FASB: Recent Developments

Study Level:  Overview
Delivery Method:  Online self-study
Provider of Record: WebCE
Field of Study:
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 completing this course, students will be able to:

  • identify an area of accounting affected by the definition of a business
  • recognize elements of a business
  • identify the new definition of a business in ASU 2017-01
  • recall an example of a process as used in the definition of a business
  • recognize Steps 1 and 2 of determining a business in ASU 2017-01
  • identify a real estate transaction that might qualify as a trade or business in IRC 197
  • recognize a factor that indicates there is a trade or business for tax purposes
  • identify how intangible assets with finite lives should be accounted for under GAAP
  • recognize how often a publicly held entity should test goodwill for impairment
  • recall the level at which goodwill is tested for impairment
  • recognize the formula used to perform the impairment loss test for goodwill
  • identify how goodwill is treated after recording an impairment loss
  • recall the definition of “more likely than not” as used in the goodwill impairment test
  • recognize the definition of a public business entity
  • identify the type of entity that is permitted to elect the accounting alternative for goodwill in ASU 2014-02
  • recognize the maximum amortization life for goodwill using the accounting alternative
  • 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 made by ASU 2016-01 to existing GAAP for financial instruments.
  • 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
  • recognize how an entity should account for deferred tax accounts under the Tax Cuts and Jobs Act
  • identify how the ASU 2018-02 election is made to reclassify the tax-effect on accumulated other comprehensive income
  • recall the adjustment that is made when an entity converts from S to C corporation status
  • recognize the type of like-kind exchange that qualifies for nonrecognition of gain or loss under GAAP
  • recall a permitted format for presenting a balance sheet under the LIFO Conformity Requirement
  • identify the disclosure requirement for a concentration within an entity
  • recognize one of the disclosure requirements in the Dodd-Frank Act
  • recognize the change made to the extraordinary item rules by ASU 2015-01
  • recognize an attribute of a company that leads with its balance sheet first in its set of financial statements
  • identify how an entity should account for restricted cash in its statement of cash flows
  • recall how to classify deferred tax assets and liabilities on the balance sheet
  • recall how an entity that uses average cost method should value its inventory under ASU 2015-11

Last Revised: July 2018

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