2019 FASB Update and Review (16 Hrs)

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Course Description

FASB Update and Review-2019

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 (483 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 2019

 

Objectives

After reading the Chapter 1 course material, you will be able to:
• Recognize a private company under ASU 2018-17
• Identify the definition of a variable interest
• Recall some of the requirements that must be met to consolidate under the VIE rules
• Identify an element that must be met to elect the private company accounting alternative under ASU 2018-17
• Identify the types of arrangements to which the accounting alternative election applies
• Recognize relationships that might be considered under common control
• Recognize the way in which an entity should adopt the accounting alternative in ASU 2018-17
• Recall how an accountant or auditor reports on an accounting change per ASU 2018-17

After reading the Chapter 2 course material, you will be able to:
• Recognize the types of agreements that qualify as contracts under the revenue standard
• Recall a condition that must be met to identify a separate performance obligation
• Identify at least one method authorized to estimate variable consideration in a contract
• Recognize information that can be used to allocate the transaction price to performance obligations
• Identify at least one method that is used to record revenue in Step 5 of the revenue standard
• Recognize when a good is considered transferred to a customer under ASC 606
• Recognize how to account for the transfer of a product with a right to return
• Recall the general rule that determines whether an entity should record revenue gross or net
• Identify some of the general rules to account for license revenue
• Recall how certain contract costs are accounted for under the revenue standard, and
• Recognize certain disclosures required by the revenue standard for nonpublic entities.

After reading the Chapter 3 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, and
• Recognize an example of an applicable financial statement (AFS).

After reading the Chapter 4 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 5 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, and
• Recall a change made to the exemption for fair value disclosures with respect to trade receivables and payables.

Course Content

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2019 FASB Update & Review INSTRUCTIONS & TEXT
2019 FASB Update & Review FINAL EXAM Pt. 1
2019 FASB Update & Review FINAL EXAM Pt. 2
Course Evaluation
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