Description:
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 proposed FASB projects including those related to financial performance, leases, and 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.

The 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.

Delivery Method: Online Interactive Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Author: Steven C. Fustolo

Category: Accounting and Auditing

Field of Study: Accounting

Passing Score: 70%

Publication Date: 05/02/2022

Technical Details: Accounting: Technical

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Objectives:
Part 1:
1. Recognize a reason why public companies over disclose in their notes to financial statements
2. Recall the definition of free cash flow
3. Recognize some of the key ratios used to analyze working capital
4. Identify some of the symptoms of inefficiently managed working capital
5. Recognize one of the characteristics of a multi-employer pension plan
6. Recognize the impact that life expectancy has on the amount of a pension liability
7. Identify the shift in the types of retirement plans over the past decade
8. Recall the types of assets and liabilities found in Level 1 of the fair value hierarchy
9. Recognize the type of information that is used to estimate credit losses under ASU 2016-13
10. Recognize key change found in the new lease standard
11. Identify how a lessee recognizes a lease liability under the new lease standard
12. Identify potential impacts from implementing the new lease standard
13. Recognize the general structure of the FASB Accounting Standards Codification (ASC)
14. Recall the general GAAP rule for management's evaluation of going concern
15. Recognize criteria for presenting a transaction as part of discontinued operations
16. Identify a method that can be used to record variable consideration under the revenue standard
17. Recognize the approaches that are used to record revenue under the new revenue standard
18. Recall the current accounting for goodwill by a public company
19. Recognize a feature of high-quality earnings
20. Identify a concentration of risk that might require disclosure
21. Recall how LIFO should be valued under GAAP
22. Identify how to record the forgiveness of a PPP loan on the financial statements
23. Recognize how to present the Employee Retention Credit (ERC) in the statement of income
24. Identify how to account for the Pass-Through Entity (PTE) Tax under GAAP
25. Recognize how to present deferred income taxes on the balance sheet under ASU 2015-17
26. Recognize when a state might be able to charge sales tax under the Wayfair decision
27. Identify some unusual transactions and how they are recorded on the statement of cash flows

Part 2:
1. Identify the private company election to perform a triggering event evaluation
2. Recognize the types of arrangements that qualify for the private company accounting alternative election related to goodwill amortization and acquisitions
3. Recognize the accounting alternative for leases in ASU 2018-17

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NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.

Profession Identifiers : CPA, CMA