• Course Information

    Title: Current Developments - Accounting and Financial Reporting - 2020
    Category: Accounting and Auditing
    Field of Study: Accounting
    Course Code: A020-0254
    CPE Credits: 16.0
    Price: $99.95


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.

This course also has a discussion of accounting and financial reporting issues related to COVID-19.

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: 04/23/2020

Technical Details: Accounting is a technical field of study.

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Part 1:
1. Identify some of the 12 recommended principles for the Comprehensive Business Reporting Model
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. Identify some of the key differences in the clawback provisions found in Sarbanes-Oxley and Dodd-Frank
6. Recognize one of the characteristics of a multi-employer pension plan
7. Identify some of the key benefits and disadvantages of the principles-based system
8. Recall one of the reasons why U.S. convergence with international standards has not occurred
9. Identify a key change made to lease accounting by ASU 2016-02
10. Recognize the general structure of the FASB Accounting Standards Codification (ASC)
11. Recognize some of the differences between IFRS for SMEs and IFRS
12. Recognize how to account for deferred income taxes under the Tax Cuts and Jobs Act
13. Identify how to account for deferred tax assets and liabilities when converting from S to C corporation
14. Recognize how to present deferred income taxes on the balance sheet under ASU 2015-17
15. Recognize when a state might be able to charges sales tax under the Wayfair decision.
16. Identify some unusual transactions and how they are recorded on the statement of cash flows
Part 2:
1. Recognize the types of arrangements that qualify the private company accounting alternative election related to goodwill amortization and acquisitions
2. Recognize the accounting alternative for leases in ASU 2018-17
3. Identify the impairment test for goodwill under ASU 2017-04

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QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.

Profession Identifiers : CPA, CMA

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