FASB Update and Review (16 Hrs)

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Course Description

2021 FASB Update and Review

The purpose of this 2021 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, practice issues, a discussion of accounting and financial reporting issues related to COVID-19, the CARES Act and PPP loans, 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 (439 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 2021



2021 FASB Update Chapter 1: Accounting and Financial Reporting for COVID-19, the CARES Act and PPP Loans

After reading the Chapter 1 course material, you will be able to:

  • Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules
  • Identify the definition of near term
  • Recall the frequency in which an entity should test goodwill for impairment
  • Recall the method for valuing certain types of inventory
  • Recognize how business interruption insurance recoveries may be presented on the statement of income
  • Identify certain GAAP going-concern terminology
  • Identify certain tax law changes made by the CARES Act, and
  • Recognize how a company should present and account for CARES Act PPP loans and related forgiveness on its financial statements.

Chapter 2: Implementing the New Lease Standard- 2021 ASU 2016-02 Leases (Topic 842) and Other Amendments

After reading the Chapter 2 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 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, and
  • Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios.

Chapter 3: ASU 2016-13 Financial Instruments – Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments

After reading the Chapter 3 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, and
  • Identify some of the disclosures required by ASU 2016-13.

Chapter 4: Current Developments – Accounting and Financial Reporting 2021

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

  • Identify a characteristic of a multi-employer plan
  • Recall the color coding of funded status of a multi-employer plan
  • Recognize the impact of changes in life expectancy on pension benefit obligations.
  • Recognize an argument for not amortizing goodwill
  • Identify an impact of the Wayfair decision on company sales taxes, and
  • Identify an example of a customer-related asset.

Chapter 5: Implementing the New Revenue Standard ASC 606 2021 Guidance for Private Companies

After reading the Chapter 5 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 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
  • Recall how certain contract costs are accounted for under the revenue standard, and
  • Recognize certain disclosures required by the revenue standard for nonpublic entities.

Chapter 6: Financial Instruments

After reading the Chapter 6 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
  • 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.

Ratings and Reviews

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What's your experience? We'd love to know!
Diane Jennings
Posted 2 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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