Accounting and Financial Reporting: Current Developments

Exam Questions: 80
Course Level: Basic
Pages: 408 | Content: 396, Supplemental: 12
NASBA Area of Study: Accounting
Not Acceptable for: Enrolled Agents
Version: 6445K

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 has a discussion of COVID 19's impact on accounting and financial reporting. PLEASE NOTE: Not accepted for Enrolled Agents. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • Significant GAAP Changes in 2020 and Beyond
  • Reporting Information About the Financial Performance of Business Enterprises
  • Restatements and Other Financial Reporting Abuses
  • The Gradual Demise of Company Pension Plans
  • You Need Principles to Use Principles-Based Accounting
  • International Accounting Standards Convergence
  • LIFO in Low Inflation Environment
  • The Continued Move to Fair Value Accounting
  • FASB Issues New Lease Standard - ASU 2016-02
  • The GAAP Codification
  • Big GAAP - Little GAAP
  • Going Concern Assessment by Management
  • Sustainability and ESG Standards Is a Hot Issue
  • FASB Classification Shifting Using Discontinued Operations Rules
  • Update on Revenue Recognition Standard
  • FASB Move to Amortize Goodwill Again
  • Earnings Manipulation
  • Accounting and Auditing Issues Related to the Coronavirus (COVID-19)
  • Accounting for PPP Loans
  • Deferred Income Taxes, NOLs, and Other Tax Matters
  • Accounting, Auditing, 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 why public companies over disclose in their notes to financial statements
  • To identify a proposed change to the statement of cash flows
  • 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 recall the types of assets and liabilities found in Level 1 of the fair value hierarchy
  • To recognize the type of information that is used to estimate credit losses under ASU 2016-13
  • To recognize key changes 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 identify a concentration of risk that might require disclosure
  • 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 recognize revenue under the new revenue standard
  • To recall the existing accounting for goodwill by a public company
  • To recognize a feature of high-quality earnings
  • To recall how LIFO should be valued under GAAP
  • To identify how to record the forgiveness of a PPP loan on the financial statements
  • To recognize how net operating losses are treated under the CARES Act
  • To recognize how to present deferred income taxes on the balance sheet under ASU 2015-17
  • To recognize when a state might be able to charge sales tax under the Wayfair decision
  • To identify some unusual transactions and how they are recorded on the statement of cash flows
  • To recognize the types of arrangements that qualify for the private company accounting alternative election related to goodwill amortization and acquisitions
  • To recognize the accounting alternative for leases under common control in ASU 2018-17
  • To identify the impairment test for goodwill under ASU 2017-04

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