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2021 FASB Review for Industry (Course Id 1831)

QAS / Registry
2021 FASB Review for Industry

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Author : Steven C Fustolo, CPA, MBA
Course Length : Pages: 251 ||| Review Questions: 94 ||| Final Exam Questions: 80
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 1831

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, a discussion of accounting and financial reporting issues related to COVID-19, the CARES Act and PPP loans, and more. 

Usage Rank : 0
Release : 2021
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 : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 19-May-2021
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 - 1831

Keywords : Accounting, 2021, FASB, Review, Industry, cpe, cpa, online course
Learning Objectives :

Chapter 1
Accounting and Financial Reporting for COVID-19, the CARES Act and PPP Loans

After reading the Chapter 1 course material, you will be able to:
  • Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules
  • Identify the definition of near term
  • Recall the frequency in which an entity should test goodwill for impairment
  • Recall the method for valuing certain types of inventory
  • Recognize how business interruption insurance recoveries may be presented on the statement of income
  • Identify certain GAAP going-concern terminology
  • Identify certain tax law changes made by the CARES Act, and
  • Recognize how a company should present and account for CARES Act PPP loans and related forgiveness on its financial statements.

Chapter 2
Implementing The New Lease Standard - 2021 - ASU 2016-02 - Leases (Topic 842) and Other Amendments

After reading the Chapter 2 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 how a lessee should account for initial direct costs
  • Recall how a lessor should 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, and
  • Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios.

Chapter 3
Financial Instruments 2021 - Implementing ASU 2016-13

After reading the Chapter 3 course material, you will be able to:
  • Recognize the model that ASU 2016-13 uses to deal with credit losses
  • Identify how credit losses should be recorded under new ASU 2016-13, and
  • Identify some of the disclosures required by ASU 2016-13.

    Chapter 4
    Current Developments - Accounting and Financial Reporting - 2021

    After reading the Chapter 4 course material, you will be able to:
    • Identify a characteristic of a multi-employer plan
    • Recall the color coding of funded status of a multi-employer plan
    • Recognize the impact of changes in life expectancy on pension benefit obligations.
    • Recognize an argument for not amortizing goodwill
    • Identify an impact of the Wayfair decision on company sales taxes, and
    • Identify an example of a customer-related asset.

    Chapter 5
    Implementing the New Revenue Standard - ASC 606 - 2021 Guidance for Private Companies

    After reading the Chapter 5 course material, you will be able to:
    • Recognize the types of agreements that qualify as contracts under the revenue standard
    • Recall a condition that must be met to identify a separate performance obligation
    • Identify at least one method that is used to record revenue in Step 5 of the revenue standard
    • Recognize when a good is considered transferred to a customer under ASC 606
    • Recognize how to account for the transfer of a product with a right to return
    • Recall the general rule that determines whether an entity should record revenue gross or net
    • Recall how certain contract costs are accounted for under the revenue standard, and
    • Recognize certain disclosures required by the revenue standard for nonpublic entities.

    Chapter 6
    ASU 2016-01 - Financial Instruments - Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities

    After reading the Chapter 6 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 made by ASU 2016-01 to existing GAAP for financial instruments.
    • Recall how available-for-sale debt securities are measured on an entity’s 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, and
    • Recall a change made to the exemption for fair value disclosures with respect to trade receivables and payables.
  • Course Contents :

    To view Table of Contents, please Click here.

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