CPAR Accounting & Financial Reporting

CPAR - 2021/Sept, Seg 3 - Related Party Transactions - A Recurring Issue

Related party transactions seem to be a recurring issue, and the reason is primarily two-fold. One, there's been a significant amount of related party frauds that were discovered only after the fact. And two, there's been criticism of related party disclosures in that they don't provide an accurate view of the related party activity that took place within the reporting entity. Identifying related party relationships and related transactions is not as straightforward as one might think. John Fleming, CPA, discussion leader at Kaplan Financial Education, focuses on the importance of such transactions and their impact on the fair representation of financial statements.

Learning Objectives:

  • Understand the related party guidance available based on the type of your entity;
  • Recognize the definition of related party and related party transactions;
  • Determine the related party disclosure requirements based on the accounting guidance followed; and
  • Identify the differences between management and auditors' responsibilities with respect to related party transactions.


Prerequisites/Advanced Preparation:

Work experience in financial reporting or accounting, or an introductory course in accounting.


Speaker / Author:

John M. Fleming, licensed as a CPA in Pennsylvania, has served as the President and Director of Accounting and Auditing for Kaplan Financial Education, powered by Loscalzo Institute and also as the Director of Content Development for Kaplan Financial Education, powered by SmartPros. John retired from Kaplan in October of 2017. In retirement, John continues to provide seminars as a discussion leader for Kaplan Financial Education on a part-time basis.

John's prior practice experience includes audit, tax, consulting, office management, and human resource responsibilities with Deloitte LLP, Richard Eisner & Company LLP, and Ernst & Young LLP. John is a graduate of LaSalle and Drexel Universities with degrees in accounting and finance.

John served as the 1999/2000 President of the 8,300 member Greater Philadelphia Chapter of the Pennsylvania Institute of Certified Public Accountants (PICPA). In 2006, the PICPA recognized John as a Joseph E. Sterrett Fellow for his contributions to the accounting profession and in 2007, the Philadelphia Chapter recognized John with their Champion Award for his contributions to the PICPA, Chapter, profession and community. John has also served as the 2002/2003 President of the American Accounting Association's Mid-Atlantic Region.

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Price (USD)

Standard: $69.90

Details

Course Code : CPAR1531-FM

Release Date : 09/24/2021
Expire Date : 11/06/2022
Credits :
CPE 2.00
QAS 2.00

Course Level : Update
Course Type : QAS Self-Study

Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Accounting

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