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Are you a California CNA?
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, the new lease standard, practice issues, a discussion of accounting and financial reporting issues related to post- COVID-19 economic issues, accounting and disclosures for the Employee Retention Credit (ERC) and Pass-Through Entity (PTE) tax, dealing with the forgiveness of PPP loans, and more.
Course Publication Date: May 25, 2023
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-6103 |
| 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.
- 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.
- Recognize who an entity might not want to use the risk-free rate to compute the present value of lease payments.
- Identify how a lessee should account for initial direct costs.
- Recognize items that are and are not components of a lease term.
- Recall the method a lessee should use to record interest expense on a lease obligation.
- Identify some types of leases for a lessor.
- 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.
- Recall how a lessor should classify certain cash receipts on the statement of cash flows.
- Recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02.
- 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 some types of concentrations that might require disclosure under the risk and uncertainty rules.
- Identify the definition of near term.
- Recall the frequency in which an entity should test goodwill for impairment.
- Recognize some exit and disposal costs.
- Recall how to classify business interruption insurance proceeds on the financial statements.
- Recognize the relationship a change in interest rates has on real estate values.
- Identify methods that can be used to measure variable consideration revenue.
- Recognize an example of a construction-type contract.
- Identify whether the LIFO IPIC approach is acceptable for GAAP.
- Recall the net operating loss rules.
- Recognize the type of expense that is the basis for measuring the amount of the ERC.
- Identify where to present the ERC in the statement of income using the ASC 958 conditional contribution model.
- Recognize where to present the ERC in the statement of income using the IAS 20 grant model.
- Identify an action step to be taken to correct the previous presentation and disclosure of an ERC in the statement of income.
- Recognize the proper presentation of the ERC in a tax-basis statement of income.
- Recognize a technique that has been attempted to circumvent the SALT deduction limitation.
- Identify how to account for the PTE tax in an entity’s financial statements.
- Recognize the requirements for recording deferred state income taxes with respect to the PTE tax election.
- Identify disclosures that should be made for the PTE tax.
- Identify some of the eligible expenses related to use of PPP loan proceeds.
- Recognize approaches to account for PPP loans under GAAP.
- Recall how to present debt issuance costs on the financial statements.
- Recognize how to account for PPP loan forgiveness.
- Recognize how to present a gain on extinguishment on the statement of cash flows.
- Identify how to treat the forgiveness of a PPP loan for tax purposes.
- Recognize how the IAS 20 grant approach is used to account for its PPP loan.
- Recognize actions that impact a CPA’s independence in a PPP loan assistance engagement.
- Recall some of the rules pertaining to a CPA receiving an agent fee from a PPP loan lender.
- Identify whether an emphasis-of-matter paragraph may be used in an accountant’s report when there is a forgiveness of a PPP loan.
- Identify the goal of the FASB’s Disaggregation-Income Statement Expenses project.
- Recognize one of the characteristics of a multi-employer pension plan.
- Recognize the impact that life expectancy has on the amount of a pension liability.
- Identify a concentration of risk that might require disclosure.
- Identify a particular way in which most marijuana business must operate.
- Recognize when a state might be able to charge sales tax under the Wayfair decision.
- Recognize the accounting alternative for leases under common control in ASU 2018-17.
- Recognize the model that ASU 2016-13 uses to deal with credit losses.
- Identify how credit losses should be recorded under new ASU 2016-13.
- Identify some of the disclosures required by ASU 2016-13.
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