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Accounting and Financial Reporting: Latest Updates

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, 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. This course also has a discussion of COVID 19’s impact on accounting and financial reporting.

Course Info:

Course #: 2100E
Delivery: Self-Study
CPE Hours: 16
Course Level: Basic
Prerequisites: None
Advanced Preparation: None
NASBA Area of Study: Accounting
Total Pages: 404
Questions: 80

Course Objectives

To recognize a reason why public companies over disclose in their notes to financial statements
To identify a proposed change to the statement of cash flows
To recall the definition of free cash flow
To recognize some of the key ratios used to analyze working capital
To identify some of the symptoms of inefficiently managed working capital
To recognize one of the characteristics of a multi-employer pension plan
To recognize the impact that life expectancy has on the amount of a pension liability
To identify the shift in the types of retirement plans over the past decade
To recall the types of assets and liabilities found in Level 1 of the fair value hierarchy
To recognize the type of information that is used to estimate credit losses under ASU 2016-13
To recognize key changes found in the new lease standard
To identify how a lessee recognizes a lease liability under the new lease standard
To identify potential impacts from implementing the new lease standard
To recognize the general structure of the FASB Accounting Standards Codification (ASC)
To recall the general GAAP rule for management’s evaluation of going concern
To identify a concentration of risk that might require disclosure
To recognize criteria for presenting a transaction as part of discontinued operations
To identify a method that can be used to record variable consideration under the revenue standard
To recognize the approaches that are used to recognize revenue under the new revenue standard
To recall the existing accounting for goodwill by a public company
To recognize a feature of high-quality earnings
To recall how LIFO should be valued under GAAP
To identify how to record the forgiveness of a PPP loan on the financial statements
To recognize how net operating losses are treated under the CARES Act
To recognize how to present deferred income taxes on the balance sheet under ASU 2015-17
To recognize when a state might be able to charge sales tax under the Wayfair decision
To identify some unusual transactions and how they are recorded on the statement of cash flows
To recognize the types of arrangements that qualify for the private company accounting alternative election related to goodwill amortization and acquisitions
To recognize the accounting alternative for leases under common control in ASU 2018-17
To identify the impairment test for goodwill under ASU 2017-04

Table of Contents

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