The following toolkits were developed as resources to support you in the implementation of newer standards and the communication of these standards within your firm and to your clients. These toolkits are not meant to replace the guidance and direction outlined in the actual standards but instead provide a foundation of education and communication of which to build upon with more in depth technical guidance.
Breaking Down Revenue Recognition Toolkit
The Revenue Recognition Standard is here! IF you're looking for a little extra clarity on what this means for your firm and clients, check this toolkit out. With education tools for you and your staff as well as templates for you to use when communicating with your clients how this standard impacts them, we got you covered.
Invigorate the Focus on Quality Toolkit
Take a fresh look at the quality control processes and procedures in your practice with the resources in this toolkit. You’ll find a checklist to help ensure the tone at the top reinforces a commitment to quality along with client acceptance and continuance tools, staff training resources and a look at trending issues in peer review. Other tools are being developed to help your firm and it’s focus on quality.
Exploring FASB’s Not-for-Profit Financial Reporting Standard ASU 2016-14 Toolkit
Firms, not-for-profit entities (NFPs), and their boards of directors will see some changes to NFP financial statements as a result of recent FASB Accounting Standards Update (ASU) 2016-14. Effective for periods beginning after December 15, 2017, this ASU was presented to simplify the net asset classification requirements and improve the information presented in financial statements and notes about an NFP’s liquidity, financial performance and cash flows.
Exploring SSARS No. 21 Toolkit
The PCPS Exploring SSARS No. 21 Toolkit provides insight into the key points of the standard and helps you apply It in your reviews, compilations, and engagements to prepare financial statements. The toolkit contains resources that summarize what’s new or different, help you get your staff up-to-speed on the changes and communicate with clients.
PCPS Independence Toolkit
CPAs must be ever so vigilant to understand the meaning of true independence. As a refresher or a tool for training, elements of this toolkit can help you and your team members apply the latest independence rules to everyday practice.
2013 COSO Framework Update Toolkit
The COSO Framework has been updated to address changes in the business environment in the 20 years since the original framework was released. The PCPS toolkit provides resources to introduce you to changes in the framework, how your clients and your firm will be impacted and takes a look at services you may want to offer your clients to help strengthen their internal control systems.