Audit Risk Alert: General Accounting and Auditing Developments 2019/2020

1. How This Alert Helps You 01-03
2. Economic and Industry Developments  04-08
3. The Current Economy  04-05
4. Key Economic Indicators  06-08
5. Legislative and Regulatory Developments   09-37
6. Inspections of Broker-Dealer 09-37
7. Audit and Attestation Issues and Developments 38-119
8. The AICPA Enhancing Audit Quality Initiative 38-49
9. Cybersecurity   50-51
10. Auditing Standards Board 52-87
11. Accounting and Review Services Committee 88-96
12. The Public Company Accounting Oversight Board  97-106
13. Developments in Peer Review   107
14. Common Peer Review Findings  108-119
15. Attestation Clarity Project  120-127
16. Restructuring the Attestation Standards   124-127
17. Revenue Recognition 128-163
18. Overview 128-130
19. Effective or Applicability Date   131-132
20. Overview of the New Guidance 133-135
21. Understanding the Five-Step Process 136-147
22. Additional Guidance Under the New Standard 148-149
23. Transition Resource Group 150-151
24. Latest Developments   152-162
25. Conclusion 163
26. New Leases Standard Will Change Financial Statement
27. Presentation   164-193
28. Issuance and Objective 164-165
29. Applicability and Effective Date  166-167
30. Main Provisions  168-178
31. Lessee Accounting 179-185
32. Lessor Accounting 186-190
33. Sale and Leaseback Transactions  191-192
34. Leveraged Lease Arrangements  193
35. Accounting for Financial Instruments  194-217
36. Overview 194-195
37. Applicability and Effective Date  196-199
38. Impairment 200-214
39. Hedge Accounting 215-216
40. Conclusion 217
41. Other Accounting Issues and Developments  218-323
42. Income Taxes   219-223
43. Consolidation  224-231
44. Restricted Cash  232-236
45. Business Combinations 237-246
46. Simplifying the Test for Goodwill Impairment 247-256
47. Other Income   257-271
48. Retirement Benefits 272-277
49. Nonrefundable Fees and Other Costs 278-284
50. Stock Compensation   285-292
51. Service Concession Arrangements  293-303
52. Financial Instruments With Characteristics of Liabilities
53. and Equity  304-312
54. Financial Instruments With Characteristics of Liabilities
55. and Equity  313-323
56. Recent Pronouncements at a Glance  324-326
57. Recent Auditing and Attestation Pronouncements
58. and Guidance 324
59. Recent Accounting and Financial Reporting Guidance 325
60. Recently Issued Technical Questions and Answers   326
61. Recent AICPA Independence and Ethics Developments 327-356
62. AICPA Conceptual Frameworks Toolkits   327-328
63. Definition of a Client   329
64. New Independence Interpretation—Hosting Services 330-356
65. On the Horizon   357-392
66. Auditing and Attestation Pipeline—Nonissuers 359-362
67. Auditing and Attestation Pipeline—Issuers  363-370
68. Accounting and Financial Reporting Pipeline 371-382
69. Independence and Ethics Pipeline  383-392
70. Resource Central  393-409
71. Publications   394
72. Continuing Professional Education  395-398
73. Webcasts 399
74. Member Service Center 400
75. Hotlines  401-408
76. Industry Websites 409

The American Institute of CPAs (AICPA) is the world's largest member association representing the CPA profession, with more than 429,000 members in the United States and worldwide, 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 its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the procession.