• Course Information
    4.5 (3501)

    Title: Accounting: FASB Updates for 2022
    Category: Accounting and Auditing
    Field of Study: Accounting
    Course Code: A022-0251
    CPE Credits: 16.0
    Price: $99.95
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Description

Description:
The purpose 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, current and pending developments, the new lease standard, practice issues, a discussion of accounting and financial reporting issues related to COVID-19, the CARES Act and PPP loans, accounting and disclosures for the Employee Retention Credit (ERC) and Pass-Through Entity (PTE) tax, and more.

Delivery Method: Online Interactive Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Course Details

Author: Steven C. Fustolo

Category: Accounting and Auditing

Field of Study: Accounting

Passing Score: 70%

Publication Date: 04/30/2022

Technical Details: Accounting: Technical

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Objectives

Objectives:
Chapter 1:     Implementing the New Lease Standard- 2022
1. Recognize a key change made to GAAP by the new lease standard
2. Identify a type of lease that exists for a lessee under ASU 2016-02
3. Recall a type of lease for which the ASU 2016-02 rules do not apply
4. Recognize some of the criteria that determine whether a contract is or is not a lease
5. Identify how a lessee should account for initial direct costs
6. Recall how a lessor should initially account for initial direct costs for a lease in certain instances
7. Identify how a lessor should account for lease payments received on the income statement for an operating lease
8. Recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
9. Recall the potential impact that the new lease standard might have on a lessee's EBITDA and debt-equity ratios.

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Profession

NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.

Profession Identifiers : CPA

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