WHY ATTEND THIS COURSE?
Related party transactions are often the most difficult for accountants and auditors to manage due to these transactions not being separately identified when transaction activity takes place. Related party transactions are often used to commit fraud and more often are simply hidden by management because they do not want third parties to be aware of these transactions. This program will identify the accounting and disclosure guidance associated with related party transactions (ASC 850), address form over substance-related party transactions, provide examples of related party frauds, and describe best practices for identifying undisclosed related party transactions. Related party disclosures will also be addressed.
Accountants in public practice and industry.
Participants will be able to identify, account, and disclose related party transactions.
COURSE ACRONYM: RPT2
PRESENTATION METHOD: Group-live
LEVEL OF KNOWLEDGE: Basic
ADVANCE PREPARATION: None
FIELD OF STUDY: Accounting
RECOMMENDED CPE CREDIT: 2 hours
Qualifies for the 24-hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24-hour requirement should be made on an auditor-specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80-hour requirement.
SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.