The objective 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; the new standard on the allowance for credit losses; post-implementation issues involving the lease standard; current developments affecting accounting and financial reporting including the impact of inflation and high interest rates; GAAP for income taxes, including the IRS Voluntary Disclosure Program (VDP) related to the Employee Retention Credit (ERC); Pass-Through Entity (PTE) tax; selected practice issues, and more.
Course Publication Date:
July 06, 2025
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$160.00!
| Author: | Steven Fustolo |
| Course No: | ACT-FASB-6105 |
| 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
- Review how to account for a joint venture.
- Identify attributes of a joint venture.
- Identify how to measure a crypto asset.
- Review how to record a crypto asset on the balance sheet and income statement.
- Recall some of the new disclosures for income taxes required by ASU 2023-09.
- Review the bases that can be used to disclose disaggregation of expenses required by ASU 2024-03.
- Recognize examples of assets that are and are not subject to the ASC 326-20 expected credit loss model.
- Recognize the model that ASU 2016-13 uses to deal with credit losses.
- Recall how an entity should present the new allowance for credit losses on the balance sheet.
- Identify how credit losses should be recorded under new ASU 2016-13.
- Recognize some of the disclosures required by ASU 2016-13.
- Identify examples of entities that are under common control.
- Recognize an example of a debt security with zero risk of default.
- Identify how a decline in fair value of a held-to-maturity debt security should be handled under GAAP.
- Recognize the new impairment model for available-for-sale debt securities under ASC 326-30.
- Identify GAAP and non-GAAP measurements.
- Review an example of a rate used as the discount rate for pension obligations.
- Recognize the impact that life expectancy has on the amount of a pension liability.
- Review how debt and equity securities should be accounted for under GAAP.
- Recognize the approaches that are used to record revenue under the revenue standard.
- Identify a loan covenant most directly impacted by an increase in the interest rate.
- Identify a threat that exists with certain banks.
- Recognize a peer review deficiency identified by the AICPA.
- Recognize the VIE accounting alternative for leases under common control.
- Recognize the disclosure required for a start-up company.
- Recall an example of a type of lease for a lessee under the lease standard.
- Identify an example of a type of lease for a lessor under the lease standard.
- Recognize attributes of a lease under the lease standard.
- Identify some of the types of benefits a lessee can obtain from a leased asset.
- Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life.
- Recall why an entity might not want to use the risk-free interest rate in a lease transaction.
- Identify some types of leases for a lessee and a lessor.
- Identify how a lessor should account for lease payments received on the income statement for an operating lease.
- Identify how deferred income taxes will be treated for lessees under ASU 2016-02.
- Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios.
- Recall the IRS rules as when an entity should and should not capitalize a lease for tax purposes.
- Recognize the options for presenting the ERC on the statement of income.
- Recall types of entities that most states do not permit to make the PTE tax election.
- Identify how to present the deferred state tax liability related to the PTE tax.
- Recognize the adjustment that must be made to convert to C corporation status.
- Identify the adjustment required when there is a change in the corporate tax rate.
- Recall the rule for disclosures related to unrecognized tax positions.
- Recognize how to account for restricted cash on the statement of cash flow.
- Recall how to account for non-cash transactions on the statement of cash flow.
- Identify the approach taken to present a purchase of business assets on the statement of cash flow.
- Recognize an example of a sustainable flow.
- Recognize an example of an unused carryover item that a C corporation might have.