Accounting and Financial Reporting Update (16 hrs)

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Course Description

2022 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 includes a discussion of accounting and financial reporting issues related to COVID-19, PPP loans, the Employee Retention Credit (ERC), and the Pass-Through Entity (PTE) Tax.

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 (384 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: Technical
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: April 2022


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

  • Recognize a reason public companies over disclose in their notes to financial statements
  • 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
  • Recognize one of the characteristics of a multi-employer pension plan
  • Recognize the impact that life expectancy has on the amount of a pension liability
  • Identify the shift in the types of retirement plans over the past decade
  • Recall the types of assets and liabilities found in Level 1 of the fair value hierarchy
  • Recognize the type of information that is used to estimate credit losses under ASU 2016-13
  • Recognize a key change found in the new lease standard
  • Identify how a lessee recognizes a lease liability under the new lease standard
  • Identify potential impacts from implementing the new lease standard
  • Recognize the general structure of the FASB Accounting Standards Codification (ASC)
  • Recall the general GAAP rule for management’s evaluation of going concern
  • Recognize criteria for presenting a transaction as part of discontinued operations
  • Identify a method that can be used to record variable consideration under the revenue standard
  • Recognize the approaches that are used to record revenue under the new revenue standard
  • Recall the current accounting for goodwill by a public company
  • Recognize a feature of high-quality earnings
  • Identify a concentration of risk that might require disclosure
  • Recall how LIFO should be valued under GAAP
  • Identify how to record the forgiveness of a PPP loan in the financial statements
  • Recognize how to present the Employee Retention Credit (ERC) in the statement of income
  • Identify how to account for the Pass-Through Entity (PTE) Tax under GAAP
  • 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:

  • Identify the private company election to perform a triggering event evaluation
  • Recognize the types of arrangements that qualify for the private company accounting alternative election related to goodwill amortization and acquisitions
  • Recognize the accounting alternative for leases under common control in ASU 2018-17


Ratings and Reviews

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3 Ratings
What's your experience? We'd love to know!
John Kaczmarski
Posted 4 weeks ago
Good content, a little repetitive to other courses.


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Charles Cornett
Posted 3 years ago
Great CPE

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

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Maribel Garrett
Posted 4 years ago

Good Material

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