Accounting and Financial Reporting: Current Developments

Exam Questions: 80
Course Level: Basic
Pages: 436 | Content: 422, Supplemental: 14
NASBA Area of Study: Accounting
Not Acceptable for: Enrolled Agents
Version: 6445M

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, 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. This course also includes a discussion of accounting and financial reporting issues related to COVID-19, PPP loans, the Employee Retention Credit (ERC), and the Pass-Through Entity (PTE) Tax. PLEASE NOTE: Not accepted for Enrolled Agents. Prerequisites: General understanding of U.S. GAAP. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • Significant GAAP Changes in 2023 and Beyond
  • Reporting Information About the Financial Performance of Business Enterprises
  • Restatements and Other Financial Reporting Abuses
  • SEC Adopts Final Rule on Dodd-Frank's Section 954 Clawback Requirement
  • The Gradual Demise of Company Pension Plans
  • International Accounting Standards Convergence
  • LIFO in High-Inflation Environment
  • Dealing with Debt Unrealized Losses in 2022 and 2023
  • Equity Securities Unrealized Losses in 2022 and 2023
  • Implementing ASU 2016-13: Credit Losses (Topic 326) - 2023
  • Implementing the New Lease Standard - ASU 2016-02
  • The GAAP Codification Overview
  • Big GAAP - Little GAAP
  • Going Concern Assessment by Management
  • ESG Disclosures Is a Hot Issue
  • FASB Classification Shifting Using Discontinued Operations Rules
  • Post-Implementation Update on Revenue Recognition Standard
  • FASB Drops Intangible Assets and Amortization of Goodwill Project
  • Earnings Manipulation
  • Accounting and Reporting Issues - Post COVID
  • Accounting for PPP Loans
  • Accounting and Disclosures for the Employee Retention Credit (ERC)
  • Accounting and Disclosures for the Pass-Through Entity (PTE) Tax
  • NOL Carryforwards and Deferred Tax Assets
  • Higher Interest Rates and the Limitation on Interest Deduction - 2022 and 2023
  • Accounting and Tax Issues Related to Marijuana
  • Order of Placement of Financial Statements
  • Risk of Unrecorded Sales Tax Liabilities - Wayfair Decision
  • The Statement of Cash Flows - Unusual Reporting Issues
  • Accounting Standards Updates (ASUs)
  • To recognize a reason public companies over disclose in their notes to financial statements
  • To identify the goal of the FASB's Disaggregation-Income Statement Expenses project
  • To recall the definition of free cash flow
  • To recognize some of the key ratios used to analyze working capital
  • To identify some of the symptoms of inefficiently managed working capital
  • To recognize one of the characteristics of a multi-employer pension plan
  • To recognize the impact that life expectancy has on the amount of a pension liability
  • To identify the shift in the types of retirement plans over the past decade
  • To review the financial statement presentations permitted under the LIFO Conformity Requirement
  • To review how debt and equity securities should be accounted for under GAAP
  • To recognize the type of information that is used to estimate credit losses under ASU 2016-13
  • To recognize a key change found in the new lease standard
  • To identify how a lessee recognizes a lease liability under the new lease standard
  • To identify potential impacts from implementing the new lease standard
  • To recognize the general structure of the FASB Accounting Standards Codification (ASC)
  • To recall the general GAAP rule for management's evaluation of going concern
  • To recognize criteria for presenting a transaction as part of discontinued operations
  • To identify a method that can be used to record variable consideration under the revenue standard
  • To recognize the approaches that are used to record revenue under the new revenue standard
  • To recognize a feature of high-quality earnings
  • To identify a concentration of risk that might require disclosure
  • To recall how LIFO inventories should be valued under GAAP
  • To identify how to record the forgiveness of a PPP loan in the financial statements
  • To recognize how to present the Employee Retention Credit (ERC) in the statement of income
  • To identify how to account for the Pass-Through Entity (PTE) Tax under GAAP
  • To review the accounting for a net operating loss
  • To recall the rule for deductibility of interest in IRC 163(j)
  • To identify a particular way in which most marijuana business must operate
  • To recognize when a state might be able to charge sales tax under the Wayfair decision
  • Identify some unusual transactions and how they are recorded on the statement of cash flows
  • To recognize the accounting alternative for leases under common control in ASU 2018-17

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