2017 FASB Review

Price: 143.20

CPE Credits: 16.0

Category:

Course Number: AAFASBSF

FASB review

Description:
This  course discusses 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, current and pending developments, practice issues, and more. Table of Contents

Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: General understanding of US GAAP

Advanced Preparation: None

Author: Steven C. Fustolo, CPA

Publication: April 2017

Format: PDF

Pages: 434

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:

  • 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
  • Recognize some of the criteria that determine whether a contract is or is not a lease
  • Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life
  • Identify how a lessee should account for initial direct costs
  • 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
  • Recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
  • Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios, and
  • Identify the category of securities for which ASU 2016-01 retains the three categories under existing GAAP
  • Recall one of the changes to existing GAAP for financial instruments made by ASU 2016-01
  • Recall how available for sale debt securities are measured on an entity’s balance sheet
  • Identify how held to maturity securities are measured on the balance sheet
  • Recognize how an entity should account for a temporary impairment.
  • Recall how an entity should present an unrealized gain or loss on an equity security under ASU 2016-01
  • Identify how a mutual fund that invests in debt and equity securities should classify the investment
  • Recall a change made to the exemption for fair value disclosures with respect to trade receivables and payables
  • Recognize the model that ASU 23016-13 uses to deal with credit losses
  • Identify how credit losses should be recorded under new ASU 2016-13
  • Identify one of the five steps required in applying the new revenue standard
  • Recall the general rule that determines whether an entity should record revenue gross or net
  • Recognize the requirement that must be met for a company be considered a principal in a revenue transaction
  • Recall one of the indicators that ASU 2016-08 removes from the revenue model in determining gross versus net treatment of revenue
  • Identify the general rule for determining whether an entity should record revenue gross or net
  • Recognize an example of a prepaid stored-value product
  • Recall how an entity should implement ASU 2016-04 related to prepaid stored-value products
  • Recognize some of the changes made to the five steps of the new revenue standard by ASU 2016-12 amendments
  • Identify a type of intellectual property that has significant standalone functionality
  • Recognize how an entity should record revenue related to a license
  • Recall one of the reasons why U.S. convergence with international standards has not occurred
  • Recognize some of the differences between IFRS for SMEs and IFRS
  • Identify a technique that accountants have defaulted to avoid GAAP
  • Recognize the disclosure requirements when a nonpublic entity has no uncertain tax positions
  • Recognize the classification of certain cash flow transactions addressed by ASU 2016-15
  • Identify the expense account to which amortization of debt issuance costs should be recorded
  • Recall the rate that an entity should use to amortize debt issuance costs
  • Recall how to present a deferred tax asset on a balance sheet under ASU 2015-17
  • Recognize how to present deferred tax assets and liabilities on an unclassified balance sheet per ASU 2015-17
  • Identify the actions an entity should take to adopt ASU 2015-17 with respect to its deferred tax assets and liabilities
  • Identify the measurement basis used to measure FIFO and LIFO inventories under ASU 2015-11
  • Recognize how to account for a recovery of an inventory write-down in subsequent periods
  • Recall the method to be used to implement ASU 2015-11 for inventory


 

 

Description:
This  course discusses 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, current and pending developments, practice issues, and more. Table of Contents

Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: General understanding of US GAAP

Advanced Preparation: None

Author: Steven C. Fustolo, CPA

Publication: April 2017

Format: PDF

Pages: 434

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:

  • 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
  • Recognize some of the criteria that determine whether a contract is or is not a lease
  • Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life
  • Identify how a lessee should account for initial direct costs
  • 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
  • Recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
  • Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios, and
  • Identify the category of securities for which ASU 2016-01 retains the three categories under existing GAAP
  • Recall one of the changes to existing GAAP for financial instruments made by ASU 2016-01
  • Recall how available for sale debt securities are measured on an entity’s balance sheet
  • Identify how held to maturity securities are measured on the balance sheet
  • Recognize how an entity should account for a temporary impairment.
  • Recall how an entity should present an unrealized gain or loss on an equity security under ASU 2016-01
  • Identify how a mutual fund that invests in debt and equity securities should classify the investment
  • Recall a change made to the exemption for fair value disclosures with respect to trade receivables and payables
  • Recognize the model that ASU 23016-13 uses to deal with credit losses
  • Identify how credit losses should be recorded under new ASU 2016-13
  • Identify one of the five steps required in applying the new revenue standard
  • Recall the general rule that determines whether an entity should record revenue gross or net
  • Recognize the requirement that must be met for a company be considered a principal in a revenue transaction
  • Recall one of the indicators that ASU 2016-08 removes from the revenue model in determining gross versus net treatment of revenue
  • Identify the general rule for determining whether an entity should record revenue gross or net
  • Recognize an example of a prepaid stored-value product
  • Recall how an entity should implement ASU 2016-04 related to prepaid stored-value products
  • Recognize some of the changes made to the five steps of the new revenue standard by ASU 2016-12 amendments
  • Identify a type of intellectual property that has significant standalone functionality
  • Recognize how an entity should record revenue related to a license
  • Recall one of the reasons why U.S. convergence with international standards has not occurred
  • Recognize some of the differences between IFRS for SMEs and IFRS
  • Identify a technique that accountants have defaulted to avoid GAAP
  • Recognize the disclosure requirements when a nonpublic entity has no uncertain tax positions
  • Recognize the classification of certain cash flow transactions addressed by ASU 2016-15
  • Identify the expense account to which amortization of debt issuance costs should be recorded
  • Recall the rate that an entity should use to amortize debt issuance costs
  • Recall how to present a deferred tax asset on a balance sheet under ASU 2015-17
  • Recognize how to present deferred tax assets and liabilities on an unclassified balance sheet per ASU 2015-17
  • Identify the actions an entity should take to adopt ASU 2015-17 with respect to its deferred tax assets and liabilities
  • Identify the measurement basis used to measure FIFO and LIFO inventories under ASU 2015-11
  • Recognize how to account for a recovery of an inventory write-down in subsequent periods
  • Recall the method to be used to implement ASU 2015-11 for inventory


 

 

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