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Course Details

2021 FASB Review for Industry (Course Id 1831)

QAS / Registry

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 :	ACCOUNTING STANDARDS UPDATES ISSUED
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.

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

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2021 FASB Review for Industry (Course Id 1831)

Accounting - Accounting for Course Id 1831

NASBA QAS - Text - Technical - NASBA Registry - 1831