2015 Current Developments: Accounting & Financial Reporting (Currently Unavailable)

Author: Steven C. Fustolo

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 proposed FASB projects including those related to financial performance, leases, and 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.

Publication Date: March 2015

Designed For
Accounting professionals who need a refresher on accounting and financial reporting.

Topics Covered

• Latest Developments on the Accounting Front
• FASB Changes Existing GAAP
• Accounting Standards Updates

Learning Objectives

• Identify some of the 12 recommended principles for the Comprehensive Business Reporting Model
• Recall the definition of free cash flow
• Recognize some of the key ratios used to analyze working capital
• Identify some of the symptoms of inefficiently managed working capital
• Identify some of the key differences in the claw-back provisions found in Sarbanes-Oxley and Dodd-Frank
• Recognize some of the key issues and changes facing company pension plans and their unfunded status
• Identify some of the key benefits and disadvantages of the principles-based system
• Identify some of the changes proposed to lease accounting including the impact on financial statements and key ratios
• Recognize the general structure of the FASB Accounting Standards Codification (ASC)
• Recognize some of the differences between IFRS for SMEs and IFRS
• Identify some of the GAAP rules for measuring and recording a deferred tax asset and related valuation account
• Identify some unusual transactions and how they are recorded on the statement of cash flows
• Identify how to account for intangible assets under ASU 2014-18's accounting alternative
• Recall when an acquiree is permitted to use pushdown accounting under ASU 2014-17
• Identify the rules for accounting for goodwill for a nonpublic (private company)
• Recall one of the statements used to present the liquidation basis of accounting

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (16 hours)

Program Prerequisites
A basic understanding of accounting and financial reporting.

Advance Preparation
None