Accounting Standards Update for CPAs (Currently Unavailable)

Author: Pat Patterson

CPE Credit:  2 hours for CPAs

Review new FASB Pronouncements up to the date of the course. This presentation will inform participants of the latest issues from the FASB and the Private Companies Council. Selected accounting standards updated in the previous year with impact in the current year will be highlighted. The FASB and PCC agendas and projects are discussed for their expected applications.

Publication Date: February 2018

Designed For
Professionals in public practice, industry, government, and education who deal with nonpublic entities and wish to stay current on professional accounting standards.

Topics Covered

  • New releases from the FASB
  • New releases from the Private Companies Council (PCC)
  • An advanced look at disclosure and documentation standards will be made for changes required by new FASB and PCC standards
  • Further updates that impact on the accounting professional standards
  • Any other matters deemed appropriate and timely

Learning Objectives

  • Recognize the FASB pronouncements that may impact private companies that come from the FASB and the Private Companies Council and to review other new and selected prior GAAP releases that may affect the non issuing entities
  • Identify the updates of the new Accounting Standards Codifications issued as updates
  • ldentify any agenda items that might be useful for future use
  • Differentiate previously released ASUs and how the new ASUs supersede
  • Recognize correct statements with respect to the new lease accounting standards prescribed by ASU 2016-02
  • Differentiate true statements with respect to the simplification of the test for goodwill impairment
  • Recognize how ASU 2015-03 simplified the presentation requirements
  • Identify how the ASU requirements are applied
  • Recognize how the amendments in ASU 2015-17 require that deferred tax liabilities and assets be classified the simplified presentation of deferred income taxes
  • Describe when ASU 2016-01, related to the recognition and measurement of financial assets and liabilities, is effective for public business entities for fiscal years begins
  • Recognize when entities are permitted to make an accounting policy election by class of underlying asset to not recognize lease assets and lease liabilities for leases with a term
  • Differentiate ASUs released in 2016 provided for narrow scope improvements and practical expedients with respect to ASC Topic 606
  • Identify true statements regarding the presentation of financial statements of not-for profit entities based on the requirements of ASU 2016-14
  • Recognize ASU requirements providing a screen to determine when a set of activities is not a business
  • Differentiate statements regarding the GAAP outlook

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
Basic knowledge of accounting.

Advance Preparation
None

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