Author : | Steven C Fustolo, CPA, MBA |
Status : | Production |
CPE Credits : | 16.0 |
IRS Credits : | 0 |
Price : | $125.95 |
Passing Score : | 70% |
Course Type: | NASBA QAS - Text - Technical - NASBA Registry |
Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 1509 |
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 : | 2019 |
Version : | 1.0 |
Prerequisites : | Basic understanding of U.S. GAAP. |
Experience Level : | Overview |
Additional Contents : | Complete, no additional material needed. |
Additional Links : |
2019 US GAAP FINANCIAL REPORTING TAXONOMY
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Advance Preparation : | None. |
Delivery Method : | Self-Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
Revision Date : | 18-Nov-2019 |
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 - Text - Technical - NASBA Registry - 1509 |
Keywords : | Accounting, 2019, FASB, Review, Industry, cpe, cpa, online course |
Learning Objectives : |
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
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Course Contents : | Chapter 1 - ASU 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities I. Objective: II. Background: III. Definitions: IV. Basic Rules for Consolidations- Variable Interest Entities: Review Questions V. Changes Made by ASU 2018-17: VI. CHANGE 1: Variable Interest Entities- Fees Paid to Decision Makers or Service Providers VII. CHANGE 2: New Private Company Accounting Alternative Election- Companies Under Common Control VIII. Examples of Application of Private Company Accounting Alternative Election IX. Definition of Common Control: X. Examples Illustrating Common Control XI. Disclosures under ASU 2018-17- Accounting Alternative Election XII. Examples- Sample Disclosures- ASU 2018-17-Accounting Alternative Election XIII. Effective Date of ASU 2018-17 Changes and Transition Rules XIV. Examples -Implementation of ASU 2018-17 Accounting Alternative Review Questions Chapter 2 - Implementing the New Revenue Standard - ASC 606: 2019 Guidance for Private Companies Objective: I. Background II. Scope of Revenue Standard III. Core Principle IV. Five Steps to the ASC 606 Revenue Model Step 1: Identify the Contract(s) With a Customer Review Questions Step 2: Identify the Performance Obligations in the Contract Step 3: Determine the Transaction Price Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract Review Questions Step 5: Recognize Revenue - Entity Satisfies a Performance Obligation Review Questions V. Selected Issues in Applying the Five Steps of the Revenue Model A. Sale with a Right of Return B. Sale with a Refund Liability C. Principal versus Agent Considerations D. Non-Refundable Upfront Fees Received E. Warranties F. Bill-and-Hold Arrangements G. Consignment Arrangements Review Questions H. Licensing I. Presentation of Sales Taxes and Other Similar Taxes Collected from Customers J. Shipping and Handling Activities- Step 2 Identifying Performance Obligations Review Questions VI. Contract Costs VII. Presentation- General Rules in ASC 606 Review Questions IX. Transition and Effective Date Review Questions Chapter 3 - Impact of Tax Cuts and Jobs Act on GAAP and Financial Reporting - 2019 General I. GAAP Impact of Tax Changes Made by the Tax Cuts and Jobs Act A. Tax Rate Change Impact on Deferred Income Taxes 5 B. ASU 2018-02: Income Statement—Reporting 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 Review Questions I. Applicable Financial Statement (AFS) and Impact of Tax Act on ASC 606 Review Questions Chapter 4 - ASU 2016-02: Leases (Topic 842) 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. Amendments made to Lessor Rules since ASU 2016-02 C. Accounting for Sales-Type Lease- Lessor D. Accounting for a Direct Financing Lease E. Accounting for Operating Leases- Lessor F. Disclosure- Lessor Leases Review Questions VII. Transition and Effective Date Information A. General- Existing Leases B. Transition Review Questions VIII. Impact of Changes to Lease Accounting IX. Impact of Lease Changes on Nonpublic Entities X. Other Considerations- Dealing with Financial Covenants XI. Avoiding the New Lease Standard Review Questions Chapter 5 - Financial Instruments 2019: Implementing ASU 2016-01 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 Glossary of all Chapters |