2025 Annual Update for Accountants & Auditors

Overview

While the pace of FASB's standard-setting has slowed in recent years, the standards that have been issued will be impactful for many organizations. This course will begin with a review of standards effective in 2025 for public, private, and nonprofit organizations. From there, we'll explore upcoming standards, FASB exposure drafts, and ongoing projects to ensure you're prepared for what's next in financial reporting.

The second half of the course will shift focus to developments at the AICPA. From quality management to ethics standards and the talent pipeline, there's no shortage of activity. We'll start with a detailed look at the quality management standards effective this year and their impact on firms, including changes to the Peer Review Program. Next, we'll cover essential ethics standards and the latest SSARS updates. We'll also examine common deficiencies in employee benefit plan (EBP) audits and discuss the initiatives of the National Pipeline Advisory Group.

 

Objectives

• Recognize the impact of Accounting Standards Updates effective in 2025 on financial reporting
• Identify proposed changes to ethics requirements
• Identify the components of quality management
• Identify the impact of recently issued ethics interpretations on independence
• Recall deficiencies identified by the DOL for EBP audits
• Recognize changes to the peer review process
• Identify the recommendations made by the NPAG to improve the accounting pipeline
• Recall key projects of the Auditing Standards Board

Highlights

• Accounting Standards Updates
• Auditing & Accounting
• Yellowbook