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Budgeting consumes a massive amount of time and resources. It's a stressful and busy time.

Are there ways to improve the effectiveness of the investment we make in the budget process? Can we make better budgeting decisions that lead to higher performance?

There are options within and beyond traditional budgeting. Each company should consider these options and decide which could improve their budgeting process. Budgeting has many benefits that we can continue to capture and build upon.

This online budgeting course starts by outlining the benefits and challenges of budgeting. Throughout this course, I'll provide tips and alternative budget systems that can mitigate these challenges and capture more benefits.

Next, you'll learn or revisit some foundational concepts for budgeting. I'll build on these to show the pros and cons of later budgeting tips, ideas, and alternatives.

The master budget is a collection of many sub-budgets. I'll show how these fit together to form an aligned plan to achieve a company's strategic goals. There's a method to the madness of when different types of assumptions and calculations are layered into the budget. However, the process is not entirely sequential. It abounds with iterative loops.

The third section walks step-by-step through the budget formation process. The purpose and role of the budget can best be explained in the context of strategic planning. We'll explore which analyses can be done throughout the year to take pressure off the very busy budgeting season. Some lessons cover the nuts and bolts of budget reporting and budgeting tools.

I'll explore a series of budgeting alternatives in the final section of the course. We'll look at rolling forecasts, zero-based budgeting, activity-based budgeting, and many others. We'll also look at operating without a budget. Each alternative has pros and cons that I'll list.

Each lesson in this section gives an overview of the budget alternative to help you decide whether you want to pursue that alternative further. Even if you don't fully adopt these alternatives, you can find ideas to improve your budgeting process.

The online budgeting course concludes by revisiting budgeting process challenges and how the tips and alternatives presented in the course can address or mitigate those challenges.

The course author has been the CFO, SVP of Finance, or Director of Operations of companies with just a few employees to companies with $3 billion in assets and hundreds of employees. He's led, facilitated, or participated in the budgeting process many times.  

Better Budgeting: Budgeting for Better Decisions (10 Hrs)

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This internal control course will describe the importance of internal controls and the purpose of the audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components of an effective internal accounting control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Accounting Internal Controls (2 Hrs)

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.

Current Developments as of 2024 - Accounting and Financial Reporting (16 Hrs)

This course explores deceptive accounting practices used by companies to manipulate revenue and expenses. Participants will learn about specific revenue recognition techniques such as premature revenue recognition, channel stuffing, bill-and-hold arrangements. Participants will also learn about expense manipulation techniques such as capitalizing expenses, shifting expenses, and misclassifying expenses.  The course includes detailed examples and highlights the ethical implications and legal consequences of these practices.

Deceptive Accounting Practices: Revenue and Expense Manipulation (2 Hrs)

All business entities require information to operate efficiently and effectively. The accounting system is one of the most important systems for the organization’s decision makers. Accounting information systems collect and process data from transactions and events, organize them in useful reports, and communicate results to decision makers. Accounting Systems and Financial Statements is a course that will describe what information must be collected to properly report on a business. This course will describe the four major types of financial statements and define the standards that are used to create financial reports. This course will define the various elements for the four major financial statements. This course will review the framework for adjustments and describe the common adjustments that must be made at the end of each accounting period, so they are accurate.

Accounting Systems and Financial Statements (3 Hrs)
A/B
Suggested Courses

Budgeting consumes a massive amount of time and resources. It's a stressful and busy time.

Are there ways to improve the effectiveness of the investment we make in the budget process? Can we make better budgeting decisions that lead to higher performance?

There are options within and beyond traditional budgeting. Each company should consider these options and decide which could improve their budgeting process. Budgeting has many benefits that we can continue to capture and build upon.

This online budgeting course starts by outlining the benefits and challenges of budgeting. Throughout this course, I'll provide tips and alternative budget systems that can mitigate these challenges and capture more benefits.

Next, you'll learn or revisit some foundational concepts for budgeting. I'll build on these to show the pros and cons of later budgeting tips, ideas, and alternatives.

The master budget is a collection of many sub-budgets. I'll show how these fit together to form an aligned plan to achieve a company's strategic goals. There's a method to the madness of when different types of assumptions and calculations are layered into the budget. However, the process is not entirely sequential. It abounds with iterative loops.

The third section walks step-by-step through the budget formation process. The purpose and role of the budget can best be explained in the context of strategic planning. We'll explore which analyses can be done throughout the year to take pressure off the very busy budgeting season. Some lessons cover the nuts and bolts of budget reporting and budgeting tools.

I'll explore a series of budgeting alternatives in the final section of the course. We'll look at rolling forecasts, zero-based budgeting, activity-based budgeting, and many others. We'll also look at operating without a budget. Each alternative has pros and cons that I'll list.

Each lesson in this section gives an overview of the budget alternative to help you decide whether you want to pursue that alternative further. Even if you don't fully adopt these alternatives, you can find ideas to improve your budgeting process.

The online budgeting course concludes by revisiting budgeting process challenges and how the tips and alternatives presented in the course can address or mitigate those challenges.

The course author has been the CFO, SVP of Finance, or Director of Operations of companies with just a few employees to companies with $3 billion in assets and hundreds of employees. He's led, facilitated, or participated in the budgeting process many times.  

Better Budgeting: Budgeting for Better Decisions (10 Hrs)

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This internal control course will describe the importance of internal controls and the purpose of the audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components of an effective internal accounting control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Accounting Internal Controls (2 Hrs)

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.

Current Developments as of 2024 - Accounting and Financial Reporting (16 Hrs)

This course explores deceptive accounting practices used by companies to manipulate revenue and expenses. Participants will learn about specific revenue recognition techniques such as premature revenue recognition, channel stuffing, bill-and-hold arrangements. Participants will also learn about expense manipulation techniques such as capitalizing expenses, shifting expenses, and misclassifying expenses.  The course includes detailed examples and highlights the ethical implications and legal consequences of these practices.

Deceptive Accounting Practices: Revenue and Expense Manipulation (2 Hrs)

All business entities require information to operate efficiently and effectively. The accounting system is one of the most important systems for the organization’s decision makers. Accounting information systems collect and process data from transactions and events, organize them in useful reports, and communicate results to decision makers. Accounting Systems and Financial Statements is a course that will describe what information must be collected to properly report on a business. This course will describe the four major types of financial statements and define the standards that are used to create financial reports. This course will define the various elements for the four major financial statements. This course will review the framework for adjustments and describe the common adjustments that must be made at the end of each accounting period, so they are accurate.

Accounting Systems and Financial Statements (3 Hrs)
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Similar Courses

Budgeting consumes a massive amount of time and resources. It's a stressful and busy time.

Are there ways to improve the effectiveness of the investment we make in the budget process? Can we make better budgeting decisions that lead to higher performance?

There are options within and beyond traditional budgeting. Each company should consider these options and decide which could improve their budgeting process. Budgeting has many benefits that we can continue to capture and build upon.

This online budgeting course starts by outlining the benefits and challenges of budgeting. Throughout this course, I'll provide tips and alternative budget systems that can mitigate these challenges and capture more benefits.

Next, you'll learn or revisit some foundational concepts for budgeting. I'll build on these to show the pros and cons of later budgeting tips, ideas, and alternatives.

The master budget is a collection of many sub-budgets. I'll show how these fit together to form an aligned plan to achieve a company's strategic goals. There's a method to the madness of when different types of assumptions and calculations are layered into the budget. However, the process is not entirely sequential. It abounds with iterative loops.

The third section walks step-by-step through the budget formation process. The purpose and role of the budget can best be explained in the context of strategic planning. We'll explore which analyses can be done throughout the year to take pressure off the very busy budgeting season. Some lessons cover the nuts and bolts of budget reporting and budgeting tools.

I'll explore a series of budgeting alternatives in the final section of the course. We'll look at rolling forecasts, zero-based budgeting, activity-based budgeting, and many others. We'll also look at operating without a budget. Each alternative has pros and cons that I'll list.

Each lesson in this section gives an overview of the budget alternative to help you decide whether you want to pursue that alternative further. Even if you don't fully adopt these alternatives, you can find ideas to improve your budgeting process.

The online budgeting course concludes by revisiting budgeting process challenges and how the tips and alternatives presented in the course can address or mitigate those challenges.

The course author has been the CFO, SVP of Finance, or Director of Operations of companies with just a few employees to companies with $3 billion in assets and hundreds of employees. He's led, facilitated, or participated in the budgeting process many times.  

Better Budgeting: Budgeting for Better Decisions (10 Hrs)

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This internal control course will describe the importance of internal controls and the purpose of the audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components of an effective internal accounting control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Accounting Internal Controls (2 Hrs)

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.

Current Developments as of 2024 - Accounting and Financial Reporting (16 Hrs)

This course explores deceptive accounting practices used by companies to manipulate revenue and expenses. Participants will learn about specific revenue recognition techniques such as premature revenue recognition, channel stuffing, bill-and-hold arrangements. Participants will also learn about expense manipulation techniques such as capitalizing expenses, shifting expenses, and misclassifying expenses.  The course includes detailed examples and highlights the ethical implications and legal consequences of these practices.

Deceptive Accounting Practices: Revenue and Expense Manipulation (2 Hrs)

All business entities require information to operate efficiently and effectively. The accounting system is one of the most important systems for the organization’s decision makers. Accounting information systems collect and process data from transactions and events, organize them in useful reports, and communicate results to decision makers. Accounting Systems and Financial Statements is a course that will describe what information must be collected to properly report on a business. This course will describe the four major types of financial statements and define the standards that are used to create financial reports. This course will define the various elements for the four major financial statements. This course will review the framework for adjustments and describe the common adjustments that must be made at the end of each accounting period, so they are accurate.

Accounting Systems and Financial Statements (3 Hrs)
Suggested Courses

Budgeting consumes a massive amount of time and resources. It's a stressful and busy time.

Are there ways to improve the effectiveness of the investment we make in the budget process? Can we make better budgeting decisions that lead to higher performance?

There are options within and beyond traditional budgeting. Each company should consider these options and decide which could improve their budgeting process. Budgeting has many benefits that we can continue to capture and build upon.

This online budgeting course starts by outlining the benefits and challenges of budgeting. Throughout this course, I'll provide tips and alternative budget systems that can mitigate these challenges and capture more benefits.

Next, you'll learn or revisit some foundational concepts for budgeting. I'll build on these to show the pros and cons of later budgeting tips, ideas, and alternatives.

The master budget is a collection of many sub-budgets. I'll show how these fit together to form an aligned plan to achieve a company's strategic goals. There's a method to the madness of when different types of assumptions and calculations are layered into the budget. However, the process is not entirely sequential. It abounds with iterative loops.

The third section walks step-by-step through the budget formation process. The purpose and role of the budget can best be explained in the context of strategic planning. We'll explore which analyses can be done throughout the year to take pressure off the very busy budgeting season. Some lessons cover the nuts and bolts of budget reporting and budgeting tools.

I'll explore a series of budgeting alternatives in the final section of the course. We'll look at rolling forecasts, zero-based budgeting, activity-based budgeting, and many others. We'll also look at operating without a budget. Each alternative has pros and cons that I'll list.

Each lesson in this section gives an overview of the budget alternative to help you decide whether you want to pursue that alternative further. Even if you don't fully adopt these alternatives, you can find ideas to improve your budgeting process.

The online budgeting course concludes by revisiting budgeting process challenges and how the tips and alternatives presented in the course can address or mitigate those challenges.

The course author has been the CFO, SVP of Finance, or Director of Operations of companies with just a few employees to companies with $3 billion in assets and hundreds of employees. He's led, facilitated, or participated in the budgeting process many times.  

Better Budgeting: Budgeting for Better Decisions (10 Hrs)

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This internal control course will describe the importance of internal controls and the purpose of the audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components of an effective internal accounting control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Accounting Internal Controls (2 Hrs)

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.

Current Developments as of 2024 - Accounting and Financial Reporting (16 Hrs)

This course explores deceptive accounting practices used by companies to manipulate revenue and expenses. Participants will learn about specific revenue recognition techniques such as premature revenue recognition, channel stuffing, bill-and-hold arrangements. Participants will also learn about expense manipulation techniques such as capitalizing expenses, shifting expenses, and misclassifying expenses.  The course includes detailed examples and highlights the ethical implications and legal consequences of these practices.

Deceptive Accounting Practices: Revenue and Expense Manipulation (2 Hrs)

All business entities require information to operate efficiently and effectively. The accounting system is one of the most important systems for the organization’s decision makers. Accounting information systems collect and process data from transactions and events, organize them in useful reports, and communicate results to decision makers. Accounting Systems and Financial Statements is a course that will describe what information must be collected to properly report on a business. This course will describe the four major types of financial statements and define the standards that are used to create financial reports. This course will define the various elements for the four major financial statements. This course will review the framework for adjustments and describe the common adjustments that must be made at the end of each accounting period, so they are accurate.

Accounting Systems and Financial Statements (3 Hrs)
Course Details

2024 FASB Review for Industry (Course Id 2275)

QAS / Registry
  Add to Cart 
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 : 57500
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
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
The New Allowance for Credit Losses: ASU 2016-13 Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments - 2024

After reading the Chapter 1 material, you will be able to:
  • Recognize examples of assets that are and are not subject to the ASC 326-20 expected credit loss model
  • Recognize the model that ASU 2016-13 uses to deal with credit losses
  • Recall how an entity should present the allowance for credit losses on the balance sheet
  • Identify how credit losses should be recorded under new ASU 2016-13
  • Recognize some of the disclosures required by ASU 2016-13
  • Identify examples of entities that are under common control
  • Identify how a decline in fair value of a held-to-maturity debt security should be handled under GAAP
  • Recognize the new impairment model for available-for-sale debt securities under ASC 326-30
  • Identify how an entity should implement the ASU 2016-13 rules

Chapter 2
Accounting and Financial Disclosures for the Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax - 2024

After reading the Chapter 2 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.
  • Recognize the proper presentation of the ERC in a tax-basis statement of income.
  • Identify how to account for an ERC filing in 2023.
  • 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 3
The New Lease Standard: ASU 2016-02 and Other Amendments Post-Implementation Issues - 2024

After reading the Chapter 3 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 4
Selected Newly Issued Accounting Standards Updates (ASUs)

After reading the Chapter 4 material, you will be able to:
  • Review how to account for a joint venture
  • Identify how to measure a crypto asset and record it on the balance sheet and income statement
  • Recall some of the new disclosures for income taxes required by ASU 2023-09

Chapter 5
Accounting and Financial Reporting in a Post-COVID Economy - 2024

After reading the Chapter 5 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
  • 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 the benchmark used to determine going concern
  • Recognize how to report on going concern in an engagement
  • Identify a method that can be used to measure variable consideration revenue
  • Recognize an example of a construction-type contract
  • Identify an advantage of remote auditing
  • Recognize a reason to justify using LIFO for GAAP. and
  • Identify whether the LIFO IPIC approach is acceptable for GAAP.

Chapter 6
Current Developments: Accounting and Financial Reporting - 2024

After reading Chapter 6 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 the shift in the types of retirement plans over the past decade
  • Recall an example of a financial instrument subject to the concentration of credit risk disclosure
  • Identify the requirements of the SEC’s ESC disclosures
  • Recall the general GAAP rule for management’s evaluation of going concern
  • Recognize the VIE accounting alternative for leases under common control in ASU 2018-17
  • Recognize when a state might be able to charge sales tax under the Wayfair decision
  • Review the accounting for a net operating loss, and
  • Recall the rule for deductibility of interest in IRC 163(j).
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
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