Accounting: FASB Updates for 2024

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Title: Accounting: FASB Updates for 2024
Category: Accounting and Auditing
Field of Study: Accounting
Course Code: M285
CPE Credits: 16.0
Price: 99.95



The objective 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,  the new standard on the allowance for credit losses, post-implementation issues involving the new lease standard, discussion of accounting and financial reporting issues in the post-COVID-19 economy including impact of high inflation and interest rates, accounting and disclosures for 2024 issues related to the Employee Retention Credit (ERC) and Pass-Through Entity (PTE) tax, newly issued accounting standards updates (ASUs), and more.


Delivery Method: Online Interactive Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

Course Details

Category: Accounting and Auditing

Field of Study: Accounting

Passing Score: 70%

Technical Details: Accounting: Technical

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Chapter 1:

  • Recognize examples of assets that are and are not subject to the ASC 326-20 expected credit loss model
  • Recognize the model that ASU 2016-13 uses to deal with credit losses
  • Recall how an entity should present the allowance for credit losses on the balance sheet
  • Identify how credit losses should be recorded under new ASU 2016-13
  • Recognize some of the disclosures required by ASU 2016-13
  • Identify examples of entities that are under common control
  • Identify how a decline in fair value of a held-to-maturity debt security should be handled under GAAP
  • Recognize the new impairment model for available-for-sale debt securities under ASC 326-30, and
  • Identify how an entity should implement the ASU 2016-13 rules.

Chapter 2:

  • Review how to account for a joint venture
  • Identify how to measure a crypto asset and record it on the balance sheet and income statement, and
  • Recall some of the new disclosures for income taxes required by ASU 2023-09.

Chapter 3:

  • 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
  • Identify some of the types of benefits a lessee can obtain from a leased asset
  • Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life
  • Recognize why an entity might not want to use the risk-free rate to compute the present value of lease payments
  • Identify how a lessee should account for initial direct costs
  • Recognize items that are and are not components of a lease term
  • Recall the method a lessee should use to record interest expense on a lease obligation
  • Identify some types of leases for a lessor
  • 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
  • Recall how a lessor should classify certain cash receipts on the statement of cash flows
  • Recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
  • Identify how deferred income taxes will be treated for lessees under ASU 2016-02
  • Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios, and
  • Recall the IRS rules regarding when an entity should and should not capitalize a lease for tax purposes.

Chapter 4:

  • Recognize the type of expense that is the basis for measuring the amount of the ERC
  • Identify where to present the ERC in the statement of income using the ASC 958 conditional contribution model
  • Recognize where to present the ERC in the statement of income using the IAS 20 grant model
  • Recognize the proper presentation of the ERC in a tax-basis statement of income
  • Identify how to account for an ERC filing in 2023 and 2024
  • Recognize a technique that has been attempted to circumvent the SALT deduction limitation
  • Identify how to account for the PTE tax in an entity’s financial statements
  • Recognize the requirements for recording deferred state income taxes with respect to the PTE tax election, and
  • Identify disclosures that should be made for the PTE tax.

Chapter 5:

  • Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules
  • Identify the definition of “near term”
  • Recall the frequency in which an entity should test goodwill for impairment
  • Recall how to classify business interruption insurance proceeds on the financial statements
  • Recognize the relationship that a change in interest rates has on real estate values
  • Identify the benchmark used to determine going concern
  • Recognize how to report on going concern in an engagement
  • Identify a method that can be used to measure variable consideration revenue
  • Recognize an example of a construction-type contract
  • Identify an advantage of remote auditing
  • Recognize a reason to justify using LIFO for GAAP. and
  • Identify whether the LIFO IPIC approach is acceptable for GAAP.

Chapter 6:

  • Identify the goal of the FASB’s Disaggregation-Income Statement Expenses project
  • Recognize one of the characteristics of a multi-employer pension plan
  • Recognize the impact that life expectancy has on the amount of a pension liability
  • Identify the shift in the types of retirement plans over the past decade
  • Recall an example of a financial instrument subject to the concentration of credit risk disclosure
  • Identify the requirements of the SEC’s ESC disclosures
  • Recall the general GAAP rule for management’s evaluation of going concern
  • Recognize the VIE accounting alternative for leases under common control in ASU 2018-17
  • Recognize when a state might be able to charge sales tax under the Wayfair decision
  • Review the accounting for a net operating loss, and
  • Recall the rule for deductibility of interest in IRC 163(j).

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QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.

Profession Identifiers: CPA