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Accounting and Financial Reporting: Current Developments

  • ITEM SKU
    6445
  • CPE Hours
    16
  • Full Course Price
    $109.50
Exam Questions: 80
Course Level: Basic
Pages: 498 | Content: 484, Supplemental: 14
NASBA Area of Study: Accounting
Not Acceptable for: Enrolled Agents
Version: 6445N

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, 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. This course also includes a discussion of accounting and financial reporting issues- post-COVID, the Employee Retention Credit (ERC), including the accounting for the IRS ERC Withdrawal program, and the Pass-Through Entity (PTE) Tax. PLEASE NOTE: Not accepted for Enrolled Agents. Prerequisites: General understanding of U.S. GAAP. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • Significant GAAP Changes in 2024 and Beyond
  • Reporting Information About the Financial Performance of Business Enterprises
  • Restatements and Other Financial Reporting Abuses
  • SEC Adopts Final Rule on Dodd-Frank's Section 954 Clawback Requirement
  • The Gradual Demise of Company Pension Plans
  • International Accounting Standards Convergence
  • LIFO in High-Inflation Environment
  • Dealing with Debt Unrealized Losses in 2023 and 2024
  • Equity Securities Unrealized Losses in 2023 and 2024
  • Implementing ASU 2016-13: Credit Losses (Topic 326) - 2024
  • Post-Implementation Issues - the New Lease Standard - ASU 2016-02 and ASU 2023-01
  • The GAAP Codification Overview
  • Big GAAP - Little GAAP
  • Going Concern Assessment by Management
  • ESG Disclosures - A Hot and Controversial Issue
  • FASB Classification Shifting Using Discontinued Operations Rules
  • Post-Implementation Update on Revenue Recognition Standard
  • FASB Drops Intangible Assets and Amortization of Goodwill Project
  • Earnings Manipulation
  • Accounting and Reporting Issues- Post COVID
  • General
  • Concentration of Supply (Supply-Chain Delays and Shortages)- 2024
  • Inventories and Impact of Inflation on Valuations
  • Trade Receivables and Allowance for Credit Losses
  • Exit and Termination Costs
  • Contingencies and Exposure to Third-Party and Employee Claims
  • Business Interruption Insurance Coverage
  • Dealing with Estimates- Variable Revenue
  • Loan Modifications and Covenants
  • Remote Engagements
  • Losses on Onerous Contracts
  • Cash Concentration Over FDIC Insurance Balance
  • Accounting and Disclosures for the ERC: 2023-2025
  • Accounting and Disclosures for the Pass-Through Entity (PTE) Tax
  • The VIE Rules- Using ASU 2018-17 with Common Control Arrangements
  • NOL Carryforwards and Deferred Tax Assets
  • Higher Interest Rates and the Limitation on Interest Deduction- 2023 and 2024
  • Higher Tax Rates in 2023 to 2027- Reversal of TCJA Tax Benefits
  • Accounting and Tax Issues Related to Marijuana
  • Order of Placement of Financial Statements
  • Risk of Unrecorded Sales Tax Liabilities - Wayfair Decision
  • The Statement of Cash Flows-Unusual Reporting Issues
  • Accounting Standards Updates (ASUs)
  • Selected Accounting Standards Updates (ASUs)
  • ASU 2023-05: Business Combinations- Joint Venture Formations
    (Subtopic 805-60)- Recognition and Initial Measurement
  • ASU 2023-08: Intangibles- Goodwill and Other- Crypto Assets
    (Subtopic 350-60)- Accounting for and Disclosure of Crypto Assets
  • ASU 2023-09: Income Taxes (Topic 740)- Improvements to Income Tax
  • Disclosures 470
Objectives
  • To recognize a reason public companies over disclose in their notes to financial statements
  • To identify the goal of the FASB's Disaggregation-Income Statement Expenses project
  • To recall the definition of free cash flow
  • To recognize some of the key ratios used to analyze working capital
  • To identify some of the symptoms of inefficiently managed working capital
  • To recognize one of the characteristics of a multi-employer pension plan
  • To recognize the impact that life expectancy has on the amount of a pension liability
  • To identify the shift in the types of retirement plans over the past decade
  • To review the financial statement presentations permitted under the LIFO Conformity Requirement
  • To review how debt and equity securities should be accounted for under GAAP
  • To recognize the type of information that is used to estimate credit losses under ASU 2016-13
  • To review the method used to estimate credit loss under ASU 2016-13
  • To recognize a key change found in the new lease standard
  • To identify how a lessee recognizes a lease liability under the new lease standard
  • To identify potential impacts from implementing the new lease standard
  • To recognize the general structure of the FASB Accounting Standards Codification (ASC)
  • To recall the general GAAP rule for management's evaluation of going concern
  • To recognize criteria for presenting a transaction as part of discontinued operations
  • To identify a method that can be used to record variable consideration under the revenue standard
  • To recognize the approaches that are used to record revenue under the new revenue standard
  • To recognize a feature of high-quality earnings
  • To identify a concentration of risk that might require disclosure
  • To recall how LIFO inventories should be valued under GAAP
  • To recognize how to present the Employee Retention Credit (ERC) in the statement of income
  • To identify how to account for the Pass-Through Entity (PTE) Tax under GAAP
  • To recognize the VIE accounting alternative for leases under common control in ASU 2018-17
  • To review the accounting for a net operating loss
  • To recall the rule for deductibility of interest in IRC 163(j)
  • To identify a particular way in which most marijuana businesses must operate
  • To recognize when a state might be able to charge sales tax under the Wayfair decision
  • To identify some unusual transactions and how they are recorded on the Statement of Cash Flows
  • To review how to account for a joint venture
  • To identify how to measure a crypto asset and record it on the balance sheet and income statement
  • To recall some of the new disclosures for income taxes required by ASU 2023-09

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.