Top Accounting and Auditing Issues for 2019 CPE Course: Module 1
Author: Pat Patterson, Scott A. Taub, CPA
| CPE Credit: |
8 hours for CPAs |
This eight CPE hour course reviews top accounting issues: Accounting for the Tax Cuts and Jobs Act, Leases and Impacts: Change to Changes 2018, New Revenue Recognition Standard, FASB Outlook, and CECL Model.
This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.
Publication Date: August 2018
Designed For
CPAs, Tax Professionals
Topics Covered
- Implementation issues related to the Tax Cuts and Jobs Act and income tax reporting
- FASB pronouncements
- ASU 2016-02, Leases (ASC Topic 842)
- New Revenue Recognition Standard (ASC Topic 606)
- Latest FASB releases and FASB agenda
- ASU 2016-13, The current expected credit loss (CECL) model for losses and/or impairments
- ASU 2016-01
Learning Objectives
- Recognize how the Tax Cuts and Jobs Act affects financial reporting
- Identify the act's changes to domestic income provisions
- Differentiate requirements for adjustments to deferred tax liabilities and assets for the effect of a change in tax laws or rates
- Summarize how the act affects the taxation of foreign income
- Identify the FASB pronouncements that may impact entities with leases or that expect to have or enter into leases
- Recognize the major updates to the new Accounting Standards Codifications as prescribed by ASU 2016-02
- Understand best practices for starting a lease accounting project under the new standards
- Understand the principles of ASC Topic 606, Revenue from Contracts with Customers
- Identify the five steps in the new revenue recognition model
- Address key issues in implementing the provisions of ASC Topic 606
- Describe required disclosures for private companies with respect to revenue recognition
- Identify transition considerations as they relate to business practices
- Identify the latest issuances from the FASB
- Recognize the benefits of the FASB's proactive outreach with stakeholders
- Summarize the latest implementation guidance for major accounting standards
- Recognize FASB guidance and challenges to expect in the near future
- Recognize the main objectives of ASU 2016-01 and ASU 2016-13
- Identify the steps for implementing the CECL model
- Identify ASU 2016-01 and ASU 2016-13 effective dates, reporting requirements, disclosure requirements, and related matters
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Accounting (8 hours)
Program Prerequisites
Basic knowledge of accounting principles.
Advance Preparation
None
