2012 Current Developments Update: Accounting & Financial Reporting (Currently Unavailable)

Author: Steven C. Fustolo

The purpose of this course is to inform the reader of the various changes affecting the accounting professional related to accounting and financial reporting. Topics include a review of proposed FASB projects including those related to financial performance, leases, and revenue, practice issues involving the statement of cash flows, fair value reporting, pensions, the international convergence project, and more.

Publication Date: March 2012

Number of Pages: 362

QAS Approved Course Sponsor: National Tax Institute
NASBA Sponsor Number: 103075/QAS Sponsor Number: 005

Designed For
Accounting professionals who need a refresher on accounting and financial reporting.

Topics Covered

• Latest Developments on the Accounting Front: Significant GAAP Changes Coming in 2012 and Beyond
• Restatements and Other Financial Reporting Abuses
• International Accounting Standards Convergence
• Proposed Repeal of LIFO
• The Move to Fair Value Accounting and the Mark-to-Market Controversy
• Changes Coming with Lease Accounting
• GAAP Codification
• Big GAAP-Little GAAP-Blue Ribbon Panel Recommendations
• Proposed Disclosures about Risks and Uncertainties and the Liquidation Basis of Accounting (Formerly Going Concern)
• Climate change and politics disclosures
• Deferred Income Taxes and NOLs
• The Statement of Cash Flows
• Accounting Standards Updates (ASUs)

Learning Objectives

• Identify the significant GAAP changes coming in 2012 and beyond.
• List and discuss the 12 recommended principles for the Comprehensive Business Reporting Model.
• Identify the formula used to compute free cash flow.
• Compute the four key ratios used to analyze working capital.
• Compute days sales outstanding and ADD.
• Understand how core earnings is computed.
• List ways in which companies recognize revenue prematurely.
• Discuss the changes occurring in restatements.
• Realize the issues surrounding restatements and other financial reporting abuses.
• Understand the depth of company pension problems.
• Compare the key differences between a rules-based and principles-based system.
• List the changes made or pending by both the FASB and IASB in the International Standards Convergence Project.
• Distinguish between historical cost accounting and fair value accounting.
• Recognize the changes proposed to lease accounting.
• Identify FASB's codification.
• Compare the arguments in favor of and against Big GAAP-Little GAAP and the Blue Ribbon Panel Report.
• Recognize the political pressures surrounding GAAP disclosures including those related to climate change.
• Compute the valuation allowance required for a deferred tax asset.
• Understand the various cash flow games that are played in presenting the statement of cash flows.
• Recognize the changes made by Accounting Standards Updates (ASUs) issued in 2010 through 2012.

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (16 hours)

Program Prerequisites
A basic understanding of accounting and financial reporting.

Advance Preparation
None