2017 FASB Update and Review (16 Hrs)

Course Description

FASB Update and Review-2017

The purpose of this FASB Update 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.

Course information

Price: $113
Course No. F100
Format: Online pdf (410 pages). Printed book available.
Instructional Delivery Method: QAS Self-Study
Prerequisites: Basic understanding of U.S. GAAP.
Advance Preparation:None
Level: Overview
CPE Credit: 16 hrs.
Field of Study: Accounting
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: April 2017

This course includes topics that are also covered in the 24-hr. Course 2017 Accounting and Auditing Standards Update. We do not recommend taking both courses in the same year.


After reading the Chapter 1 course material, you will 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, andAfter reading the Chapter 2 course material, you will be able to:
• 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 2016-13After reading the Chapter 3 course material, you will be able to:
• 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 licenseAfter reading the Chapter 4 course material, you will be able to:
• 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 costsAfter reading the Chapter 5 course material, you will be able to:
• 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 liabilitiesAfter reading the Chapter 6 course material, you will be able to:
• 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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