- NY Credits : 13.0
- TX Credits : 13.0
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. This course also has a discussion of accounting and financial reporting issues related to COVID-19.
Upon successful completion of this course, the user should be able to:
identify the latest accounting developments for U.S. GAAP for reporting and disclosure requirements;
recognize the changes in U.S. GAAP for fair value accounting, lease accounting, going concern, sustainability, risks and uncertainties;
recall the impact of arrangements that qualify a not-for-profit entity for accounting alternative elections, accounting alternative for certain related-party leases, impairment test for goodwill; and
determine the applicability of selected Accounting Standards Updates.