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Course Details

2017 FASB Review for Industry (Course Id 1224)

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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 1224

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 : 2017
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 : 24-May-2017
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 - 1224

Keywords : Accounting, 2017, FASB, Review, Industry, cpe, cpa, online course
Learning Objectives :

Chapter 1
ASU 2016-02: Leases (Topic 842)

After reading the Chapter 1 course material, you will be able to:
  • Recognize a key change made to GAAP by the new lease standard
  • Identify a type of lease that exists for a lessee under ASU 2016-02
  • Recall a type of lease for which the ASU 2016-02 rules do not apply
  • Recognize some of the criteria that determine whether a contract is or is not a lease
  • Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life
  • Identify how a lessee should account for initial direct costs
  • Recall how a lessor should initially account for initial direct costs for a lease in certain instances
  • Identify how a lessor should account for lease payments received on the income statement for an operating lease
  • Recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
  • Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios.

Chapter 2
Financial Instruments: ASU 2016-01 and ASU 2016-13

After reading the Chapter 2 course material, you will be able to:
  • Identify the category of securities for which ASU 2016-01 retains the three categories under existing GAAP
  • Recall one of the changes to existing GAAP for financial instruments made by ASU 2016-01
  • Recall how available-for-sale debt securities are measured on an entity’s balance sheet
  • Identify how held to maturity securities are measured on the balance sheet
  • Recognize how an entity should account for a temporary impairment
  • Recall how an entity should present an unrealized gain or loss on an equity security under ASU 2016-01
  • Identify how a mutual fund that invests in debt and equity securities should classify the investment
  • Recall a change made to the exemption for fair value disclosures with respect to trade receivables and payables
  • Recognize the model that ASU 23016-13 uses to deal with credit losses
  • Identify how credit losses should be recorded under new ASU 2016-13

Chapter 3
New Developments in Revenue Recognition

After reading the Chapter 3 course material, you will be able to:
  • Identify one of the five steps required in applying the new revenue standard
  • Recall the general rule that determines whether an entity should record revenue gross or net
  • Recognize the requirement that must be met for a company be considered a principal in a revenue transaction
  • Recall one of the indicators that ASU 2016-08 removes from the revenue model in determining gross versus net treatment of revenue
  • Identify the general rule for determining whether an entity should record revenue gross or net
  • Recognize an example of a prepaid stored-value product
  • Recall how an entity should implement ASU 2016-04 related to prepaid stored-value products
  • Recognize some of the changes made to the five steps of the new revenue standard by ASU 2016-12 amendments
  • Identify a type of intellectual property that has significant standalone functionality
  • Recognize how an entity should record revenue related to a license

Chapter 4
Current Developments: Accounting and Financial Reporting

After reading the Chapter 4 course material, you will be able to:
  • Recall one of the reasons why U.S. convergence with international standards has not occurred
  • Recognize some of the differences between IFRS for SMEs and IFRS
  • Identify a technique that accountants have defaulted to avoid GAAP
  • Recognize the disclosure requirements when a nonpublic entity has no uncertain tax positions
  • Recognize the classification of certain cash flow transactions addressed by ASU 2016-15
  • Identify the expense account to which amortization of debt issuance costs should be recorded
  • Recall the rate that an entity should use to amortize debt issuance costs

Chapter 5
ASU 2015-17- Income Taxes (Topic 740)- Balance Sheet Classification of Deferred Taxes

After reading the Chapter 5 course material, 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 6
ASU 2015-11: Inventory (Topic 330) Simplifying the Measurement of Inventory

After reading the Chapter 6 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
Course Contents :

Chapter 1 - ASU 2016-02: Leases (Topic 842)

Accounting for the New Lease Standard-ASU 2016-02

I.          Background

II.        Basic Concepts of ASU 2016-02

A.        General Rules

Review Questions

 

III.       Scope and Scope Exceptions

IV.       Identifying a Lease

Review Questions

 

V.        Lessee Rules

A.        Lease Classification - Lessee

B.        Initial Measurement of Lease- Lessee

C.        Lease Modifications - Lessee

D.        Lease Payments - Lessee

E.         Lease Term and Purchase Options- Lessee

F.         Subsequent Reassessment of Lease Elements- Lessee

G.        Short-Term Leases - Lessee

H.        Subsequent Measurement and Accounting for Leases- Lessee

I.          Other Recognition and Measurement Issues- Lessees

J.          Financial Statement Presentation Matters- Lessee

K.        Disclosures by Lessees

Review Questions

 

VI.       Lessor Rules

A.        Lease Classification

B.        Accounting for Sales-Type Lease- Lessor

C.        Accounting for a Direct Financing Lease

D.        Accounting for Operating Leases- Lessor

E.         Disclosure- Lessor Leases

Review Questions

 

VII.     Transition and Effective Date Information

A.        General- Existing Leases

B.        Transition

VIII.    Leases: Sale and Leaseback Transactions

IX.       Leases: Leveraged Lease Arrangements

Review Questions

 

X.        Impact of Changes to Lease Accounting

XI.       Impact of Lease Changes on Nonpublic Entities

XII.     Other Considerations- Dealing with Financial Covenants

XIII.    Avoiding the New Lease Standard

Review Questions

 

Chapter 2 - Financial Instruments: ASU 2016-01 and ASU 2016-13

Introduction

ASU  2016-01: Financial Instruments Overall (Subtopic 825-10)
Recognition and Measurement of Financial Assets and Financial Liabilities

I.          Objective

II.        Background

Review Questions

 

III.       Definitions

IV.       Rules Debt Securities

Review Questions

 

V.        Rules Equity Securities

Review Questions

 

VI.       Changes in Disclosures

VII.     Effective Date and Transition- ASU 2016-01

Review Questions

 

ASU  2016-13: Financial Instruments - Credit Losses (Topic
Measurement of Credit Losses on Financial Instruments

I.          Objective

II.        Background

III.       Scope of  ASC 326

IV.       ASU 2016-13 amendments

Review Questions

 

Chapter 3 - New Developments in Revenue Recognition

Update on Revenue Recognition

ASU 2016-08- Revenue from Contracts with Customers- Topic 606- Principal versus Agent Considerations (Reporting Revenue Gross versus Net)

I.          Objective

II.        Background

III.       General Rules- Principal versus Agent Considerations- as Amended by ASU 2016-08

IV.       Examples- Application of ASU 2016-08

Review Questions

 

ASU No. 2016-04: LiabilitiesExtinguishments of Liabilities (Subtopic 405-20) Recognition of Breakage for Certain Prepaid Stored-Value Products

I.          Objective

II.        Background

III.       Rules:  ASU 2016-04 Amendment of ASC 405

IV.       Disclosure

V.        Effective Date and Transition

VI.       Examples- Application of ASU 2016-04

Review Questions

 

ASU 2016-12: Revenue from Contracts with Customers (Topic 606) Narrow-Scope Improvements and Practical Expedients

I.          Objective

II.        Background

III.       Changes made by ASU 2016-12

Review Questions

 

ASU 2016-10: Revenue from Contracts with Customers (Topic 606) Identifying Performance Obligations and Licensing

I.          Objective

II.        Background

III.       Amendments Made to ASC 606 by ASU 2016-10

Review Questions

 

Chapter 4 - Current Developments: Accounting and Financial Reporting

Current Developments- Accounting and Financial Reporting

A.        Significant GAAP Changes in 2017 and Beyond

B.        FASB Starts Up Financial Performance Reporting Project

Review Questions

 

C.        International Accounting Standards Convergence

D.        Proposed Repeal of LIFO

E.         Big GAAP-Little GAAP

F.         Going Concern Assessment by Management- ASU 2014-15

G.        Sustainability Standards Is a Hot Issue

Review Questions

 

H.        Recent Developments- Accounting for Income Taxes

I.          Accounting, Auditing and Tax Issues Related to Marijuana

Review Questions

 

J.          Selected Accounting Standards Updates (ASUs)

ASU 2016-15: Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments

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

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

Review Questions

 

Chapter 5 - 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

I.          Objective

II.        Background

III.       Rules

IV.       Transition

Review Questions

 

Chapter 6 - ASU 2015-11: Inventory (Topic 330) Simplifying the Measurement of Inventory

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

I.          Objective

II.        Background

III.       Scope

IV.       Definitions

V.        Rules

VI.       Disclosures

VII. Implementation of ASU 2015-11

Review Questions

 

Glossary

FASB Course 1224 Home: https://www.cpethink.com/fasb-cpe-for-cpas
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