Course Information

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.

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