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Course Details

2018 FASB Review for Industry (Course Id 1375)

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Author : Steven C Fustolo, CPA, MBA
Status : Production
CPE Credits : 16.0
IRS Credits : 0
Price : $125.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1375

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 : 2018
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 : 27-Apr-2018
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 - 1375

Keywords : Accounting, 2018, FASB, Review, Industry, cpe, cpa, online course
Learning Objectives :

Chapter 1
ASU 2017-01: Business Combinations (Topic 805) - Clarifying the Definition of a Business

After reading this chapter, you will be able to:
  • Identify an area of accounting affected by the definition of a business
  • Recognize elements of a business
  • Identify the new definition of a business in ASU 2017-01
  • Recall an example of a process as used in the definition of a business
  • Recognize Steps 1 and 2 of determining a business in ASU 2017-01
  • Identify a real estate transaction that might qualify as a trade or business in IRC 197
  • Recognize a factor that indicates there is a trade or business for tax purposes

Chapter 2
ASU 2017-04: Intangibles- Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment

After reading this chapter, you will be able to:
  • Identify how intangible assets with finite lives should be accounted for under GAAP
  • Recognize how often a publicly held entity should test goodwill for impairment
  • Recall the level at which goodwill is tested for impairment
  • Recognize the formula used to perform the impairment loss test for goodwill
  • Identify how goodwill is treated after recording an impairment loss
  • Recall the definition of more likely than not as used in the goodwill impairment test
  • Recognize the definition of a public business entity
  • Identify the type of entity that is permitted to elect the accounting alternative for goodwill in ASU 2014-02
  • Recognize the maximum amortization life for goodwill using the accounting alternative

Chapter 3
ASU 2016-02: Leases (Topic 842)

After reading this chapter, 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 assets 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 lessees EBITDA and debt-equity ratios.

Chapter 4
ASU 2017-04: Intangibles- Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment

After reading this chapter, 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 made by ASU 2016-01 to existing GAAP for financial instruments.
  • Recall how available-for-sale debt securities are measured on an entitys 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 5
Impact of Tax Cuts and Jobs Act on GAAP and Financial Reporting

After reading this chapter, you will be able to:
  • Recognize how an entity should account for deferred tax accounts under the Tax Cuts and Jobs Act
  • Identify how the ASU 2018-02 election is made to reclassify the tax effect on accumulated other comprehensive income
  • Recall the adjustment that is made when an entity converts from S to C corporation status
  • Recognize the type of like-kind exchange that qualifies for nonrecognition of gain or loss under GAAP
  • Identify a way in which an entity can account for bonus depreciation under GAAP.
  • Recall the overall impact that the reduction in the corporate tax rate is having on SEC companies
  • Recognize whether SEC companies are permitted to discount tax liabilities pertaining to repatriated income.
  • Recall when an entity is required to disclose the tax years open for examination

Chapter 6
Current Developments: Accounting and Financial Reporting

After reading this chapter, you will be able to:
  • Recognize some of the implications of a possible change in the format of financial statements
  • Recall a permitted format for presenting a balance sheet under the LIFO Conformity Requirement
  • Identify the disclosure requirement for a concentration within an entity
  • Recognize one of the disclosure requirements in the Dodd-Frank Act
  • Recognize the change made to the extraordinary item rules by ASU 2015-01
  • Recognize an attribute of a company that leads with its balance sheet first in its set of financial statements
  • Identify how an entity should account for restricted cash in its statement of cash flows
  • Recall how to classify deferred tax assets and liabilities on the balance sheet
  • Recall how an entity that uses average cost method should value its inventory under ASU 2015-11.
Course Contents :

Chapter 1 - ASU 2017-01: Business Combinations (Topic 805) - Clarifying the Definition of a Business

I.    Objective

II.  Background

III. Rules in ASU 21017-01

Definitions

General

What Is a Business?

IV. Steps to Determine Whether There Is a Business

Step 1: Apply the Screen

Step 2: FrameworkInputs, Substantive Processes, and Other Considerations

V.  Illustrations

VI. Transition of ASU 2017-01

VII. Allocation of Goodwill for Tax Purposes- Trade or Business Requirements

Review Questions

 

Chapter 2 - ASU 2017-04: Intangibles- Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment

ASU 2017-04: Intangibles- Goodwill and Other (Topic 350)- Simplifying the Test for Goodwill Impairment

I.  Objective

II. Background

III.  Rules in ASU 2017-04:

IV. Effective Date

V. Examples of Application of ASU 2017-04

Review Questions

 

ASU 2014-02- Private Company Accounting Alternative

I. Background

II. Definitions

III. Scope of ASU 2014-02:

IV. Rules

Review Questions

 

Chapter 3 - ASU 2016-02: Leases (Topic 842)

Accounting for the New Lease Standard-ASU 2016-02 and ASU 2018-01

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 4 - ASU 2017-04: Intangibles- Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment

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 326)
Measurement of Credit Losses on Financial Instruments

I.   Objective

II. Background

III.   Scope of  ASC 326

IV. ASU 2016-13 amendments

Review Questions

Chapter 5 - Impact of Tax Cuts and Jobs Act on GAAP and Financial Reporting General

I. GAAP Impact of Tax Changes Made by the Tax Cuts and Jobs Act

A. Tax Rate Change Impact on Deferred Income Taxes

B. ASU 2018-02: Income StatementReporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

C. Revaluing Deferred Tax Assets from NOLs

D. Impact of Indefinite NOL Carryover Period on Deferred Tax Asset Valuation Accounts

Review Questions

E. Accounting for the Change from S to C Corporation

F. New Limitation on Interest Deduction

G. Elimination of Like-Kind Exchanges on Personal Property

H. Accounting for Bonus and Section 179 Depreciation in GAAP Financial Statements

I. Overall Impact of Reduction in Tax Rate on SEC Companies

Review Questions

J. SEC Staff Accounting Bulletin (SAB) No. 118

K. FASB Staff Q&A: Topic 740, No.  2: Whether to Discount the Tax Liability on the Deemed Repatriation

II. Other Tax-Related Issues

A. Deferred Tax Asset Recorded on Other Carryovers

B. Presentation of Tax Benefit of NOL Carryover

C. Presenting Deferred Tax Assets and Liabilities on the Balance SheetFASBs ASU 2015-17

D. Fixing the Disclosures in Uncertain Tax Positions for Nonpublic Entities

Review Questions

 

Chapter 6 - Current Developments: Accounting and Financial Reporting

I. Latest Developments on the Accounting Front

A. Significant GAAP Changes in 2018 and Beyond

B. FASB Starts Up Financial Performance Reporting Project

C. LIFO Survives

Review Questions

D. Sustainability Standards Is a Hot Issue

E. The Politics of Disclosures

F. Extraordinary Items are Gone

Review Questions

 

G. Accounting, Auditing and Tax Issues Related to Marijuana

H. Order of Placement of Financial Statements

Review Questions

 

II. Accounting Standards Updates (ASUs)

ASU 2016-18: Statement of Cash Flows (Topic 230) Restricted Cash a Consensus of the FASB Emerging Issues Task Force

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

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

Review Questions

 

Glossary

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