2017 FASB Review
The purpose of this course is to inform the reader of the various changes affecting accounting and financial reporting, as well as a review and recall of existing accounting standards. Topics include a summary of newly issued FASB statements, current and pending developments, practice issues, and more.

Course Publication Date: June 21, 2017

This course is available with NO ADDITIONAL FEE if you have an active self study membership or can be purchased for $160.00!

Author:Steven Fustolo
Course No:ACT-FASB-6107
Recommended CPE:16.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:None
Advanced Preparation:None
Recommended Field of Study:Accounting
  
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Learning Objectives
  • Recognize a key change made to GAAP by the new lease standard.
  • Identify a type of lease that exists for a lessee under ASU 2016-02.
  • Recall a type of lease for which the ASU 2016-02 rules do not apply.
  • Recognize some of the criteria that determine whether a contract is or is not a lease.
  • Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life.
  • Identify how a lessee should account for initial direct costs.
  • Recall how a lessor should initially account for initial direct costs for a lease in certain instances.
  • Identify how a lessor should account for lease payments received on the income statement for an operating lease.
  • Recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02.
  • Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios.
  • Identify the category of securities for which ASU 2016-01 retains the three categories under existing GAAP.
  • Recall one of the changes to existing GAAP for financial instruments made by ASU 2016-01.
  • Recall how available for sale debt securities are measured on an entity’s balance sheet.
  • Identify how held to maturity securities are measured on the balance sheet.
  • Recognize how an entity should account for a temporary impairment.
  • Recall how an entity should present an unrealized gain or loss on an equity security under ASU 2016-01.
  • Identify how a mutual fund that invests in debt and equity securities should classify the investment.
  • Recall a change made to the exemption for fair value disclosures with respect to trade receivables and payables.
  • Recognize the model that ASU 23016-13 uses to deal with credit losses.
  • Identify how credit losses should be recorded under new ASU 2016-13.
  • Identify one of the five steps required in applying the new revenue standard.
  • Recall the general rule that determines whether an entity should record revenue gross or net.
  • Recognize the requirement that must be met for a company be considered a principal in a revenue transaction.
  • Recall one of the indicators that ASU 2016-08 removes from the revenue model in determining gross versus net treatment of revenue.
  • Identify the general rule for determining whether an entity should record revenue gross or net.
  • Recognize an example of a prepaid stored-value product.
  • Recall how an entity should implement ASU 2016-04 related to prepaid stored-value product.
  • Recognize some of the changes made to the five steps of the new revenue standard by ASU 2016-12 amendments.
  • Identify a type of intellectual property that has significant standalone functionality.
  • Recognize how an entity should record revenue related to a license.
  • Recall one of the reasons why U.S. convergence with international standards has not occurred.
  • Recognize some of the differences between IFRS for SMEs and IFRS.
  • Identify a technique that accountants have defaulted to avoid GAAP.
  • Recognize the disclosure requirements when a nonpublic entity has no uncertain tax positions.
  • Recognize the classification of certain cash flow transactions addressed by ASU 2016-15.
  • Identify the expense account to which amortization of debt issuance costs should be recorded.
  • Recall the rate that an entity should use to amortize debt issuance costs.
  • Recall how to present a deferred tax asset on a balance sheet under ASU 2015-17.
  • Recognize how to present deferred tax assets and liabilities on an unclassified balance sheet per ASU 2015-17.
  • Identify the actions an entity should take to adopt ASU 2015-17 with respect to its deferred tax assets and liabilities.
  • 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.
  • Recall the method to be used to implement ASU 2015-11 for inventory.

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