Current Developments Accounting and Financial Reporting

  • Credits: 16
  • Format: Self-Study eBook
  • Field of Study: Accounting
  • Author/Speaker: Steven Fustolo
Available Formats:  
Advanced Preparation: None
Experience Level: Overview
Program Prerequisites: General understanding of U.S. GAAP
Course ID: SF-203.22 | SS
Published Date: Jan 2022


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.

The course also discusses accounting and financial reporting issues related to COVID-19.

Learning Objectives:

After reading the course material, you will be able to:

  • Recognize a reason why public companies over disclose in their notes to financial statements.
  • Identify a proposed change to the statement of cash flows.
  • Recall the definition of free cash flow.
  • Recognize some of the key ratios used to analyze working capital.
  • Identify some of the symptoms of inefficiently managed working capital.
  • Recognize one of the characteristics of a multi-employer pension plan
  • Recognize the impact that life expectancy has on the amount of pension liability.
  • Identify the shift in the types of retirement plans over the past decade.
  • Recall the types of assets and liabilities found in Level 1 of the fair value hierarchy.
  • Recognize the type of information that is used to estimate credit losses under ASU 2016-13.
  • Recognized key changes found in the new lease standard.
  • Identify how a lessee recognizes a lease liability under the new lease standard.
  • Identify potential impacts from implementing the new lease standard.
  • Recognize the general structure of the FASB Accounting Standards Codification (ASC).
  • Recall the general GAAP rule for management’s evaluation of going concerned.
  • Identify a concentration of risk that might require disclosure.
  • Recall how LIFO should be valued under GAAP.
  • Identify how to record the forgiveness of a PPP loan on the financial statements.
  • Recognize how net operating losses are treated under the CARES Act.
  • Recognize how to present deferred income taxes on the balance sheet under ASU 2015-17.
  • Recognize when a state might be able to charge sales tax under the Wayfair decision.
  • Identify some unusual transactions and how they are recorded on the statement of cash flows.
  • Recognize the types of arrangements that qualify 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.
  • Identify the impairment test for goodwill under ASU 2017-04.

Who Should Attend:
  • All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s: