2014 FASB Review for Industry (Currently Unavailable)

Author: Steven C. Fustolo

The purpose of this course is to inform the reader of the various changes affecting accounting and financial reporting including newly issued FASB statements, various industry developments, and more.

Publication Date: March 2014

Designed For
Practitioners at all levels who need an update on FASB, SSARS and SAS.

Learning Objectives

• Identify at least one of the criteria for determining whether a reporting entity has a controlling financial interest in a VIE
• Identify one of the criteria that must be met in order for a private company lessee to elect an accounting alternative not to apply the VIE guidance to a lessor entity
• Identify FIN 46R's basic rule for determining whether an entity has sufficient equity
• Recall an example of a variable interest
• Recognize the type of guarantee of a lessor's debt that is treated as a guarantee made by an operating company lessee
• Identify the type of entity that can elect the accounting alternative in ASU 2014-07
• Recognize certain activities that are and are not leasing activities
• Identify the scope of a lease arrangement for which the accounting alternative under ASU 2014-07 may be elected
• Determine the extent to which the accounting alternative in ASU 2014-07 is applied to lessor entities under common control
• Identify the compilation and review reporting requirements for an entity that elects the VIE accounting alternative
• Identify the scope of GAAP to which service concession arrangements apply
• Recognize a situation in which an in-substance repossession or foreclosure occurs
• Recall some of the criteria that qualify and do not qualify for cash flow hedging accounting
• Identify an eligible entity that can use the simplified hedge accounting approach
• Recall the accounting treatment for an intangible asset with a finite life
• Identify the life over which a private company may elect to amortize goodwill under ASU 2014-02
• Recognize an example of goodwill transactions to which ASU 2014-02's accounting alternative applies
• Identify a private company's new, single-step quantitative test for goodwill impairment loss authorized by ASU 2014-02
• Recognize a public business entity
• Recognize the definition of liquidation
• Recall how assets should be measured using the liquidation basis of accounting
• Identify a financial statement that is required when using the liquidation basis of accounting
• Recognize whether fair value disclosures are required when using the liquidation basis of accounting
• Identify some examples of a sale of an investment in a foreign entity
• Identify how a transaction between co-obligors should be measured and accounted for under ASU 2013-04
• Review how a not-for-profit organization classifies certain cash receipts from donors on the statement of cash flows
• Identify how certain transactions should be presented, recorded and disclosed when an entity uses the income tax basis of accounting
• Recall the disclosure rules for certain transactions and financial statement elements including those related to trade receivables, allowance for bad debts, number of shares outstanding, key personnel, and tax years open for examination
• Recognize some of the differences between U.S. GAAP and international accounting standards under IFRS
• Identify some of the key provisions proposed to lease accounting including the impact on financial statements and key ratios
• Identify some of the techniques accountants have used to avoid the burdensome task of having to comply with recently issued accounting standards
• Identify some of the key differences, advantages and challenges of different types of GAAP alternatives including the AICPA's FRF for SMEs, and the IFRS for SMEs
• Recall the general rule for disclosing a concentration of risk
• Recognize how to account for an insurance recovery from a terrorist attack
• Recognize some of the key accounting changes that are coming for state and local pension plans

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (16 hours)

Program Prerequisites
A basic understanding of FASB.

Advance Preparation
None