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Course Details

2016 FASB Review for Industry (Course Id 956)

QAS / Registry   Add to Cart 
Author : Steven C Fustolo, CPA, MBA
Status : Production
CPE Credits : 16.0
IRS Credits : 0
Price : $127.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 956

Description :

The purpose of this course is to inform the reader of the various changes affecting accounting and financial reporting, as well as a review and recall of existing accounting standards. Topics include a summary of newly issued FASB statements, current and pending developments, practice issues, and more.

Usage Rank : 0
Release : 2016
Version : 1.0
Prerequisites : Basic understanding of U.S. GAAP
Experience Level : Overview
Additional Contents : Complete, no additional material needed
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE)
Revision Date : 30-Mar-2016
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 956

Keywords : Accounting, 2016, FASB, Review, Industry, cpe, cpa, online course
Learning Objectives :

Chapter 1
ASU 2015-11: Inventory (Topic 330) Simplifying the Measurement of Inventory

After reading the Chapter 1 course material, you will be able to:
    � Identify the measurement basis used to measure FIFO and LIFO inventories under ASU 2015-11
    � Recognize how to account for a recovery of an inventory write-down in subsequent periods
    � Recall the method to be used to implement ASU 2015-11 for inventory

Chapter 2
ASU 2015-17- Income Taxes (Topic 740)- Balance Sheet Classification of Deferred Taxes

After reading the Chapter 2, you will be able to:
    � Recall how to present a deferred tax asset on a balance sheet under ASU 2015-17
    � Recognize how to present deferred tax assets and liabilities on an unclassified balance sheet per ASU 2015-17
    � Identify the actions an entity should take to adopt ASU 2015-17 with respect to its deferred tax assets and liabilities

Chapter 3
FASB'S Simplification Initiative

After reading the Chapter 3, you will be able to:
    � Recognize how to amortize debt issuance costs under ASU 2015-03
    � Recall selected items that must be disclosed under ASU 2015-03
    � Identify how to implement ASU 2015-03 with respect to debt issuance costs
    � Recognize an example of a cloud computing arrangement
    � Recall how to account for internal-use software
    � Identify criteria that must be met to treat software as internal-use software

Chapter 4
ASU 2015-02: Consolidation (Topic 810) -Amendments to the Consolidation Analysis

After reading the Chapter 4, you will be able to:
    � Recognize a key aspect of a variable interest entity (VIE)
    � Recall situations in which use of combined statements is useful and not useful
    � Identify when a limited partner has a controlling financial interest in a limited partnership
    � Under the voting interest model per ASU 2015-02
    � Recognize a key change to the consolidation model made by ASU 2015-02 with respect to a general partner of a limited partnership
    � Identify some of the rights a noncontrolling limited partner might have in a limited partnership.

Chapter 5
Changes to Discontinued Operations and Extraordinary Items

After reading the Chapter 5, you will be able to:
    � Recognize at least one reason why companies are motivated to shift losses from continuing operations to discontinued operations
    � Identify at least one reason why the existing definition of discontinued operations is criticized
    � Recognize some of the criteria that must be met for a disposal to qualify as discontinued operations under ASU 2014-08
    � Identify how discontinued operations should be presented on the income statement and balance sheet under the ASU 2014-08 rules
    � Recognize a change made to the extraordinary item rules by ASU 2015-01

Chapter 6
ASU 2014-18: Business Combinations (Topic 805) Accounting for Identifiable Intangible Assets in a Business Combination

After reading the Chapter 6, you will be able to:
    � Recognize some of the types of entities that are permitted to elect the accounting alternative for identifiable intangible assets under ASU 2014-18
    � Identify how to apply the accounting alternative for goodwill amortization when electing the accounting alternative for identifiable intangibles in ASU 2014-18
    � Recognize at least one criterion for an identifiable intangible asset
    � Recall an example of a customer-related intangible asset

Chapter 7
ASU 2014-17: Business Combinations (Topic 805) Pushdown Accounting

After reading the Chapter 7, you will be able to:
    � Recognize the date on which an entity may elect to use pushdown accounting
    � Identify an element that an acquire should recognize in its separate financial statement
    � Identify an advantage to using pushdown accounting

Chapter 8
Current Developments: Accounting and Financial Reporting

After reading the Chapter 8, you will be able to:
    � Recognize some of the implications that might occur if there is a drastic change in the format of financial statements
    � Identify a reason why U.S. convergence with international standards has not occurred
    � Recognize a financial statement element that is eliminated by ASU 2016-01
    � Identify a key change made by the lease standard
    � Recall how to recognize a lease liability under the lease standard
    � Identify how a lease asset is recognized under the lease standard
    � Recognize how existing leases are accounted for under the lease standard
    � Identify one of the challenges a company may have with using the AICPA�s FRF for SMEs
    � Recognize a key difference IFRS and IFRS for SMEs
    � Identify the period of time for which an entity�s management must perform its evaluation of going concern under ASU 2014-15
    � Recognize how a nonpublic entity with no uncertain tax positions liability should handle the disclosure of the number of years open for examination
Course Contents :

Chapter 1 - ASU 2015-11: Inventory (Topic 330) Simplifying the Measurement of Inventory

ASU 2015-11: Inventory (Topic 330)

Simplifying the Measurement of Inventory

Objective

Background

Scope

Definitions

Rules

Disclosures

Implementation of ASU 2015-11

Review Questions

 

Chapter 2 - ASU 2015-17- Income Taxes (Topic 740)- Balance Sheet Classification of Deferred Taxes

ASU 2015-17- Income Taxes (Topic 740)

Balance Sheet Classification of Deferred Taxes

Objective

Background

Rules

Transition

Review Questions

 

Chapter 3 - FASB'S Simplification Initiative

FASB'S Simplification Initiative        3

Background

ASU 2015-03: InterestImputation of Interest (Subtopic 835-30)  Simplifying the Presentation of Debt Issuance Costs

Objective

Background

Definitions

Rules

Presentation ASU 2015-03:

Implementation of ASU 2015-03

ASU 2015-15: InterestImputation of Interest (Subtopic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements

Objective

Background

Rules

Review Questions

 

ASU 2015-04: CompensationRetirement Benefits (Topic 715) Practical Expedient for the Measurement Date of an Employers Defined Benefit Obligation and Plan Assets 30

Objective

Background

Scope

Rules

Disclosures

Transition

ASU 2015-05: IntangiblesGoodwill and Other Internal-Use Software (Subtopic 350-40) Customers Accounting for Fees Paid in a Cloud Computing Arrangement

Objective

Background

Definitions

Rules

Transition

Review Questions

 

Chapter 4 - ASU 2015-02: Consolidation (Topic 810) -Amendments to the Consolidation Analysis

ASU 2015-02: Consolidation (Topic 810) Amendments to the Consolidation Analysis

Objective

Overview of Existing GAAP Rules for Investments and Consolidations

Consolidations and Combined Statements

General:

Exceptions to the more than 50% ownership test consolidations:

Background

Review Questions

 

Definitions

Rules

CHANGE 1: Limited Partnership Interests and Similar Legal Entities

CHANGE 2: Fees Paid to Decision Makers or Service Provider as a Variable Interest

CHANGE 3: The Effect of Fee Arrangements on the Primary Beneficiary Determination

CHANGE 4: The Effect of Related Parties on the Primary Beneficiary Determination

CHANGE 5: Certain Investment Funds

Transition Related to ASU 2015-02

Review Questions

 

Chapter 5 - Changes to Discontinued Operations and Extraordinary Items

Changes Made to Discontinued Operations and Extraordinary Items

General

Background Discontinued Operations and Extraordinary Items

The Games Are Played in Classification Shifting: Extraordinary Items and Discontinued Operations

Review Questions

 

ASU 2014-08: Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity

Objective

Background

Definitions

Scope and Scope Exceptions

Rules in ASU 2014-08

Disclosures

Comparison of Key Provisions of ASU 2014-08 Versus Existing GAAP

Illustrations

Transition and Effective Date of ASU 2014-08

Review Questions

 

ASU 2015-01: Income StatementExtraordinary and Unusual Items (Subtopic 225-20) Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items

Objective

Background

Rules in ASU 2015-01

Transition Related to ASU 2015-01

Review Questions

 

Chapter 6 - ASU 2014-18: Business Combinations (Topic 805) Accounting for Identifiable Intangible Assets in a Business Combination

ASU 2014-18: Business Combinations (Topic 805) Accounting for Identifiable Intangible Assets  in a Business Combination

Objective

Background

Definitions

Rules                                                                                                                                                            

Transition into ASU 2014-18

Disclosures

Example: Application of ASU 2014-18

Review Questions

 

Chapter 7 - ASU 2014-17: Business Combinations (Topic 805) Pushdown Accounting

ASU 2014-17: Business Combinations (Topic 805) Pushdown Accounting A consensus of the FASB Emerging Issues Task Force

ASU 2015-08: Business Combinations (Topic 805) Pushdown Accounting

Amendments to SEC Paragraphs Pursuant to  Staff Accounting Bulletin No.  115

Objective

Background

Definitions

Scope of ASU 2014-17

Rules of ASU 2014-17

Disclosures

Transition and Effective Date of ASU 2014-17

Reasons for Using Pushdown Accounting

Review Questions

 

Chapter 8 - Current Developments: Accounting and Financial Reporting

Significant GAAP Changes in 2016 and Beyond

FASB Starts Up Financial Performance Reporting Project

Review Questions

 

The Gradual Demise of Company Pension Plans

Review Questions

 

International Accounting Standards Convergence

FASB issues ASU 2016-01: Financial InstrumentsOverall

Review Questions

 

FASB Issues New Lease Standard ASU 2016-02

Review Questions

 

Big GAAP Little GAAP

Going Concern Assessment by Management ASU 2014-15

Sustainability Standards a Hot Issue

Review Questions

 

Deferred Income Taxes and Other Tax Matters

Accounting, Auditing and Tax Issues Related to Marijuana

Review Questions

 

Glossary

FASB Course 956 Home: https://www.cpethink.com/fasb-cpe-for-cpas
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