Description:
The purpose of this course is to inform the reader of the various changes affecting accounting, compilation and review, and auditing engagements as well as a review and recall of existing standards. Topics include a summary of newly issued FASB statements, new statements issued by the Auditing Standards Board, changes in compilation and review, current and pending developments, practice issues, and more.

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 16 CPE, Auditing 8 CPE

Passing Score: 70%

Publication Date: 05/03/2022

Technical Details: Accounting and Auditing: Technical

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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.

Chapter 2:     Accounting and Financial Reporting for COVID-19, the CARES Act and PPP Loans
1. Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules including supply-chain shortages
2. Identify the definition of near term
3. Recall the frequency in which an entity should test goodwill for impairment
4. Recognize some exit and disposal costs
5. Recall how to classify business interruption insurance proceeds on the financial statements
6. Identify the benchmark used to determine going concern
7. Identify a method that can be used to measure variable consideration revenue
8. Recognize an example of a construction-type contract
9. Identify an advantage of a remote accounting function
10. Recall how to adjust a deferred tax account when there is a change in tax law
11. Recognize a change made by the CARES Act to the deductibility of interest
12. Recognize how to account for PPP loan forgiveness
13. Identify how to treat the forgiveness of a PPP loan for tax purposes.

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NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.

Profession Identifiers : CPA