Top Accounting Issues for 2017 CPE Course: Module 1 (Currently Unavailable)

Author: Steven C. Fustolo

This six CPE hour course reviews ongoing issues: Changes to Lease Accounting, Simplifying Inventory Measurement, and Deferred Income Taxes and Net Operating Losses.

Publication Date: March 2017

Designed For
CPAs, Tax Professsionals

Topics Covered

• Accounting
• Changes to lease accounting
• ASU 2016-02
• Accounting and reporting amendements
• FASB's Simplification Initiative
• Deferred income taxes and net operating losses
• Corporate tax rates across different countries

Learning Objectives

• Identify the changes that will be made under the new lease standard
• Recall how lessees will account for leases under the new standard
• Identify the items that are considered part of the lease payment under the new standard
• Recognize how existing leases will be handled when the new statement becomes effective
• Recognize how the new standard may affect book/tax differences, EBITA, and debt-equity ratios
• Identify the measurement basis used to measure FIFO and LIFO inventories under ASU 2015-11
• Recognize how to account for a recovery of an inventory write-down in subsequent periods
• Identify the method to be used to implement ASU 2015-11 for inventory
• Identify the GAAP rules for measuring and recording a deferred tax asset and related valuation account
• Differentiate between both positive and negative evidence used to assess the appropriateness of a deferred tax asset valuation account
• Recognize and differentiate between the various types of carryforwards
• Identify key requirements codified within ASC 740 from FASB Interpretation No. 48
• Recognize the key changes prescribed by ASU 2015-17
• Differentiate between corporate tax rates across different countries in the world

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (6 hours)

Program Prerequisites
Basic knowledge of accounting principles

Advance Preparation
None