Be aware of certain key items in 2021 attest engagement planning such as revenue recognition implementation, risk assessment standards and more.
“ASC 606 was initially required for non-public entities for reporting periods beginning after Dec. 15, 2018, but in June was deferred to periods beginning after Dec. 15, 2019, for entities that had not yet issued financial statements,” writes Laura Hay in the January/February issue of CPA Voice. “Delaying implementation was optional.”
That resulted in a period in which implementation was required for entities with a reporting period beginning after Dec. 15, 2018, that issued financial statements before June 3, 2020.
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Did you know that reading CPA Voice can help you satisfy your CPE requirement? No matter your location or the time of day – and even without the benefit of electricity – you can gain CPE credit with each issue.
Every edition includes a 12-question self-assessment exam covering content from that issue. Receive a grade of 75% or higher and you’ll earn one hour of CPE credit in specialized knowledge.
Best of all, you can take the exam when and where it’s convenient for you. Exams remain available online – and may be completed for CPE – through the same month of the following year.