The purpose of this course is to inform the reader of the various changes affecting accounting, compilation and review, and auditing engagements including newly issued FASB and FASB statements, new statements issued by the Auditing Standards Board, changes in compilation and review, and more.Learning Objectives:
After studying this course you should be able to:
- Define the two types of subsequent events
- Identify events that trigger the subsequent event rules
- Identify non-recognition events
- Understand those instruments to which the new ASU 2010-20 disclosure apply
- Identify the twelve disclosures required by ASU 2010-20
- Define financing receivable and other financial instruments
- Write a disclosure of the accounting policies for loans and trade receivables
- Understand how loans to participants should be classified and measured by defined contribution pension benefit plans
- Recall the impairment rules for four categories of assets including goodwill
- Review the changes to goodwill and tests for impairment of goodwill
- Review the types of assets which apply to impairments
- Learn the steps that are applied in testing and measuring an impairment of long-lived assets to be held and used
- Apply the rules of accounting for impairment of long-lived assets held for sale
- Review the disclosure and financial statement presentation of impaired assets and related losses
- Learn about the diversity in practice about the interpretation of the pro forma revenue and earnings disclosure requirements for business combinations.
- Understand the changes made by ASU 2010-29 with respect to the presentation of pro forma revenue and earnings in a business combination
- Apply the expanded supplemental pro forma disclosures required by ASU 2010-29
- Review the rules for uncertain tax positions found in FIN 48 (ASC 740)
- Identify the disclosures related to uncertain tax positions that ASU 2009-6 eliminates for non-public companies
- Understand how FIN 48 (ASC 740), related to uncertain tax positions, applies to pass-through entities
- Compare ways that entities previously accounted for tax positions
- Provide examples of various tax positions
- Apply the two-step approach to evaluating and recognizing a tax position
- Appropriately present an unrecognized tax benefit liability
- Compute the amount of interest expense recognized
- List ways in which companies recognize revenue prematurely
- Recognize the changes proposed to lease accounting
- Identify FASB’s codification
- Compare the arguments in favor of and against Big GAAP-Little GAAP and the Blue Ribbon Panel Report
- Compute the valuation allowance required for a deferred tax asset
- Understand the impact that the Obama Patient Protection and Affordable Care Act has on deferred tax assets
- Recognize the changes made by selected Accounting Standards Updates (ASUs) issued through 2011
- Understand the conclusions reached by recently issued Technical Practice Aids AS7
Upon ordering this course, you will immediately receive instructions how to download the course as an Online pdf document. Included in this email will be log-on instructions for taking the certification exam. You have one year from date of purchase to complete the course.Exam Format
After you have completed reviewing the text material, you may take your exam in our convenient, untimed online format. Tests average 5 questions for each CPE credit offered. For example, a CPE test worth 20 credits would include about 100 questions.
A score of 70% or better is required to pass this course, although there is no limit to the number of times you may take the exam in order to pass.CPE Certification
When you successfully pass the exam, your Certificate of Completion will be displayed on the screen. Print it out on your printer by using the “Print” command in your web browser.
This course is accepted in all but the following states for CPE credit: FL, MN, MS, OR, SC, & TN.
Course Level: Basic
Field of Study: AccountingIf you would like to purchase this course with a printed book included, click HERE to order.About the Author, Steven C. Fustolo, CPA:
Mr. Fustolo is a partner with the Boston CPA firm of James J. Fox & Company and Director of the National Tax Institute, Inc. He is a frequent lecturer and author of numerous tax and accounting issues affecting closely held businesses. An AICPA author, Mr. Fustolo’s articles are regularly featured in The Practical Accountant and other publications.
He is the recipient of several Outstanding Discussion Leader awards from many professional organizations including the New York and Florida Societies of CPAs. Mr. Fustolo’s course entitled FASB, SSARS and SAS Update and Review continues to receive accolades and is regarded as one of the top live CPE programs in the country today with ratings that average 4.91 on a scale of 5.0.
Mr. Fustolo is the recipient of the Elijah Watts Sells Award (AICPA) and Silver Medal (Massachusetts) for scores received on the CPA Examination.