Accounting and Financial Reporting Changes

Overview

It is important for CPAs and accountants to stay updated on changes that affect their industry and job functions. The last few years were very active periods at the FASB as several significant statements were issued after years of work and deliberations. Many, but not all, of the new statements were issued under the FASB-IASB joint convergence project.

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 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.

Learning Objectives

Upon completion of this course, students will be able to:
  • identify the 12 recommended principles for the Comprehensive Business Reporting Model
  • recall the definition of free cash flow 
  • identify key benefits and disadvantages of the principles-based system
  • recognize the general structure of the FASB Accounting Standards Codification (ASC) 
  • recall the new impairment test for goodwill under ASU 2017-04
  • recognize how to account for restricted cash on the statement of cash flows
  • recognize the classification of certain cash flow transactions addressed by ASU 2016-15
  • recall how to value certain inventories under ASU 2015-11

Designed For

Practicing CPAs, both in public accounting and business and industry -- controllers, accountants, and other financial accounting personnel 

Prerequisites

General understanding of U.S. GAAP
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