- Credits: 16
- Format: Self-Study eBook
- Field of Study: Accounting
- Author/Speaker: Steven C. Fustolo, CPA
|Course ID:||Advanced Preparation:||Experience Level:|
|Published Date:||Program Prerequisites:||Other Course Formats:|
|© April 2021||Basic understanding of U.S. GAAP||Self-Study eBook|
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.
CHAPTER 1: Accounting and Financial Reporting for COVID-19, the CARES Act, and PPP Loans
CHAPTER 2: Implementing The New Lease Standard- 2021 ASU 2016-02: Leases (Topic 842) and Other Amendments
CHAPTER 3: Financial Instruments 2021: Implementing ASU 2016-13
CHAPTER 4: Current Developments: Accounting and Financial Reporting-2021
CHAPTER 5: Implementing the New Revenue Standard- ASC 606: 2021 Guidance for Private Companies
CHAPTER 6: ASU 2016-01: Financial Instruments- Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities
After reading the course material, you will be able to:
- Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules.
- Identify the definition of the near term.
- Recall the frequency in which an entity should test goodwill for impairment.
- Recall the method for valuing certain types of inventory.
- 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.
- Recall a change made to the exemption for fair value disclosures concerning 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.
- Recognize the model that ASU 2016-13 uses to deal with credit losses.
Who Should Attend:
- All Certified Public Accountants (CPAs)