update Series
      • IFRS Quarterly Webcast Series
    • Member Service Center
    • Hotlines
      • Accounting and Auditing Technical Hotline
      • Ethics Hotline
    • Conferences
    • The Center for Audit Quality
  • Appendix—Additional Web Resources


Ratings and reviews

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

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