Accounting and Financial Reporting Update
Author: Steven C. Fustolo
| CPE Credit: |
8 hours for CPAs |
The purpose of this course is to inform the reader of the various changes affecting the accounting professional related to accounting and financial reporting.
Designed For
Accounting professionals who need a refresher on accounting and financial reporting.
Topics Covered
- Review of selected FASB Emerging Issues Task Force (EITF) Consensus Opinions
- New FSPs (FASB Staff Positions) issued in 2006 and 2007
- Recent accounting developments affecting reporting
- Accounting for virtual joint ventures
- Games that are played in presenting the statement of cash flows
- Key differences between a rules-based and principles-based system
- Historical cost accounting versus fair value accounting
- Pension problems and how companies. pension liabilities have turned around in recent years
- Restatements and other financial reporting abuses
- The international convergence project
Learning Objectives
- Recall the requirements of FASB No. 151-160
- Identify and account for areas affected by EITF Issues 06-1 - 06-4
- Explain the impact a buy-sell agreement has on FASB No. 66 accounting
- Compute the four key ratios used to analyze working capital
- Recognize the changes coming to FASB No. 13
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (8 hours)
Program Prerequisites
None
Advance Preparation
None
