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. 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
includes a discussion of accounting and financial reporting issues related to COVID-19, PPP loans, the
Employee Retention Credit (ERC), and the Pass-Through Entity (PTE) Tax. |
Course Info:
- Course #: 2100F
- Delivery: Self-Study
- CPE Hours: 16
- Course Level: Basic
- Prerequisites: None
- Advanced Preparation: None
- NASBA Area of Study: Accounting
- Total Pages: 437
- Questions: 80
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Course Objectives
- To recognize a reason public companies over disclose in their notes to financial statements
- 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 a key change 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 recall how LIFO should be valued under GAAP
- To identify how to record the forgiveness of a PPP loan in the financial statements
- To recognize how to present the Employee Retention Credit (ERC) in the statement of
income
- To identify how to account for the Pass-Through Entity Tax under GAAP
- 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 identify the private company election to perform a triggering event evaluation
- 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
Table of Contents
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