Believe it or not, you’re in the midst of your second semester of your Senior year of college and will soon be making your entrance into the real world. This time can be particularly overwhelming for accounting students; between keeping up grades, looking for a job, and reconciling the fact that your time as an […]
SARS No. 22 – Compilation of Pro Forma Financial statement, which supersedes SSARS No. 14, is testable on the CPA Exam in July 2017. SSARS No. 22 takes effect for compilation reports on pro forma financial information dated on or after May 1, 2017.
The FASB issued Accounting Standards Update (ASU) 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, affecting public and private companies, not-for-profit organizations, and employee benefit plans that hold financial assets or owe financial liabilities. The ASU will take effect for public companies for fiscal years beginning after Dec 2017, and will be testable on the CPA exam beginning in Jan 2018.
Here are a few reasons you should seriously consider becoming a student member of your state’s society of CPAs. We promise – you have time for it!