Current Developments in Accounting and Financial Reporting 

Course Description:

Learning Objectives:

Upon successful completion of this course, participants will be able to:

• Recognize a reason public companies over disclose in their notes to financial statements
• Identify the goal of the FASB’s Disaggregation-Income Statement Expenses project
• 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 a pension liability
• Identify the shift in the types of retirement plans over the past decade
• Review the financial statement presentations permitted under the LIFO Conformity Requirement
• Review how debt and equity securities should be accounted for under GAAP
• Recognize the type of information that is used to estimate credit losses under ASU 2016-13
• Review the method used to estimate credit loses under ASU  2016-13
• Recognize a key change 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 concern
• Recognize criteria for presenting a transaction as part of discontinued operations
• Identify a method that can be used to record variable consideration under the revenue standard
• Recognize the approaches that are used to record revenue under the new revenue standard
• Recognize a feature of high-quality earnings
• Identify a concentration of risk that might require disclosure
• Recall how LIFO inventories should be valued under GAAP
• Recognize how to present the Employee Retention Credit (ERC) in the statement of income
• Identify how to account for the Pass-Through Entity (PTE) Tax under GAAP
• Recognize the VIE accounting alternative for leases under common control in ASU 2018-17
• Review the accounting for a net operating loss
• Recall the rule for deductibility of interest in IRC 163(j)
• Identify a particular way in which most marijuana businesses must operate
• 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
• Review the accounting for a net operating loss
• Recall the rule for deductibility of interest in IRC 163(j)
• Identify a particular way in which most marijuana businesses must operate
• 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