Accounting and Financial Reporting: Latest Updates
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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. This course also has a discussion of accounting and financial reporting issues related to COVID-19. Prerequisites: General understanding of U.S. GAAP.
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Course Info:
- Course #: 2100D
- Delivery: Self-Study
- CPE Hours: 16
- Course Level: Basic
- Prerequisites: None
- Advanced Preparation: None
- NASBA Area of Study: Accounting
- Total Pages: 428
- Questions: 80
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Course Objectives
- To identify some of the 12 recommended principles for the Comprehensive Business Reporting Model
- To recall the definition of free cash flow
- To recognize some of the key rations used to analyze working capital
- To identify some of the symptoms of inefficiently managed working capital
- To identify some of the key differences in the clawback provisions found in Sarbanes-Oxley and Dodd-Frank
- To recognize one of the characteristics of a multi-employer pension plan
- To identify some of the key benefits and disadvantages of the principles-based system
- To recall one of the reasons why U.S. convergence with international standards has not occurred
- To identify a key change made to lease accounting by ASU 2016-02
- To recognize the general structure of the FASB Accounting Standards Codification (ASC)
- To recognize some of the differences between IFRS for SMEs and IFRS
- To recognize how to account for deferred income taxes under the Tax Cuts and Jobs Act
- To identify how to account for deferred tax assets and liabilities when converting from an S to C corporation
- To recognize how to present deferred income taxes on the balance sheet under ASU 2015-17
- 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 in ASU 2018-17
- To identify the impairment test for goodwill under ASU 2017-04
Table of Contents
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