2018 FASB Update and Review (16 Hrs)

Course Description

FASB Update and Review-2018

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 (428 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 2018



After reading the Chapter 1 course material, you will be able to:

  • Identify an area of accounting affected by the definition of a business
  • Recognize elements of a business
  • Identify the new definition of a business in ASU 2017-01
  • Recall an example of a process as used in the definition of a business
  • Recognize Steps 1 and 2 of determining a business in ASU 2017-01
  • Identify a real estate transaction that might qualify as a trade or business in IRC 197
  • Recognize a factor that indicates there is a trade or business for tax purposes

 After reading the Chapter 2 course material, you will be able to:

  • Identify how intangible assets with finite lives should be accounted for under GAAP
  • Recall the level at which goodwill is tested for impairment
  • Recognize the formula used to perform the impairment loss test for goodwill
  • Identify how goodwill is treated after recording an impairment loss
  • Recall the definition of “more likely than not” as used in the goodwill impairment test
  • Recognize the definition of a public business entity
  • Identify the type of entity that is permitted to elect the accounting alternative for goodwill in ASU 2014-02
  • Recognize the maximum amortization life for goodwill using the accounting alternative

After reading the Chapter 3 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.

After reading the Chapter 4 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 made by ASU 2016-01 to existing GAAP for financial instruments.
  • 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

After reading the Chapter 5 course material, you will be able to:

  • Recognize how an entity should account for deferred tax accounts under the Tax Cuts and Jobs Act
  • Identify how the ASU 2018-02 election is made to reclassify the tax-effect on accumulated other comprehensive income
  • Recall the adjustment that is made when an entity converts from S to C corporation status
  • Recognize the type of like-kind exchange that qualifies for nonrecognition of gain or loss under GAAP
  • Identify a way in which an entity can account for bonus depreciation under GAAP.
  • Recall the overall impact that the reduction in the corporate tax rate is having on SEC companies
  • Recognize whether SEC companies are permitted to discount tax liabilities pertaining to repatriated income
  • Recall when an entity is required to disclose the tax years open for examination

After reading the Chapter 6 course material, you will be able to:

  • Recognize some of the implications of a possible change in the format of financial statements
  • Recall a permitted format for presenting a balance sheet under the LIFO Conformity Requirement
  • Identify the disclosure requirement for a concentration within an entity
  • Recognize one of the disclosure requirements in the Dodd-Frank Act
  • Recognize the change made to the extraordinary item rules by ASU 2015-01
  • Recognize an attribute of a company that leads with its balance sheet first in its set of financial statements
  • Identify how an entity should account for restricted cash in its statement of cash flows
  • Recall how to classify deferred tax assets and liabilities on the balance sheet
  • Recall how an entity that uses average cost method should value its inventory under ASU 2015-11.
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