Current Developments – Accounting and Financial Reporting 2021: Item 6 and 6E
The purpose of this course is to inform the reader of the various changes to accounting and financial reporting affecting the accounting professional. Topics include a review of FASB projects including those related to financial performance, leases, and financial instruments, practice issues involving the statement of cash flows, fair value reporting, pensions, the international convergence project, little GAAP, and more. The structure of the course is to encourage the reader to recall existing GAAP rules coupled with identifying, stating and outlining rules related to new and proposed pronouncements.

The course also includes a discussion of COVID-19’s impact on accounting and financial reporting.


Course Publication Date: April 24, 2021

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-CURRENTDEV-6081
Recommended CPE:16.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:None
Advanced Preparation:None
Recommended Field of Study:Accounting
  
Learning Objectives
  • Recognize a reason why public companies over disclose in their notes to financial statements.
  • Identify a proposed change to the statement of cash flows.
  • Recall the definition of free cash flow.
  • Recognize some of the key ratios used to analyze working capital.
  • Identify some of the symptoms of inefficiently managed working capital.
  • 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 the shift in the types of retirement plans over the past decade.
  • Recall the types of assets and liabilities found in Level 1 of the fair value hierarchy.
  • Recognize the type of information that is used to estimate credit losses under ASU 2016-13.
  • Recognized key change found in the new lease standard.
  • Identify how a lessee recognizes a lease liability under the new lease standard.
  • Identify potential impacts from implementing the new lease standard.
  • Recognize the general structure of the FASB Accounting Standards Codification (ASC).
  • Recall the general GAAP rule for management’s evaluation of going concern.
  • Recognize criteria for presenting a transaction as part of discontinued operations.
  • Identify a method that can be used to record variable consideration under the revenue standard
  • Recognize the approaches that are used to recognize revenue under the new revenue standard
  • Recall the existing account for goodwill be a public company
  • Recognize a feature of high-quality earnings
  • Identify a concentration of risk that might require disclosure.
  • Recall how LIFO should be valued under GAAP.
  • Identify how to record the forgiveness of a PPP loan on the financial statements.
  • Recognize how net operating losses are treated under the CARES Act.
  • Recognize how to present deferred income taxes on the balance sheet under ASU 2015-17.
  • Recognize when a state might be able to charge sales tax under the Wayfair decision.
  • Identify some unusual transactions and how they are recorded on the statement of cash flows.
  • Recognize the types of arrangements that qualify the private company accounting alternative election related to goodwill amortization and acquisitions.
  • Recognize the accounting alternative for leases under common control in ASU 2018-17.
  • Identify the impairment test for goodwill under ASU 2017-04.

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

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