Author : | Steven C Fustolo, CPA, MBA |
Course Length : | Pages: 329 ||| Word Count: 94,708 ||| Review Questions: 94 ||| 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 2255 |
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 includes a discussion of accounting and financial reporting issues – post-COVID, the Employee Retention Credit (ERC) including the accounting for the IRS ERC withdrawal program, and the Pass-Through Entity (PTE) Tax. |
Usage Rank : | 161538 |
Release : | 2024 |
Version : | 1.0 |
Prerequisites : | General understanding of U.S. GAAP. |
Experience Level : | Overview |
Additional Contents : | Complete, no additional material needed. |
Additional Links : |
Financial Accounting
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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 - 2255 |
Keywords : | Accounting, Current, Developments, 2024, Accounting, Financial, Reporting, cpe, cpa, online course |
Learning Objectives : |
Section I
Section II
Sections III AND Sections IV
Section V
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Course Contents : | Section I - Latest Developments on the Accounting Front A. Significant GAAP Changes in 2024 and Beyond B. Reporting Information About the Financial Performance of Business Enterprises Review Questions 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 Review Questions F. International Accounting Standards Convergence G. LIFO in a High-Inflation Environment H. Dealing with Debt Unrealized Losses in 2022 and 2023 I. Equity Securities Unrealized Losses in 2023 and 2024 J. Implementing ASU 2016-13: Credit Losses (Topic 326)- 2023 Review Questions K. Post-Implementation Issues- New Lease Standard – ASU 2016-02 and ASU 2023-01 L. The GAAP Codification Overview Review Questions M. Big GAAP-Little GAAP N. Going-Concern Assessment by Management O. ESG Disclosures- A Hot and Controversial Issue Review Questions P. FASB Classification Shifting using Discontinued Operations Rules Q. Post-Implementation Update on Revenue Recognition Standard R. FASB Drops Intangible Assets and Amortization of Goodwill Project S. Earnings Manipulation Review Questions Section II - Accounting and Reporting Issues - Post COVID A. General B. Concentration of Supply (Supply-Chain Delays and Shortages) - 2024 C. Inventories and Impact of Inflation on Valuations D. Trade Receivables and Allowance for Credit Losses E. Exit and Termination Costs F. Contingencies and Exposure to Third-Party and Employee Claims G. Business Interruption Insurance Coverage H. Dealing with Estimates- Variable Revenue I. Loan Modifications and Covenants J. Remote Engagements K. Losses on Onerous Contracts L. Cash Concentration over FDIC Insured Balance M. Accounting and Disclosures for the Employee Retention Credit (ERC)- 2023- 2025 N. Accounting and Disclosures for the Pass-Through Entity (PTE) Tax Review Questions O. The VIE Rules- Using ASU 2018-17 with Common Control Arrangements Review Questions Section III - 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 Review Questions Section IV - Other Financial Reporting Issues A. Accounting and Tax Issues Related to Marijuana B. Order of Placement of Financial Statements C. Risk of Unrecorded Sales Tax Liabilities- Wayfair Decision Review Questions D. The Statement of Cash Flows – Unusual Reporting Issues Review Questions Section V - 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 Review Questions Glossary |