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Course Details

Current Developments as of 2017 - Accounting and Financial Reporting (Course Id 1227)

New / QAS / Registry
Author : Steven C Fustolo, CPA, MBA
Status : Production
CPE Credits : 16.0
IRS Credits : 0
Price : $125.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1227

Description :

The purpose of this course is to inform the reader of the various changes to accounting and financial reporting affecting the accounting professional. Topics include a review of FASB projects including those related to financial performance, leases, and financial instruments, practice issues involving the statement of cash flows, fair value reporting, pensions, the international convergence project, little GAAP, and more. The structure of the course is to encourage the reader to recall existing GAAP rules coupled with identifying, stating and outlining rules related to new and proposed pronouncements.

Usage Rank : 0
Release : 2017
Version : 999
Prerequisites : General understanding of U.S. GAAP.
Experience Level : Overview
Additional Contents : Complete, no additional material needed
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 30-May-2017
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 - NASBA Registry - 1227

Keywords : Accounting, Current, Developments, 2017, Accounting, Financial, Reporting, cpe, cpa, online course
Learning Objectives :

Chapter I
Latest Developments on the Accounting Front

After reading the Chapter I course material, you will be able to:
  • Identify some of the 12 recommended principles for the Comprehensive Business Reporting Model
  • Recall the definition of free cash flow
  • Recognize some of the key ratios used to analyze working capital
  • Identify some of the symptoms of inefficiently managed working capital
  • Identify some of the key differences in the clawback provisions found in Sarbanes-Oxley and Dodd-Frank
  • Recognize one of the characteristics of a multi-employer pension plan
  • Identify some of the key benefits and disadvantages of the principles-based system
  • Recall one of the reasons why U.S. convergence with international standards has not occurred
  • Identify a key change made to lease accounting by newly issued ASU 2016-02
  • Recognize the general structure of the FASB Accounting Standards Codification (ASC)
  • Recognize some of the differences between IFRS for SMEs and IFRS
  • Identify some of the GAAP rules for measuring and recording a deferred tax asset and related valuation account
  • Identify some unusual transactions and how they are recorded on the statement of cash flows

Chapter II
Accounting Standards Updates (ASUs)

After reading the Chapter II course material, you will be able to:
  • Recognize the classification of certain cash flow transactions addressed by ASU 2016-15
  • Identify the expense account to which amortization of debt issuance costs should be recorded
  • Recognize how to present deferred income taxes on the balance sheet under ASU 2015-17
  • Recall how to value certain inventories under ASU 2015-11
  • Identify one of the criteria that must be met to treat a hosting arrangement as internal-use software
Course Contents :

Chapter I - Latest Developments on the Accounting Front

A.        Significant GAAP Changes in 2017 and Beyond

B.        Reporting Information About the Financial Performance of Business Enterprises

Review Questions and Suggested Solutions


C.        Restatements and Other Financial Reporting Abuses

D.        The Gradual Demise of Company Pension Plans

Review Questions and Suggested Solutions


E.         You Need Principles to Use Principles-Based Accounting

F.         International Accounting Standards Convergence

G.        Proposed Repeal of LIFO

H.        The Continued Move to Fair Value Accounting

Review Questions and Suggested Solutions


I.          FASB Issues New Lease Standard ASU 2016-02

J.          The GAAP Codification

Review Questions and Suggested Solutions


K.   Big GAAP-Little GAAP

L.         Going Concern Assessment by Management- ASU 2014-15

M.        Sustainability Standards Is a Hot Issue

N.        The Politics of Disclosures

Review Questions and Suggested Solutions


O.        FASBs Eliminates Classification Shifting: Extraordinary Items and Discontinued Operations

P.         GAAP for Terrorism and Nature Disasters

Q.        Principles-Based Accounting and Risk of Litigation

R.        Earning Manipulation

Review Questions and Suggested Solutions


S.         Deferred Income Taxes, NOLs and Other Tax Matters

T.         Accounting, Auditing and Tax Issues Related to Marijuana

Review Questions and Suggested Solutions


U.        The Statement of Cash Flows- Coming Under Scrutiny by the Investment Community

Review Questions and Suggested Solutions


Chapter II - Accounting Standards Updates (ASUs)

ASU 2016-15: Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments.

ASU 2015-17: Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes

ASU 2015-11: Inventory (Topic 330) Simplifying the Measurement of Inventory

ASU 2015-05: Intangibles Goodwill and Other -Internal-Use Software (Subtopic 350-40) Customers Accounting for Fees Paid in a Cloud Computing Arrangement

ASU 2015-03: Interest- Imputation of Interest (Subtopic 835-30)- Simplifying the Presentation of Debt Issuance Costs

Review Questions and Suggested Solutions



Accounting Course 1227 Home: https://www.cpethink.com/accounting-cpa-courses
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