2020 Technical Accounting Update and 2021 Outlook

The overall 2020 economic conditions

Each year accountants and auditors must implement numerous updates from accounting standards/requirements outlined by the AICPA, FASB, PCAOB, SEC and others. The following information is related to Q1-Q4 2020 and is gathered from leading source economic publications.

Note: With the impact of COVID-19 and its unprecedented implications on our personal lives and businesses, much of this update will cover actions taken by regulatory bodies related to information important to accounting professionals.

COVID-19 has continued to place a choke hold on our lives, businesses and economy. The vaccine has arrived!!!! A great deal of the American public continues to be concerned about taking a vaccine that has broken historic time constraints in passing FDA requirements. In addition, there are questions surrounding the use of the word “vaccine”. Reports indicate the shot is aimed at boosting the individual immune system response to the virus. An individual can still contract the virus and pass it to others. This conundrum has made the decision on whether the vaccine is one that will create “herd” immunity is a big question.

This session will examine the overall 2020 economic conditions (mostly created from the pandemic). We will also review some of the most significant actions taken by the regulatory bodies such as the AICPA, SEC, PCAOB, FASB.

Lesson Objectives
  • Examine an economic update for 2020 and understand how it has impacted the profession.
  • Evaluate and examine regulatory updates for SEC, FASB and the AICPA and understand how they have impacted the profession.

Field: Auditing
CPE: 1
Delivery Method: Self-Study
Format: Video

Your Instructor

Lynn Fountain
Lynn Fountain

Consultant, CPA, CGMA, CRMA, MBA, Past Chief Audit Executive
Business Consultant, Trainer, Author

Ms. Fountain has over 40 years of experience in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in Internal Audit, Sarbanes-Oxley, Enterprise Risk Management, Fraud, Governance and Compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. She currently performs consulting for companies on internal audit, risk management, internal controls, SSAE 18, financial reporting and accounting along with performing training. She has also been instrumental in the establishment of ERM, Sarbanes-Oxley and Governance frameworks.

Ms. Fountain has authored a publication for the Institute of Internal Auditors Research Foundation (IIARF) titled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. The publication will be released April 20, 2015. In addition, she is authoring a publication for Auerbach on “The Realities of performing the Chief Audit Executive Role”. The publication will be released in the Fall 2015. In addition, she has performed as an adjunct instructor for the School of Business for Grantham University and the School of Business at the University of Kansas.

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has active, current CPA, CGMA, and CRMA credentials.


Course Curriculum

  2020 Technical Accounting Update and 2021 Outlook
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