FASB Update and Review (16 Hrs)

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Course Description

2022 FASB Update and Review

The purpose of this 2022 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, current and pending developments, the new lease standard,  practice issues, a discussion of accounting and financial reporting issues related to COVID-19, the CARES Act and PPP loans, accounting and disclosures for the Employee Retention Credit (ERC) and Pass-Through Entity (PTE) tax, and more.

This course is included in the Accounting & Auditing Bundle and our MEGA CPE Special.

Course information

Price: $113


Course No. F100
Format: Online pdf (457 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: May 2022

 

Objectives

2022 FASB Update Chapter 1: Implementing the New Lease Standard- 2022
ASU 2016-02 Leases (Topic 842) and Other Amendments

After reading the Chapter 1 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 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.

Chapter 2: Accounting and Financial Reporting for  COVID-19,  the CARES Act and PPP Loans 2022 Edition

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

  • Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules including supply-chain shortages
  • Identify the definition of near term
  • Recall the frequency in which an entity should test goodwill for impairment
  • Recognize some exit and disposal costs
  • Recall how to classify business interruption insurance proceeds on the financial statements
  • Identify the benchmark used to determine going concern
  • Identify a method that can be used to measure variable consideration revenue
  • Recognize an example of a construction-type contract
  • Identify an advantage of a remote accounting function
  • Recall how to adjust a deferred tax account when there is a change in tax law
  • Recognize a change made by the CARES Act to the deductibility of interest
  • Recognize how to account for PPP loan forgiveness
  • Identify how to treat the forgiveness of a PPP loan for tax purposes

Chapter 3: Accounting and Disclosures for the Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax- 2022 Edition

After reading the Chapter 3 course material, you will be able to:

  • Recognize the type of expense that is the basis for measuring the amount of the ERC.
  • Identify where to present the ERC in the statement of income using the ASC 958 conditional contribution model.
  • Recognize where to present the ERC in the statement of income using the IAS 20 grant model.
  • Identify an action step to be taken to correct the previous presentation and disclosure of an ERC in the prior year statement of income.
  • Recognize the proper presentation of the ERC in a tax-basis statement of income.
  • Recognize a technique that has been attempted to circumvent the SALT deduction limitation.
  • Identify how to account for the PTE tax in an entity’s financial statements.
  • Recognize the requirements for recording deferred state income taxes with respect to the PTE tax election.
  • Identify disclosures that should be made for the PTE tax.

Chapter 4: ASU  2016-13 Financial Instruments – Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments-2022

After reading the Chapter 4 course material, you will be able to:

  • Recognize the model that ASU 2016-13 uses to deal with credit losses
  • Identify how credit losses should be recorded under new ASU 2016-13
  • Identify some of the disclosures required by ASU 2016-13

Chapter 5: Current Developments-  Accounting and Financial Reporting- 2022

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

  • Identify the elements that are the target of the FASB’s disaggregation project
  • 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 basic rule of the LIFO Conformity Requirement
  • Recognize how the IPIC external index for LIFO is used for GAAP
  • Recall the type of investment that is eliminated by ASU 2016-01
  • Identify when a sustainability disclosure is required by an SEC company
  • Recognize an example of a contract that is exempt from the scope of the revenue standard
  • Identify one of the two approaches that is used to recognize revenue using the new revenue standard
  • Recall a change to the accounting for goodwill that is proposed by the FASB
  • Recognize how to present deferred income taxes on the balance sheet under ASU 2015-17
  • Recognize the basis that most marijuana businesses have to use
  • Recognize when a state might be able to charge sales tax under the Wayfair decision

Chapter 6: Selected Accounting Standards Updates (ASUs) 2022

After reading the Chapter 6 course 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

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What's your experience? We'd love to know!
Diane Jennings
Posted 3 years ago
Relevant topics easily presented

I found this course very relevant to my work - particularly leasing and the revenue recognition standards. I also found the chapter on the impact to financial reporting of the new Tax Law very interesting. I have to admit I learned more of what is included in the Tax Act than I had before taking the course.

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