Author : | Steven C Fustolo, CPA, MBA |
Course Length : | Pages: 341 ||| Word Count: 14,0064 ||| Review Questions: 132 ||| Final Exam Questions: 120 |
CPE Credits : | 24.0 |
IRS Credits : | 0 |
Price : | $145.95 |
Passing Score : | 70% |
Course Type: | NASBA QAS - Text - Technical - NASBA Registry |
Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 1999 |
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, the new lease standard, practice issues, a discussion of accounting and financial reporting issues related to COVID-19, the CARES Act and PPP loans, accounting and disclosures for the Employee Retention Credit (ERC) and Pass-Through Entity (PTE) tax. The course also addresses new statements issued by the Auditing Standards Board, changes in compilation and review standards, and more. Field of study:
16 hours accounting
8 hours auditing
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Usage Rank : | 0 |
Release : | 2022 |
Version : | 1.0 |
Prerequisites : | None. |
Experience Level : | Overview |
Additional Contents : | Complete, no additional material needed. |
Additional Links : |
ACCOUNTING STANDARDS UPDATES ISSUED
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Advance Preparation : | None. |
Delivery Method : | QAS Self Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
Revision Date : | 16-May-2022 |
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 - 1999 |
Keywords : | Accounting and Auditing, 2022, FASB, SSARS, SAS, Update, Review, cpe, cpa, online course |
Learning Objectives : |
Chapter 1
Chapter 2
Chapter 3 Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
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Course Contents : | Chapter 1 - Implementing the New Lease Standard - 2022 - ASU 2016-02 Leases (Topic 842) and Other Amendments 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 2 - Accounting and Financial Reporting for COVID-19, the CARES Act and PPP Loans - 2022 I. Introduction II. Accounting Issues Related to COVID-19 III. Disclosure of Risks and Uncertainties- COVID-19 and Supply-Chain Shortages Review Questions IV. Asset Impairments- Long-Lived Assets A. Overview of Asset Impairment Rules B. Goodwill Impairment Issues V. Writedowns and Disclosures of Stock Market Investments A. Disclosure of Stock Losses After Year End Review Questions VI. Inventory Costs and Valuation Issues A. GAAP Review of Inventories VII. Trade Receivables and the Allowance for Doubtful Accounts VIII. Exit and Termination Costs IX. Contingencies and Exposure to Third-Party and Employee Claims X. Business Interruption Insurance Recovery and Presentation XI. Going Concern and COVID-19 A. GAAP Requirements- Going Concern B. Engagement Requirements- Going Concern C. The One-Year Going Concern Window and COVID-19 D. Use of a Financial Support Letter when there is a Going Concern Issue Review Questions XII. Revenue and Contracts A. Variable Consideration Revenue B. Losses on Onerous Contracts- Impact of COVID-19 and Inflation on Unrealized Losses XIII. Loan Modifications and Covenants XIV. Remote Accounting Functions – Post COVID XV. Fraud and the COVID-19 Internal Control Environment Review Questions XVI. Income Tax Issues- CARES Act A. Deferred Tax Assets from NOLs- the CARES Act B. Limitation on Interest Deduction- the CARES Act Review Questions XVII. Accounting for PPP Loans under the CARES Act A. Introduction B. Basic Rules for PPP Loans- SBA C. How Should PPP Loans be Accounted for Under GAAP? D. Accounting for a PPP Loan as Debt E. Forgiveness of PPP Loan F. Tax Effects of PPP Loans G. Disclosures Required- PPP Loan Treated as Debt H. Accounting for an Economic Injury Disaster Loan (EIDL) I. Other GAAP Approaches for PPP Loans J. Accountant and Auditor Reporting Issues- PPP Loans K. Accountant Reporting and Disclosure Issues Peculiar to 2021 First- and Second-Draw PPP Loans Review Questions Chapter 3 - Accounting and Disclosures for the Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax - 2022 I. Introduction II. Accounting -Financial Disclosures for the Employee Retention Credit (ERC) A. Overview B. GAAP Accounting for the ERC C. OPTION 1: ASC 958-605- Not-for-Profit Entities: Revenue Recognition D. OPTION 2: IAS 20, Accounting for Government Grants and Disclosure of Government Assistance E. Disclosures for the ERC F. Fixing the 2020 Financial Statements and Disclosures for the ERC G. Tax-Basis Financial Statements and the ERC Review Questions III. Accounting - Financial Disclosures for the Pass-Through Entity (PTE) Tax A. Overview B. Use of the Pass-Through Entity (PTE) Tax Election C. GAAP Accounting and Disclosures- PTE Tax D. GAAP Accounting Rules for the PTE Tax E. GAAP Disclosures for the PTE Tax F. PTE Tax and Tax-Basis Financial Statements Review Questions Chapter 4 - ASU 2016-13 Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments - 2022 I. Objective II. Background A. Existing GAAP B. New ASC 326, Financial Instruments- Credit Losses C. Recent FASB ASUs Targeted at ASC 326’s Credit Losses III. Scope of ASC 326 A. Overall scope IV. ASU 2016-13 Amendments A. General Amendments B. Financial Statement Presentation of Allowance Balance and Activity C. New Expected Credit Loss Model D. Subsequent Measurement -Reporting Changes in Expected Credit Losses E. Writeoffs and Recoveries of Financial Assets F. Financial Assets Secured by Collateral G. Available-For-Sale Debt Securities- Impairment H. Related-Party Loans I. Disclosures J. Purchased Financial Assets With Credit Deterioration NEW per ASC 326-10 K. Implementation L. Examples from ASU 2016-13 Review Questions Chapter 5 - Current Developments - Accounting and Financial Reporting - 2022 I. Latest Developments on the Accounting Front A. Significant GAAP Changes in 2022 and Beyond B. Significant FASB Disaggregation- Income Statement Expenses Project C. The Gradual Demise of Company Pension Plans Review Questions D. LIFO in a New High-Inflation Environment E. Recent Fair Value Accounting Standards Review Questions F. Sustainability and ESG Standards Is a Hot Issue Review Questions G. Post-Petition Update on Revenue Recognition Standard H. FASB Move to Amortize Goodwill Again Review Questions I. Miscellaneous Tax Issues for GAAP J. Accounting, Auditing and Tax Issues Related to Marijuana K. Order of Placement of Financial Statements L. Risk of Unrecorded Sales Tax Liabilities- Wayfair Decision Review Questions Chapter 6 - Selected Accounting Standards Updates (ASUs) - 2022 I. Accounting Standards Updates (ASUs) A. Selected Accounting Standards Updates (ASUs) ASU 2021-03: Intangibles—Goodwill and Other (Topic 350), Accounting Alternative for Evaluating Triggering Events ASU 2019-12: Income Taxes (Topic 740)- Simplifying the Accounting for Income Taxes ASU 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities Review Questions Chapter 7 - SSARS No. 25: Materiality in a Review of Financial Statements and Adverse Conclusions I. Overview of SSARS No. 25 A. Effective Date B. Objective C. Background II. Overview of Changes Made By SSARS No. 25 III. SSARS No. 25 Changes to AR-C 60- General Principles IV. SSARS No. 25 Changes to AR-C 70- Preparation of Financial Statements V. SSARS No. 25 Changes to AR-C 80- Compilation Engagements Review Questions VI. SSARS No. 25 Changes to AR-C 90: Review of Financial Statements CHANGE 1: Materiality in a Review Engagement CHANGE 2: Inquiries of Management CHANGE 3: Written Representations in a Review Engagement CHANGE 4: Modifications to Review Engagement Reporting CHANGE 5: Going Concern in a Review Engagement Review Questions Chapter 8 - New Auditing Standards: SAS Nos. 134-145 I. Introduction: II. Summary of Recent Auditing Standards SAS No. 134: Auditor Reporting and Amendments [Including Amendments Addressing Disclosures in the Audit of Financial Statements] Review Questions SAS No. 135: Omnibus Statement on Auditing Standards—2019 SAS No. 136: Forming an Opinion -Employee Benefit Plans Subject to ERISA SAS No. 137: The Auditor’s Responsibilities Relating to Other Information Review Questions SAS No. 138: Amendments to the Description of the Concept of Materiality SAS No. 139: Amendments to AU-C Sections 800, 805, and 810 -Changes from SAS No. 134 Review Questions SAS No. 140: Amendments to AU-C Sections 725, 730, 930, 935, and 940 SAS No. 141: Amendment to the Effective Dates of SAS Nos. 134–140 Review Questions SAS No. 142: Audit Evidence Review Questions SAS No. 143: Auditing Accounting Estimates and Related Disclosures SAS No. 144: Amendments to AU-C 501, 540, and 620- Use of Specialists and Use of Pricing Information Obtained From External Information Sources Review Questions SAS No. 145: Understanding the Entity, Its Environment and Assessing Risks of Material Misstatement Review Questions Glossary |