- NY Credits : 6.0
- TX Credits : 6.0
This interactive self-study course takes a look at several topics that can affect compilation and review engagements. Lesson 1 discusses how interim engagements can differ from engagements to compile or review annual financial statements. Lesson 2 examines how special purpose frameworks can affect the financial statements. Finally, Lesson 3 discusses personal financial statements.
Course Expiration Date: July 31, 2021
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Identify the general accounting rules for interim financial statements.
Determine the appropriate methods for dealing with revenue recognition, inventory and cost of goods sold in interim financial statements.
Recognize when to correct interim financial statements for a prior period, and the types of accounting changes that may affect interim financial statements.
Identify the different types of special purpose frameworks, how they fit in with the accounting standards, and when to use a special purpose framework.
Recognize the statement titles that are appropriate under the cash and tax basis, and how various financial statements will be affected if a special purpose framework is used.
Determine what entity is covered by personal financial statements, the basis of the presentation, and the form and content of the presentation.
Recognize the typical elements of personal financial statement engagements, including those specific to both compilations and reviews.
Lesson 1—Interim Engagements
Lesson 2—Financial Statements Presented in Accordance with a Special Purpose Framework
Lesson 3—Personal Financial Statements