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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 COVID-19, the CARES Act and PPP loans, accounting and disclosures for the Employee Retention Credit (ERC) and Pass-Through Entity (PTE) tax. The course also addresses new statements issued by the Auditing Standards Board, changes in compilation and review standards, and more.
Course Publication Date: August 30, 2022
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 $240.00!
| Author: | Steven Fustolo |
| Course No: | ACT-FSS-61092 |
| Recommended CPE: | 24.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Update |
| Prerequisites: | Basic understanding of U.S. GAAP, compilation and review, and auditing standards |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting (16.00 Recommended CPE)
Auditing (8.00 Recommended CPE)
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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.
- 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 some types of concentrations that might require disclosure under the risk and uncertainty rules including supply-chain shortages.
- 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.
- Identify a method that can be used to measure variable consideration revenue.
- Recognize an example of a construction-type contract.
- Identify an advantage of a remote accounting function.
- Recall how to adjust a deferred tax account when there is a change in tax law.
- Recognize a change made by the CARES Act to the deductibility of interest.
- Recognize how to account for PPP loan forgiveness.
- Identify how to treat the forgiveness of a PPP loan for tax purposes.
- 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 prior year 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.
- 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.
- Identify the elements that are the target of the FASB’s disaggregation 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 the basic rule of the LIFO Conformity Requirement.
- Recognize how the IPIC external index for LIFO is used for GAAP.
- Recall the type of investment that is eliminated by ASU 2016-01.
- Identify when a sustainability disclosure is required by an SEC company.
- Recognize an example of a contract that is exempt from the scope of the revenue standard.
- Identify one of the two approaches that is used to recognize revenue using the new revenue standard.
- Recall a change to the accounting for goodwill that is proposed by the FASB.
- Recognize how to present deferred income taxes on the balance sheet under ASU 2015-17.
- Recognize the basis that most marijuana businesses have to use.
- Recognize when a state might be able to charge sales tax under the Wayfair decision.
- Identify the private company election to perform a triggering event evaluation.
- Recognize the types of arrangements that qualify for 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.
- Recognize a precondition for an accountant to accept a SSARS engagement.
- Recall whether the preparation of financial statements standard is an attest or nonattest service.
- Identify whether a report is required in a preparation of financial statements engagement.
- Recognize what the reporting requirements are, if any, when a "no assurance" legend is omitted from prepared financial statements under the AR-C 70 standards.
- Identify where to disclose GAAP departures in a preparation of financial statements engagement.
- Identify factors that should consider in determining materiality in a review engagement.
- Recognize a change that SSARS No. 25 makes to the accountant’s review report.
- Identify the term that GAAP uses for management’s assessment of an entity’s going concern.
- Recall some of the items that should be documented in a review engagement.
- Identify a suggestion for an auditor reducing time and increasing audit efficiency.
- Recognize when negative accounts receivable confirmations should not be used.
- Identify the form of a comfort letter that would be appropriate for an accountant to make to a lender.
- Recall the rule for an auditor presenting his or her city and state on the audit report.
- Identify the rules for an auditor communicating deficiencies found in an audit.
- Recognize an example of a result that can occur if there is a problem with a DOL employee benefit plan audit.
- Identify a type of fraudster.
- Recall the location of certain sections in the auditor’s report.
- Recognize the categorization of an adverse opinion.
- Identify a change that SAS No. 136 makes to the limited-scope ERISA audit.
- Recognize one of the changes made by AU-C 703 to ERISA audits.
- Recall the reporting requirement when an auditor obtains other information in an audit.
- Identify a reference that is made in the new definition of materiality.
- Recognize the definition of certain types of paragraphs made by SAS No. 139.
- Recognize an example of an attribute of information obtained as audit evidence per SAS No. 142.
- Identify how inherent and control risk should be assessed under the SAS No. 143 requirements.
- Recall the three approaches that an auditor can use to perform further audit procedures required by SAS No. 143.
- Identify some instances in which an auditor may conclude that a specialist’s work is not adequate.
- Identify a type of risk assessment procedure that an auditor can use in accordance with SAS No. 145.
- Recall examples of risk assessment procedures that an auditor may perform in SAS No. 145.
- Recognize how to perform risk assessment procedures when relying on information obtained from previous experience with an entity.
- Identify examples of risk assessment procedures to obtain audit evidence in accordance with SAS No. 145.
- Recognize a new requirement made by SAS No. 145 in connection with assessing inherent risk and control risk in an audit, and.
- Identify how an auditor should respond if the auditor does not plan to test the operating effectiveness of an entity’s controls.
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