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2023 FASB Review for Industry (Course Id 2154)

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Author : Steven C Fustolo, CPA, MBA
Course Length : Pages: 302 ||| Word Count: 94,918 ||| Review Questions: 89 ||| 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 2154

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 post- COVID-19 economic issues, accounting and disclosures for the Employee Retention Credit (ERC) and Pass-Through Entity (PTE) tax, dealing with the forgiveness of PPP loans, and more.

Usage Rank : 0
Release : 2023
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 : 08-May-2023
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 - 2154

Keywords : Accounting, 2023, FASB, Review, Industry, cpe, cpa, online course
Learning Objectives :

Chapter 1
Implementing the New Lease Standard ASU 2016-02 Leases (Topic 842) and Other Amendments - 2023

After reading the Chapter 1 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
  • Identify some of the types of benefits a lessee can obtain from a leased asset
  • Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life
  • Recognize who an entity might not want to use the risk-free rate to compute the present value of lease payments
  • Identify how a lessee should account for initial direct costs
  • Recognize items that are and are not components of a lease term
  • Recall the method a lessee should use to record interest expense on a lease obligation
  • Identify some types of leases for a lessor
  • 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
  • Recall how a lessor should classify certain cash receipts on the statement of cash flows
  • Recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
  • Identify how deferred income taxes will be treated for lessees under ASU 2016-02
  • Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios, and
  • Recall the IRS rules as when an entity should and should not capitalize a lease for tax purposes.

Chapter 2
Accounting and Financial Reporting in a Post-COVID Economy: Inflation, Supply Chains, Interest Rates and Recession - 2023

After reading the Chapter 2 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
  • Recognize some exit and disposal costs
  • Recall how to classify business interruption insurance proceeds on the financial statements
  • Recognize the relationship a change in interest rates has on real estate values
  • Identify methods that can be used to measure variable consideration revenue
  • Recognize an example of a construction-type contract
  • Identify whether the LIFO IPIC approach is acceptable for GAAP
  • Recall the net operating loss rules

Chapter 3
Accounting and Financial Disclosures for the Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax - 2023

After reading the Chapter 3 course material, you will be able to:
  • Recognize the type of expense that is the basis for measuring the amount of the ERC.
  • Identify where to present the ERC in the statement of income using the ASC 958 conditional contribution model.
  • Recognize where to present the ERC in the statement of income using the IAS 20 grant model.
  • Identify an action step to be taken to correct the previous presentation and disclosure of an ERC in the statement of income.
  • Recognize the proper presentation of the ERC in a tax-basis statement of income.
  • Recognize a technique that has been attempted to circumvent the SALT deduction limitation.
  • Identify how to account for the PTE tax in an entity’s financial statements.
  • Recognize the requirements for recording deferred state income taxes with respect to the PTE tax election.
  • Identify disclosures that should be made for the PTE tax.

    Chapter 4
    PPP Loans and Forgiveness-Accounting and Financial Reporting Issues - 2023

    After reading the Chapter 4 course material, you will be able to:
    • Identify some of the eligible expenses related to use of PPP loan proceeds
    • Recognize approaches to account for PPP loans under GAAP
    • Recall how to present debt issuance costs on the financial statements
    • Recognize how to account for PPP loan forgiveness
    • Recognize how to present a gain on extinguishment on the statement of cash flows
    • Identify how to treat the forgiveness of a PPP loan for tax purposes
    • Recognize how the IAS 20 grant approach is used to account for its PPP loan
    • Recognize actions that impact a CPA’s independence in a PPP loan assistance engagement
    • Identify whether an emphasis-of-matter paragraph may be used in an accountant’s report when there is a forgiveness of a PPP loan

    Chapter 5
    Current Developments: Accounting and Financial Reporting - 2023

    After reading the Chapter 5 course material, you will be able to:
    • Identify the goal of the FASB’s Disaggregation-Income Statement Expenses project
    • Recognize one of the characteristics of a multi-employer pension plan
    • Recognize the impact that life expectancy has on the amount of a pension liability
    • Identify a concentration of risk that might require disclosure
    • Identify a particular way in which most marijuana business must operate
    • Recognize when a state might be able to charge sales tax under the Wayfair decision
    • Recognize the accounting alternative for leases under common control in ASU 2018-17

    Chapter 6
    Financial Instruments: Implementing ASU 2016-13

    After reading the Chapter 6 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
    • Identify some of the disclosures required by ASU 2016-13
  • Course Contents :

    Chapter 1 - Implementing the New Lease Standard ASU 2016-02 Leases (Topic 842) and Other Amendments - 2023

    I.   Background

    II.  Basic Concepts of ASU 2016-02

    A. General Rules

    III. Scope and Scope Exceptions

    IV. Identifying a Lease

    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

    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

    VII. Transition and Effective Date Information

    A. General- Existing Leases

    B. Transition

    VIII. Impact of Changes to Lease Accounting

    IX. Impact of Lease Changes on Nonpublic Entities

    X. Avoiding the New Lease Standard

    Chapter 2 - Accounting and Financial Reporting in a  Post-COVID Economy: Inflation, Supply Chains, Interest Rates  and Recession - 2023

    I.   Introduction

    II.  Accounting and Auditing Issues Related to the Post-COVID Economy

    III. Disclosure of Risks and Uncertainties- Supply-Chain Concentrations

    IV. Asset Impairments- Long-Lived Assets- 2022 and 2023 Issues

    A. Long-Lived Tangible Assets- Real Estate and Equipment Impairment

    B. Goodwill impairment issues

    C. Ordering  of Impairment Tests

    V. Writedowns and Disclosures of Stock Market and Bond Investments

    A. Debt Securities- Unrealized Losses in 2022 and 2023

    B. Equity Securities- Unrealized Losses in 2022 and 2023

    C. Disclosure of Stock Losses After Year End

    VI. Inventory Costs and Valuation Issues

    A. Lower of Cost and Net Realizable Value- FIFO and Average Cost Inventories

    B. Impact of Capacity on GAAP Inventory Valuations

    VII. Trade Receivables and the Allowance for Doubtful Accounts

    VIII. Exit and Termination Costs

    IX. Post-Covid Contingencies and Exposure to Third-Party and Employee Claims

    X. Business Interruption Insurance Recovery and Presentation- Post-COVID Damage

    XI. Joint and Several Risk- Multi-Employer Plan Obligations

    XII. Revenue and Contracts

    A. Variable Consideration Revenue

    B. Losses on Onerous Contracts- Impact of Inflation on Unrealized Losses

    XIII. Loan Modifications and Covenants in Light of Higher Interest Rates

    XIV. LIFO in a New High-Inflation Environment

    XV. GAAP Income Tax Issues- 2022 and 2023

    A. NOL Carryforwards and Deferred Tax Assets

    B. Higher Interest Rates and the Limitation on Interest Deduction-2022 and 2023

    Chapter 3 - Accounting and Financial Disclosures for the Employee Retention Credit (ERC) and  the Pass-Through Entity (PTE) Tax - 2023

    I.   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 2021 Comparative Financial Statements and Disclosures for the ETC

    G. Tax-Basis Financial Statements and the ERC

    II. 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

    Chapter 4 - PPP Loans and Forgiveness-Accounting and Financial Reporting Issues - 2023

    I.   Introduction

    II.  Basic Rules for PPP Loans- SBA

    A. General rules- CARES Act, as amended by Consolidated Appropriations Act, 2021

    III. How Should PPP Loans be Accounted for Under GAAP?

    A. General

    IV. Accounting for the PPP Loan as Debt

    A. General

    B. Debt issuance costs- PPP loans

    V. Forgiveness of PPP Loan

    A. General

    B. Accounting for forgiveness of PPP loan

    C. PPP loan eligible expenses

    D. Presentation of PPP loan transactions on the statement of cash flows

    VI. Tax Effects of PPP Loans

    A. General

    VII. Disclosures Required- PPP Loan Treated as Debt

    A. General

    VIII. Bank Covenants and Impact of PPP Loan Treated as Debt

    IX. Accounting for an Economic Injury Disaster Loan (EIDL)

    A. General

    X. PPP Loans in Tax-Basis Financial Statements

    XI. Other GAAP Approaches for PPP Loans

    A. General

    B. Account for the PPP loan as a grant using ASC 958 guidance

    C. Account for the PPP loan as a governmental grant using IAS 20

    D. Account for the PPP loan as a gain contingency using ASC 450-30

    XII. CPA Involvement in a PPP Loan Application and Forgiveness

    A. General

    B. Impact on a CPA’s independence

    XIII. Accountant and Auditor Reporting Issues- PPP Loans

    Chapter 5 - Current Developments: Accounting and Financial Reporting - 2023

    I.   Latest Developments on the Accounting Front

    A. Significant GAAP Changes in 2023 and Beyond

    B. FASB Disaggregation-Income Statement Expenses Project

    C. Restatements and Other Financial Reporting Abuses

    D. SEC Adopts Final Rule on Dodd-Frank’s Section 954 Clawback Requirement

    E. The Gradual Demise of Company Pension Plans

    F. ESG Disclosures Is a Hot Issue

    G. Post-Implementation Update on Revenue Recognition Standard

    H. FASB Drops Intangible Assets and Amortization of Goodwill  Project

    I. Accounting and Tax Issues Related to Marijuana

    J. Risk of Unrecorded Sales Tax Liabilities- Wayfair Decision

    K. ASU 2018-17: Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities

    II. Accounting Standards Updates (ASUs)

    Chapter 6 - Financial Instruments: Implementing ASU 2016-13

    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

    Glossary

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