2019 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 20, 2019

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-6109
Recommended CPE:16.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:None
Advanced Preparation:None
Recommended Field of Study:Accounting
  
Add To Your Cart

Ready to take a course?

  • Includes all self study courses
  • Earn as many CPE credit as you need
  • 100% Guaranteed
Buy Self Study Membership

Learning Objectives
  • Recognize a private company under ASU 2018-17.
  • Identify the definition of a variable interest.
  • Recall some of the requirements that must be met to consolidate under the VIE rules.
  • Identify an element that must be met to elect the private company accounting alternative under ASU 2018-17.
  • Identify the types of arrangements to which the accounting alternative election applies.
  • Recognize relationships that might be considered under common control.
  • Recognize the way in which an entity should adopt the accounting alternative in ASU 2018-17.
  • Recall how an accountant or auditor reports on an accounting change per ASU 2018-17.
  • Recognize the types of agreements that qualify as contracts under the revenue standard.
  • Recall a condition that must be met to identify a separate performance obligation.
  • Identify at least one method authorized to estimate variable consideration in a contract.
  • Recognize information that can be used to allocate the transaction price to performance obligations.
  • Identify at least one method that are used to record revenue in Step 5 of the revenue standard.
  • Recognize when a good is considered transferred to a customer under ASC 606.
  • Recognize how to account for the transfer of a product with a right to return.
  • Recall the general rule that determines whether an entity should record revenue gross or net.
  • Identify some of the general rules to account for license revenue.
  • Recall how certain contract costs are accounted for under the revenue standard, and.
  • Recognize certain disclosures required by the revenue standard for nonpublic entities.
  • 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.
  • Recognize an example of an applicable financial statement (AFS).
  • 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.

CPE Depot Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Sponsor Number: 109423

 (931ms)
CPE-WEB02 18.207.134.98 url(WWW.CPEDEPOT.COM)-domain(WWW.CPEDEPOT.COM)-anon

Search Courses

Group Plan

Group plans are convenient and cost effective!

Authors Wanted

We are looking for authors!