2020 Accounting and Financial Reporting Update (16 hrs)

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Course Description

2020 Accounting and Financial Reporting Update

A discussion of the various changes to accounting and financial reporting affecting the accounting professional. Topics include a review of 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 has a discussion of accounting and financial reporting issues related to COVID-19.

Course Information

This course is included in our Accounting and Auditing CPE Bundle

Course No. F010
Instructional Delivery Method: QAS Self-Study
Format: Online pdf (385 pages). Printed book available.
Purchase the optional printed book: Book Only
Prerequisites: None
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 2020


After reading the Section I course material, you will be able to:

• Identify some of the 12 recommended principles for the Comprehensive Business Reporting Model
• Recall the definition of free cash flow
• Recognize some of the key ratios used to analyze working capital
• Identify some of the symptoms of inefficiently managed working capital
• Identify some of the key differences in the clawback provisions found in Sarbanes-Oxley and Dodd-Frank
• Recognize one of the characteristics of a multi-employer pension plan
• Identify some of the key benefits and disadvantages of the principles-based system
• Recall one of the reasons why U.S. convergence with international standards has not occurred
• Identify a key change made to lease accounting by ASU 2016-02
• Recognize the general structure of the FASB Accounting Standards Codification (ASC)
• Recognize some of the differences between IFRS for SMEs and IFRS
• Recognize how to account for deferred income taxes under the Tax Cuts and Jobs Act
• Identify how to account for deferred tax assets and liabilities when converting from S to C corporation
• Recognize how to present deferred income taxes on the balance sheet under ASU 2015-17
• Recognize when a state might be able to charge sales tax under the Wayfair decision.
• Identify some unusual transactions and how they are recorded on the statement of cash flows

After reading the Section II material, you will be able to:

• Recognize the types of arrangements that qualify the private company accounting alternative election related to goodwill amortization and acquisitions
• Recognize the accounting alternative for leases in ASU 2018-17
• Identify the impairment test for goodwill under ASU 2017-04



Ratings and Reviews

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2 Ratings
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Charles Cornett
Posted 1 year ago
Great CPE

This course was informative and efficient for obtaining CPEs. Would recommend.

Maribel Garrett
Posted 2 years ago

Good Material

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