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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, practice issues, a discussion of accounting and financial reporting issues related to COVID-19, the CARES Act and PPP loans, and more.
Course Publication Date: June 02, 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-FASB-6101 |
| 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 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.
- Identify the benchmark used to determine going concern.
- Recognize how to report on going concern.
- Identify a method that can be used to measure variable consideration revenue.
- Recognize an example of a construction-type contract.
- Identify an advantage of remote auditing.
- Recall how to present debt issuance costs in the financial statements.
- Recognize how to account for PPP loan forgiveness.
- Identify how to treat the forgiveness of a PPP loan for tax purposes, and.
- Identify an example of a circumstance in which an emphasis-of-matter paragraph might be necessary.
- 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 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.
- 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.
- 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.
- Recognize when a state might be able to charge sales tax under the Wayfair decision.
- 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 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.
- 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, and.
- Recall a change made to the exemption for fair value disclosures with respect to trade receivables and payables.
- 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.
- 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.
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