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Course Details - Go to Course Contents |
New ! ! ! QAS Registry
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| Title : |
2012 FASB Review for Industry |
| Author : |
Steven C Fustolo, CPA, MBA |
| Status : |
Production |
| CPE Credits : |
16.0 |
| IRS Credits : |
0 |
| Price : |
$127.95 |
| Passing Score : |
70% |
| Primary Subject-Field Of Study : |
Accounting - Accounting and Auditing |
| Description : |
The purpose of this course is to inform the reader of the various changes affecting accounting and financial reporting including newly issued FASB statements, various industry developments, and more.
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| Usage Rank : |
0 |
| Release : |
2012 |
| Version : |
1.0 |
| Prerequisites : |
None |
| Experience Level : |
Overview |
| Additional Contents : |
Complete, no additional material needed |
| Advance Preparation : |
None |
| Delivery Method : |
Self-Study |
| Intended Participants : |
Anyone needing Continuing Professional Education (CPE) |
| Approved Audience : |
NASBA QAS - NASBA Registry - - |
| Revision Date : |
07/15/2012 |
| NASBA Course Declaration : |
Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Comments : |
CPE, online, self-study, self study, CPA, CPAs, continuing professional education, continuing education, accounting, accountants, business, commerce, FASB statements |
| Learning Objectives : |
CHAPTER 1
Comprehensive Income (ASC Topic 220) ASU No. 2011-05: Presentation of Comprehensive Income and ASU No. 2011-12: Deferral of the Effective Date
Upon completing Chapter 1 of this course, you will be able to:
• Compare U.S. GAAP’s approach to displaying comprehensive income with the approach used by international standards
• Discuss current GAAP’s three-option approach to displaying comprehensive income.
• Define other comprehensive income and comprehensive income
• Identify the two formats that are allowed to display comprehensive income
• Learn how to present accumulated other comprehensive income on the balance sheet
• Understand how to deal with reclassification adjustments in connection with other comprehensive income
CHAPTER 2
ASU 2011-08: Intangibles- Goodwill and Other (Topic 350) Testing Goodwill for Impairment
Upon completing Chapter 2 of this course, you will be able to:
• Discuss existing GAAP for goodwill
• Recall the impairment rules for four categories of assets including goodwill
• Review the changes to goodwill and tests for impairment of goodwill
• Apply the new qualitative assessment option in testing goodwill for impairment
• Allocate goodwill to reporting units
• Determine fair value for the goodwill impairment test
• Learn the steps that are applied in testing and measuring an impairment of goodwill
• Review the disclosure and financial statement presentation of impairment losses involving goodwill
CHAPTER 3
ASU 2011-04 - Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
Upon completing Chapter 3 of this course, you will be able to:
• Review the fair value measurement and disclosure rules for public and nonpublic entities
• Learn the change in the definition of fair value under ASU 2011-04
• Understand how the concept of highest and best use applies in fair value measurement
• Apply premiums and discounts in a fair value measurement
• Discuss the changes in the definition of the principal market in applying fair value measurement
• Learn how volume and level of activity affect how fair value is measured
• Apply the expanded disclosures required by ASU 2011-04
CHAPTER 4
ASU 2011-09: Compensation—Retirement Benefits - Multiemployer Plans (Subtopic 715-80) - Disclosures about an Employer’s Participation in a Multiemployer Plan
Upon completing Chapter 4 of this course, you will be able to:
• Understand the expanded disclosures required for employers that participate in multiemployer pension plans and multiemployer other postretirement benefit plans.
• Learn the differences between different types of employer plans
CHAPTER 5
Receivables (ASC Topic 310) - Accounting Standards ASU (ASU) No. 2010-20: Disclosures about the Credit Quality of Financing - Receivables and the Allowance for Credit Losses
Upon completing Chapter 5 of this course, you will be able to:
• Understand those instruments to which the new ASU 2010-20 disclosure apply
• Identify the twelve disclosures required by ASU 2010-20
• Define financing receivable and other financial instruments
• Write a disclosure of the accounting policies for loans and trade receivables
• Understand how the ASU 2010-20 disclosures apply to trade receivables
• Learn how to comply with the new disclosure requirements as they relate to related party receivables
CHAPTER 6
Current Developments - Accounting and Financial Reporting
Upon completing Chapter 6 of this course, you will be able to:
• List ways in which companies recognize revenue prematurely
• Recognize the changes proposed to lease accounting
• Identify FASB’s codification
• Compare the arguments in favor of and against Big GAAP-Little GAAP and the Blue Ribbon Panel Report
• Compute the valuation allowance required for a deferred tax asset
• Understand the disclosure requirements for sales tax collected
• Review the rules for uncertain tax positions found in FIN 48 (ASC 740)
• Identify the disclosures related to uncertain tax positions that ASU 2009-6 eliminates for non-public companies
• Recognize the changes made by selected Accounting Standards Updates (ASUs) issued through 2011
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Course Contents - Go to Details |
Chapter 1 - Comprehensive Income (ASC Topic 220) - ASU No. 2011-05: Presentation of Comprehensive Income and ASU No. 2011-12: Deferral of the Effective Date
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Introduction |
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General |
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Definition of Comprehensive Income |
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Scope of the Statement |
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Review Questions and Suggested Solutions |
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Requirements of the Statement |
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Reclassification Adjustments |
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Presentation of Non-Controlling Interests |
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Interim-Period Reporting |
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Optional Disclosure |
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Reporting Issues- Comprehensive Income |
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Review Questions and Suggested Solutions |
Chapter 2 - ASU 2011-08: Intangibles- Goodwill and Other (Topic 350) - Testing Goodwill for Impairment
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Introduction |
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Background |
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Existing GAAP for goodwill |
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Goodwill and the changes made by ASU 2011-28 |
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General Steps to Test Goodwill For Impairment |
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Special rule for reporting units with a carrying amount of zero or negative- ASU 2010-28 |
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Optional qualitative assessment- changes made by ASU 2011-08 |
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Review Questions and Suggested Solutions |
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Allocating goodwill to the reporting units |
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Determining fair value in applying goodwill impairment test |
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Applying fair value to ASC 350 (formerly FASB No. 142) |
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Triggering events affecting goodwill impairment charges |
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Review Questions and Suggested Solutions |
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Deferred Income Taxes |
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Financial Statement Display |
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Disclosures |
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Avoiding Impairment Losses under GAAP |
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Review Questions and Suggested Solutions |
Chapter 3 - ASU 2011-04 - Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
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Introduction |
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Objective |
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Effective date |
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Background |
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Quick review of GAAP for fair value |
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Changes made by ASU 2011-04 |
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Definition of fair value |
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Highest and best use and valuation premise for nonfinancial assets |
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Example 1: Asset group |
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Example 2: Land |
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Measuring the fair value of an instrument classified in a reporting entity’s shareholders’ equity |
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Measuring the fair value of an financial instruments that are managed within a portfolio |
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Review Questions and Suggested Solutions |
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Application of premiums and discounts in a fair value measurement |
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Change in the principal (most advantageous) market |
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Measuring fair value when the volume or level of activity for an asset or a liability has significantly decreased |
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Example: Measuring fair value when the volume or level of activity for an asset or a liability has significantly decreased |
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Expanded disclosures about fair value measurements |
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Summary of Disclosures Required by ASU 2011-04 and ASC Topic 820 |
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Sample Disclosure |
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Transition related to ASU No. 2011-04 |
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Convergence with international standards |
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Review Questions and Suggested Solutions |
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The Fair Value Option |
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General Rules |
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Scope |
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Presentation |
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Election dates |
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Securities under FVO election |
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Disclosures- FVO |
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Example 1: Disclosure: FVO |
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Review Questions and Suggested Solutions |
Chapter 4 - ASU 2011-09: Compensation—Retirement Benefits - Multiemployer Plans (Subtopic 715-80) - Disclosures about an Employer’s Participation in a Multiemployer Plan
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Introduction |
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Background |
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Comparison of U.S. GAAP with IFRS |
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Requirements of ASU 2011-09 |
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Scope |
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Definitions used within ASC 715 related to ASU 2011-09 |
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Disclosures required by ASU 2011-09 |
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Special rules for subsidiaries and not-for-profit entities |
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Sample Disclosure |
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Transition Related to Accounting Standards Update No. 2011-09 |
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Review Questions and Suggested Solutions |
Chapter 5 - Receivables (ASC Topic 310) - Accounting Standards ASU (ASU) No. 2010-20: Disclosures about the Credit Quality of Financing - Receivables and the Allowance for Credit Losses
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Introduction |
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Background |
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Definitions |
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Scope |
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General Rules |
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Summary of Disclosure Changes Made by ASU 2010-20 |
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Disclosure 1: Accounting Policies for Loans and Trade Receivables |
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Disclosure 2: Assets Serving as Collateral |
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Disclosure 3: Nonaccrual and Past Due Financing Receivables |
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Disclosure 4: Accounting Policies for Off-Balance-Sheet Credit Exposures |
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Disclosure 5: Foreclosed and Repossessed Assets |
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Disclosure 6: Allowance for Credit Losses Related to Financing Receivables |
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Review Questions and Suggested Solutions |
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Disclosure 7: Impaired Loans |
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Disclosure 8: Loss Contingencies |
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Disclosure 9: Risks and Uncertainties |
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Disclosure 10: Fair Value Disclosures |
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Disclosure 11: Credit Quality Information |
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Disclosure 12: Modifications |
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Level of disaggregation used for disclosures |
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Impact of ASU 2010-20 on Trade Receivables |
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Examples of Disclosures and Presentation Under SOP 01-6 (ASC 310) |
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Disclosures for Related Party Loans Receivable |
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Effective Date and Transition: ASU 2010-20 |
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Review Questions and Suggested Solutions |
Chapter 6 - Current Developments - Accounting and Financial Reporting
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Latest Developments on the Accounting Front |
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Significant GAAP Changes Coming in 2012 and Beyond |
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Revenue Recognition |
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Review Questions and Suggested Solutions |
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International Accounting Standards Convergence |
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Proposed Repeal of LIFO |
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Review Questions and Suggested Solutions |
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Changes Coming With Lease Accounting |
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The GAAP Codification |
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Review Questions and Suggested Solutions |
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Big GAAP- Little GAAP- Blue Ribbon Panel Recommendations |
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Review Questions and Suggested Solutions |
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Practice Issues |
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Review Questions and Suggested Solutions |
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Accounting Standards Updates (ASUs) |
Glossary |
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