Pension liabilities, LIFO in an inflationary environment, sustainability and governance, goodwill, revenue, cannabis business accounting issues. The FASB has had an active couple of years. In this course, you will learn about these and other contemporary financial accounting developments and challenges.

After completing this course, you will be able to:

• identify the elements that are the target of the FASB's disaggregation project
• recognize multi-employer pension plan and pension liability issues
• identify the basic rule of the LIFO Conformity Requirement and LIFO issues in an inflationary climate
• recognize how the IPIC external index for LIFO is used for GAAP
• recall the type of investment that is eliminated by ASU 2016-01
• identify when a sustainability disclosure is required by an SEC company
• recognize an example of a contract that is exempt from the scope of the revenue standard
• identify one of the two approaches that is used to recognize revenue using the new revenue standard
• recall a change to the accounting for goodwill that is proposed by the FASB
• recognize how to present deferred income taxes on the balance sheet under ASU 2015-17
• recognize the basis that most marijuana businesses have to use
• recognize when a state might be able to charge sales tax under the Wayfair decision
• identify the private company election to perform a triggering event evaluation
• recognize the types of arrangements that qualify for the private company accounting alternative election related to goodwill amortization and acquisitions
• recognize the accounting alternative for leases under common control in ASU 2018-17

CPAs, CMAs, managers, business owners, compliance managers, risk managers, and other finance and accounting professionals