2018 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: May 22, 2018

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-6108
Recommended CPE:16.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Advanced Preparation:None
Recommended Field of Study:Accounting
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Learning Objectives
  • Identify an area of accounting affected by the definition of a business.
  • Recognize elements of a business.
  • Identify the new definition of a business in ASU 2017-01.
  • Recall an example of a process as used in the definition of a business.
  • Recognize Steps 1 and 2 of determining a business in ASU 2017-01.
  • Identify a real estate transaction that might qualify as a trade or business in IRC 197.
  • Recognize a factor that indicates there is a trade or business for tax purposes.
  • Identify how intangible assets with finite lives should be accounted for under GAAP.
  • Recognize how often a publicly held entity should test goodwill for impairment.
  • Recall the level at which goodwill is tested for impairment.
  • Recognize the formula used to perform the impairment loss test for goodwill.
  • Identify how goodwill is treated after recording an impairment loss.
  • Recall the definition of “more likely than not” as used in the goodwill impairment test.
  • Recognize the definition of a public business entity.
  • Identify the type of entity that is permitted to elect the accounting alternative for goodwill in ASU 2014-02.
  • Recognize the maximum amortization life for goodwill using the accounting alternative.
  • 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 made by ASU 2016-01 to existing GAAP for financial instruments.
  • 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.
  • Recognize how an entity should account for deferred tax accounts under the Tax Cuts and Jobs Act.
  • Identify how the ASU 2018-02 election is made to reclassify the tax effect on accumulated other comprehensive income.
  • Recall the adjustment that is made when an entity converts from S to C corporation status.
  • Recognize the type of like-kind exchange that qualifies for nonrecognition of gain or loss under GAAP.
  • Identify a way in which an entity can account for bonus depreciation under GAAP.
  • Recall the overall impact that the reduction in the corporate tax rate is having on SEC companies.
  • Recognize whether SEC companies are permitted to discount tax liabilities pertaining to repatriated income.
  • Recall when an entity is required to disclose the tax years open for examination.
  • Recognize some of the implications of a possible change in the format of financial statements.
  • Recall a permitted format for presenting a balance sheet under the LIFO Conformity Requirement.
  • Identify the disclosure requirement for a concentration within an entity.
  • Recognize one of the disclosure requirements in the Dodd-Frank Act.
  • Recognize the change made to the extraordinary item rules by ASU 2015-01.
  • Recognize an attribute of a company that leads with its balance sheet first in its set of financial statements.
  • Identify how an entity should account for restricted cash in its statement of cash flows.
  • Recall how to classify deferred tax assets and liabilities on the balance sheet.
  • Recall how an entity that uses average cost method should value its inventory under ASU 2015-11.

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