Description:
This  course discusses 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, current and pending developments, practice issues, and more. Table of Contents

Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: General understanding of US GAAP

Advanced Preparation: None

Author: Steven C. Fustolo, CPA

Publication: April 2017
Updated:  June 26, 2018

Format: PDF

Pages: 451

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:

• Identify an area of accounting affected by the definition of a business
• Recognize elements of a business
• Identify the new definition of a business in ASU 2017-01
• Recall an example of a process as used in the definition of a business
• Recognize Steps 1 and 2 of determining a business in ASU 2017-01
• Identify a real estate transaction that might qualify as a trade or business in IRC 197
• Recognize a factor that indicates there is a trade or business for tax purposes
• Identify how intangible assets with finite lives should be accounted for under GAAP
• Recognize how often a publicly held entity should test goodwill for impairment
• Recall the level at which goodwill is tested for impairment
• Recognize the formula used to perform the impairment loss test for goodwill
• Identify how goodwill is treated after recording an impairment loss
• Recall the definition of “more likely than not” as used in the goodwill impairment test
• Recognize the definition of a public business entity
• Identify the type of entity that is permitted to elect the accounting alternative for goodwill in ASU 2014-02
• Recognize the maximum amortization life for goodwill using the accounting alternative
• 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
• Recognize some of the criteria that determine whether a contract is or is not a lease
• Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life
• Identify how a lessee should account for initial direct costs
• 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
• Recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
• Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios.
• Identify the category of securities for which ASU 2016-01 retains the three categories under existing GAAP
• Recall one of the changes made by ASU 2016-01 to existing GAAP for financial instruments.
• Recall how available-for-sale debt securities are measured on an entity’s balance sheet
• Identify how held to maturity securities are measured on the balance sheet
• Recognize how an entity should account for a temporary impairment
• Recall how an entity should present an unrealized gain or loss on an equity security under ASU 2016-01
• Identify how a mutual fund that invests in debt and equity securities should classify the investment
• Recall a change made to the exemption for fair value disclosures with respect to trade receivables and payables
• Recognize the model that ASU 23016-13 uses to deal with credit losses
• Identify how credit losses should be recorded under new ASU 2016-13
• Recognize how an entity should account for deferred tax accounts under the Tax Cuts and Jobs Act
• Identify how the ASU 2018-02 election is made to reclassify the tax-effect on accumulated other comprehensive income
• Recall the adjustment that is made when an entity converts from S to C corporation status
• Recognize the type of like-kind exchange that qualifies for nonrecognition of gain or loss under GAAP
• Identify a way in which an entity can account for bonus depreciation under GAAP.
• Recall the overall impact that the reduction in the corporate tax rate is having on SEC companies
• Recognize whether SEC companies are permitted to discount tax liabilities pertaining to repatriated income
• Recall when an entity is required to disclose the tax years open for examination
• Recognize some of the implications of a possible change in the format of financial statements
• Recall a permitted format for presenting a balance sheet under the LIFO Conformity Requirement
• Identify the disclosure requirement for a concentration within an entity
• Recognize one of the disclosure requirements in the Dodd-Frank Act
• Recognize the change made to the extraordinary item rules by ASU 2015-01
• Recognize an attribute of a company that leads with its balance sheet first in its set of financial statements
• Identify how an entity should account for restricted cash in its statement of cash flows
• Recall how to classify deferred tax assets and liabilities on the balance sheet
• Recall how an entity that uses average cost method should value its inventory under ASU 2015-11.