Current Developments — Accounting and Financial Reporting
Author: Steven C. Fustolo, CPA
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 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.
With this 16-hour course you will:
- Get a 433-page PDF manual
- Recognize a reason public companies over disclose in their notes to financial statements
- Identify the goal of the FASB’s Disaggregation-Income Statement Expenses project
- 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 information that is used to estimate credit losses under ASU 2016-13
- Review the method used to estimate credit loses 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
| Designation | CPE Hours |
|---|---|
| CPA | 16 Accounting |
Course level: Overview
General understanding of U.S. GAAP is required.
Want to order by phone? Call us at: (800) 277-2257
Spidell Publishing, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. This self-study is designed to meet the requirements for 16 hours of continuing education for the California Board of Accountancy. Overview Level. Field of Study: Accounting. Delivery Method: Self-Study. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (800) 277-2257. Prerequisite: General understanding of U.S. GAAP.
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