FASB Update and Review (16 Hrs)

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Course Description

2023 FASB Update and Review

The purpose of this 2023 FASB Update course is to inform the reader of the various changes affecting accounting and financial reporting, as well as a review and recall of existing accounting 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 post- COVID-19 economic issues, accounting and disclosures for the Employee Retention Credit (ERC) and Pass-Through Entity (PTE) tax, dealing with the forgiveness of PPP loans, and more.

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

Course information

Price: $116


Course No. F100
Format: Online pdf (499 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: Technical
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: May 2023

 

Objectives

2023 FASB Update Chapter 1: Implementing the New Lease Standard 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
  • Identify some of the types of benefits a lessee can obtain from a leased asset
  • Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life
  • Recognize who an entity might not want to use the risk-free rate to compute the present value of lease payments
  • Identify how a lessee should account for initial direct costs
  • Recognize items that are and are not components of a lease term
  • Recall the method a lessee should use to record interest expense on a lease obligation
  • Identify some types of leases for a lessor
  • 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
  • Recall how a lessor should classify certain cash receipts on the statement of cash flows
  • Recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
  • Identify how deferred income taxes will be treated for lessees under ASU 2016-02
  • Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios, and
  • Recall the IRS rules as when an entity should and should not capitalize a lease for tax purposes.

Chapter 2: Accounting and Financial Reporting in a Post-Covid Economy: Inflation, Supply Chains, Interest Rates, and Recession

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
  • 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
  • Recognize the relationship a change in interest rates has on real estate values
  • Identify methods that can be used to measure variable consideration revenue
  • Recognize an example of a construction-type contract
  • Identify whether the LIFO IPIC approach is acceptable for GAAP
  • Recall the net operating loss rules

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

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 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: PPP Loans and Forgiveness: Accounting and Financial Reporting Issues

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

  • Identify some of the eligible expenses related to use of PPP loan proceeds
  • Recognize approaches to account for PPP loans under GAAP
  • Recall how to present debt issuance costs on the financial statements
  • Recognize how to account for PPP loan forgiveness
  • Recognize how to present a gain on extinguishment on the statement of cash flows
  • Identify how to treat the forgiveness of a PPP loan for tax purposes
  • Recognize how the IAS 20 grant approach is used to account for its PPP loan
  • Recognize actions that impact a CPA’s independence in a PPP loan assistance engagement
  • Identify whether an emphasis-of-matter paragraph may be used in an accountant’s report when there is a forgiveness of a PPP loan

Chapter 5: Current Developments- 2023 FASB Update: Accounting and Financial Reporting

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

  • Identify the goal of the FASB’s Disaggregation-Income Statement Expenses 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 a concentration of risk that might require disclosure
  • Identify a particular way in which most marijuana business must operate
  • Recognize when a state might be able to charge sales tax under the Wayfair decision
  •  Recognize the accounting alternative for leases under common control in ASU 2018-17

Chapter 6: Financial Instruments: Implementing ASU 2016-13

After reading the Chapter 6 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

Ratings and Reviews

4.8
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What's your experience? We'd love to know!
John Kaczmarski
Posted 4 months ago
Great update

great amount of detail

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James Campbell
Posted 12 months ago
A detailed review of current topics.

This course provided a good review of many recent, current, and coming accounting topics and issues.

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Adam Pearlman
Posted 1 year ago
Issue with question

Question 30 in Part 2 is not a question and the answer choices are unrelated.

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jn
Posted 1 year ago

Thank you for pointing out the error, Adam. We have corrected question #30 on quiz #2.

Yuanjun Ye
Posted 1 year ago
great course

good to use

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Diane Jennings
Posted 5 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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