Top Accounting and Auditing Issues for 2019 CPE Course: Module 1 (Currently Unavailable)

Author: Pat Patterson, Scott A. Taub, CPA

This eight CPE hour course reviews top accounting issues: Accounting for the Tax Cuts and Jobs Act, Leases and Impacts: Change to Changes 2018, New Revenue Recognition Standard, FASB Outlook, and CECL Model.

Publication Date: August 2018

Designed For
CPAs, Tax Professionals

Topics Covered

• Implementation issues related to the Tax Cuts and Jobs Act and income tax reporting
• FASB pronouncements
• ASU 2016-02, Leases (ASC Topic 842)
• New Revenue Recognition Standard (ASC Topic 606)
• Latest FASB releases and FASB agenda
• ASU 2016-13, The current expected credit loss (CECL) model for losses and/or impairments
• ASU 2016-01

Learning Objectives

• Recognize how the Tax Cuts and Jobs Act affects financial reporting
• Identify the act's changes to domestic income provisions
• Differentiate requirements for adjustments to deferred tax liabilities and assets for the effect of a change in tax laws or rates
• Summarize how the act affects the taxation of foreign income
• Identify the FASB pronouncements that may impact entities with leases or that expect to have or enter into leases
• Recognize the major updates to the new Accounting Standards Codifications as prescribed by ASU 2016-02
• Understand best practices for starting a lease accounting project under the new standards
• Understand the principles of ASC Topic 606, Revenue from Contracts with Customers
• Identify the five steps in the new revenue recognition model
• Address key issues in implementing the provisions of ASC Topic 606
• Describe required disclosures for private companies with respect to revenue recognition
• Identify transition considerations as they relate to business practices
• Identify the latest issuances from the FASB
• Recognize the benefits of the FASB's proactive outreach with stakeholders
• Summarize the latest implementation guidance for major accounting standards
• Recognize FASB guidance and challenges to expect in the near future
• Recognize the main objectives of ASU 2016-01 and ASU 2016-13
• Identify the steps for implementing the CECL model
• Identify ASU 2016-01 and ASU 2016-13 effective dates, reporting requirements, disclosure requirements, and related matters

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (8 hours)

Program Prerequisites
Basic knowledge of accounting principles.

Advance Preparation
None