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Current Developments as of 2020 - Accounting and Financial Reporting (Course Id 1648)

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Author : Steven C Fustolo, CPA, MBA
Status : Production
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 1648

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.

The course also has a discussion of accounting and financial reporting issues related to COVID-19.

Usage Rank : 0
Release : 2020
Version : 1.0
Prerequisites : General understanding of U.S. GAAP.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 27-Apr-2020
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 - 1648

Keywords : Accounting, Current, Developments, 2020, 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 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
  • Recognize how to account for deferred income taxes under the Tax Cuts and Jobs Act
  • Identify how to account for deferred tax assets and liabilities when converting from S to C corporation
  • Recognize how to present deferred income taxes on the balance sheet under ASU 2015-17
  • 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 of the course material, you will be able to:
  • Identify which type of entity is a private company under ASU 2018-17
  • Recognize the types of arrangements that qualify the private company accounting alternative election
  • Recall how a private company adopts the change under the accounting alternative election
  • Recall the new impairment test for goodwill under ASU 2017-04
  • Recognize how to account for restricted cash on the statement of cash flows
  • Recognize the classification of certain cash flow transactions addressed by ASU 2016-15
Course Contents :

Chapter I - Latest Developments on the Accounting Front

A.    Significant GAAP Changes in 2020 and Beyond

B.    Reporting Information About the Financial Performance of Business Enterprises

Review Questions

C.    Restatements and Other Financial Reporting Abuses

D.    The Gradual Demise of Company Pension Plans

Review Questions

E.     You Need Principles to Use Principles-Based Accounting

F.     International Accounting Standards Convergence

G.    LIFO in Low Inflation Environment

H.    The Continued Move to Fair Value Accounting

Review Questions

I.      FASB Issues New Lease Standard – ASU 2016-02

J.     The GAAP Codification

Review Questions

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

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

P.     Update on Revenue Recognition Standard

Q.    FASB Move to Amortize Goodwill Again

R.    Principles-Based Accounting and Risk of Litigation

S.     Earnings Manipulation

T.     Accounting and Auditing Issues Related to the Coronavirus (COVID-19)

Review Questions

U.    Deferred Income Taxes, NOLs and Other Tax Matters

V.    Accounting, Auditing and Tax Issues Related to Marijuana

W.   Does the FASB Add Value to Financial Statements?

X.    Order of Placement of Financial Statements

Y.    Risk of Unrecorded Sales Tax Liabilities- Wayfair Decision

Review Questions

Z.     The Statement of Cash Flows – Coming Under Scrutiny by the Investment Community

Review Questions

Chapter II - Accounting Standards Updates (ASUs)

ASU  2019-12: Income Taxes (Topic 740)- Simplifying the Accounting for Income Taxes

ASU 2019-06: Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities (Topic 958)

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

ASU 2017-04: Intangibles – Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment

ASU 2017-01: Business Combinations (Topic 805) – Clarifying the Definition of a Business

Review Questions


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