FASB: Recent Developments

Study Level:  Overview
Delivery Method:  Online self-study
Provider of Record: WebCE
Field of Study:
Accounting
Prerequisites:  Basic understanding of U.S. GAAP

Course Description:

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, and more.

Course Objectives:

After successfully completing this course students will be able to:

  • 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
  • identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life
  • identify how a lessee should account for initial direct costs
  • recall how a lessor should initially account for initial direct costs for a lease in certain instances
  • identify how a lessor should account for lease payments received on the income statement for an operating lease
  • recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
  • recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios
  • identify the category of securities for which ASU 2016-01 retains the three categories under existing GAAP
  • recall one of the changes to existing GAAP for financial instruments made by ASU 2016-01
  • recall how available for sale debt securities are measured on an entity’s balance sheet
  • identify how held to maturity securities are measured on the balance sheet
  • recognize how an entity should account for a temporary impairment
  • recall how an entity should present an unrealized gain or loss on an equity security under ASU 2016-01
  • identify how a mutual fund that invests in debt and equity securities should classify the investment
  • recall a change made to the exemption for fair value disclosures with respect to trade receivables and payables
  • recognize the model that ASU 23016-13 uses to deal with credit losses
  • identify how credit losses should be recorded under new ASU 2016-13
  • identify one of the five steps required in applying the new revenue standard 
  • recall the general rule that determines whether an entity should record revenue gross or net
  • recognize the requirement that must be met for a company be considered a principal in a revenue transaction
  • recall one of the indicators that ASU 2016-08 removes from the revenue model in determining gross versus net treatment of revenue
  • identify the general rule for determining whether an entity should record revenue gross or net
  • recognize an example of a prepaid stored-value product
  • recall how an entity should implement ASU 2016-04 related to prepaid stored-value products
  • recognize some of the changes made to the five steps of the new revenue standard by ASU 2016-12 amendments
  • identify a type of intellectual property that has significant standalone functionality
  • recognize how an entity should record revenue related to a license
  • recall one of the reasons why U.S. convergence with international standards has not occurred
  • recognize some of the differences between IFRS for SMEs and IFRS
  • identify a technique that accountants have defaulted to avoid GAAP
  • recognize the disclosure requirements when a nonpublic entity has no uncertain tax positions
  • recognize the classification of certain cash flow transactions addressed by ASU 2016-15
  • identify the expense account to which amortization of debt issuance costs should be recorded
  • recall the rate that an entity should use to amortize debt issuance costs
  • recall how to present a deferred tax asset on a balance sheet under ASU 2015-17
  • recognize how to present deferred tax assets and liabilities on an unclassified balance sheet per ASU 2015-17
  • identify the actions an entity should take to adopt ASU 2015-17 with respect to its deferred tax assets and liabilities
  • identify the measurement basis used to measure FIFO and LIFO inventories under ASU 2015-11
  • recognize how to account for a recovery of an inventory write-down in subsequent periods
  • recall the method to be used to implement ASU 2015-11 for inventory