Accounting & Financial Reporting 16 hr CPE course • JN CPE

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Course Description

Accounting and Financial Reporting Update

The purpose of this course is to inform the reader of the various changes to accounting and financial reporting affecting the accounting professional. Topics include a review of FASB projects including those related to 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 course also includes a discussion of tax issues impacting financial statements and a review of selected recently issued accounting standards updates (ASUs). 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.

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 (436 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: March 2025

Objectives

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
Review the financial statement presentations permitted under the LIFO Conformity Requirement
Review how debt and equity securities should be accounted for under GAAP
Recognize the type of instruments that ASC 326-20’s credit loss model applies to
Review the method used to estimate credit losses under ASU 2016-13
Recognize a key change found in the lease standard
Identify how a lessee recognizes a lease liability under the lease standard
Identify potential impacts from implementing the 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
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 revenue standard
Recall how LIFO inventories should be valued under GAAP
Identify a loan covenant most directly impacted by an increase in the interest rate
Recognize the VIE accounting alternative for leases under common control

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

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
Review the accounting for a net operating loss
Recall the rule for deductibility of interest in IRC 163(j)

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

Identify a particular way in which most marijuana businesses must operate
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 IV course material, you will be able to:

Identify an attribute of a joint venture
Identify how to measure a crypto asset and record it on the balance sheet and income statement
Recall some of the new disclosures for income taxes required by ASU 2023-09
Recognize one of the bases used for disclosing disaggregation of expenses in ASU 2024-03