Author : | Steven C Fustolo, CPA, MBA |
Course Length : | Pages: 400 ||| Word Count: 94,644 ||| Review Questions: 98 ||| Final Exam Questions: 80 |
CPE Credits : | 16.0 |
IRS Credits : | 0 |
Price : | $125.95 |
Passing Score : | 70% |
Course Type: | NASBA QAS - Text - NASBA Registry |
Technical Designation: | Technical |
Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 2275 |
Description : | The objective 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, the new standard on the allowance for credit losses, post-implementation issues involving the new lease standard, discussion of accounting and financial reporting issues in the post-COVID-19 economy including impact of high inflation and interest rates, accounting and disclosures for 2024 issues related to the Employee Retention Credit (ERC) and Pass-Through Entity (PTE) tax, newly issued accounting standards updates (ASUs), and more. |
Usage Rank : | 60000 |
Release : | 2024 |
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
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Advance Preparation : | None. |
Delivery Method : | QAS Self Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
Revision Date : | 23-May-2024 |
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 - NASBA Registry - 2275 |
Keywords : | Accounting, 2024, FASB, Review, Industry, cpe, cpa, online course |
Learning Objectives : |
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
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Course Contents : | Chapter 1 - The New Allowance for Credit Losses: ASU 2016-13 Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments - 2024 I. Objective II. Background A. Existing GAAP- Incurred Loss Model B. New ASC 326, Financial Instruments- Credit Losses C. Recent FASB ASUs Targeted at ASC 326’s Credit Losses III. ASU 2016-13 Amendments IV. ASC 326-20 Expected Credit Loss Model A. Overall Scope of ASC 326-20 B. General Amendments to ASC 326-20 Made by ASU 2016-13 C. New Expected Credit Loss Model D. Subsequent Measurement -Reporting Changes in Expected Credit Losses E. Financial Statement Presentation of Allowance Balance and Activity F. Loans and Trade Receivables- Common Control G. Examples from ASU 2016-13 H. Financial Assets Secured by Collateral I. Purchased Financial Assets With Credit Deterioration NEW per ASC 326-10 V. Held-to-Maturity Debt Securities- ASC 326-20 A. Basic GAAP Rules- Debt Securities-ASC 320 B. Held-to-Maturity (HTM) Debt Securities and ASC 326-20 C. HTM Debt Securities and the Expected Credit Loss Model in ASC 326-20 D. Investments in Certificates of Deposit (CDs) and Money Market Accounts VI. Available-For-Sale Debt Securities- Impairment- ASC 326-30 VII. Implementation of ASU 2016-13 Sample Disclosures- ASU 2016-13 Chapter 2 - Accounting and Financial Disclosures for the Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax - 2024 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. Tax-Basis Financial Statements and the ERC G. Filing for the ERC in 2023 or 2024 Prior to April 2025 ERC Deadline H. Accounting for Dubious ERC Claims- IRS Withdrawal Program- 2024 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 Chapter 3 - The New Lease Standard: ASU 2016-02 and Other Amendments: Post-Implementation Issues - 2024 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 4 - Selected Newly Issued Accounting Standards Updates (ASUs) I. Accounting Standards Updates (ASUs) Selected Accounting Standards Updates (ASUs) ASU 2023-05: Business Combinations— Joint Venture Formations (Subtopic 805-60)- Recognition and Initial Measurement ASU 2023-08: Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets ASU 2023-09: Income Taxes (Topic 740)-Improvements to Income Tax Disclosures Chapter 5 - Accounting and Financial Reporting in a Post-Covid Economy - 2024 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- 2023 and 2024 Issues A. Long-Lived Tangible Assets- Real Estate and Equipment Impairment B. Goodwill Impairment Issues C. Ordering of Impairment Tests V. Write-downs, Writeups and Disclosures of Stock Market and Bond Investments A. Debt Securities- Unrealized Gains and Losses in 2023 and 2024 B. Equity Securities- Unrealized Gains in 2023 and 2024 C. Disclosure of Stock and Debt Investment 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. Business Interruption Insurance Recovery and Presentation- Post-COVID Damage VIII. Going Concern in the 2023-2024 Inflationary Economy A. GAAP Requirements- Going Concern B. Auditing and Review Engagement Requirements- Going Concern IX. Joint and Several Risk- Multi-Employer Plan Obligations X. Revenue and Contracts A. Variable Consideration Revenue B. Losses on Onerous Contracts- Impact of Inflation on Unrealized Losses XI. Loan Modifications and Covenants in Light of Higher Interest Rates XII. Remote Engagements A. Remote Audits in 2023 and 2024 B. Accounts Receivable Confirmations C.Physical Inventory Observations D. Employee Fraud and the Current Internal Control Environment XIII. LIFO in a New High-Inflation Environment Chapter 6 - Current Developments: Accounting and Financial Reporting - 2024 I. Latest Developments on the Accounting Front A. Significant GAAP Changes in 2024 and Beyond B. FASB Disaggregation-Income Statement Expenses Project- Pending as of 2024 C. The Gradual Demise of Company Pension Plans D. Cash Concentration over FDIC-Insured Balance E. ESG Disclosures- A Hot and Controversial Issue F. Post-Implementation Update on Revenue Recognition Standard G. The VIE Rules- Using ASU 2018-17 with Common Control Arrangements H. Risk of Unrecorded Sales Tax Liabilities- Wayfair Decision II. GAAP Income Tax Issues- 2023 and 2024 A. NOL Carryforwards and Deferred Tax Assets B. Higher Interest Rates and the Limitation on Interest Deduction-2023 and 2024 C. Higher Tax Rates in 2023 to 2027- Reversal of TCJA Tax Benefits Glossary |