FASB ReviewCode: 24-FASB

• Identify types of subsequent events that require disclosure
• Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules
• Identify the definition of near term
• Recall the frequency in which an entity should test goodwill for impairment
• Recognize the formula for testing goodwill impairment
• Recall how to classify business interruption insurance proceeds on the financial statements
• Identify a method that can be used to measure variable consideration revenue
• Recognize an example of a construction-type contract
• Identify a tax-law change made by the CARES Act, and
• Recognize how a company should present CARES Act loan forgiveness on its financial statements.
• Identify a characteristic of a multi-employer plan
• Recall the color coding of funded status of a multi-employer plan
• Recognize an argument for not amortizing goodwill
• Identify an example of a customer-related asset
• Recognize a key change made to GAAP by the new lease standard
• Identify a type of lease that exists for a lessee under ASU 2016-02
• Recall a type of lease for which the ASU 2016-02 rules do not apply
• Recognize some of the criteria that determine whether a contract is or is not a lease
• Identify how a lessee should account for initial direct costs
• Recall how a lessor should initially account for initial direct costs for a lease in certain instances
• Identify how a lessor should account for lease payments received on the income statement for an operating lease
• Recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
• Recall the potential impact that the new lease standard might have on a lessee's EBITDA
• and debt-equity ratios.
• Identify the category of securities for which ASU 2016-01 retains the three categories under existing GAAP
• Recall one of the changes made by ASU 2016-01 to existing GAAP for financial instruments.
• Recall how available-for-sale debt securities are measured on an entity's balance sheet
• Identify how held to maturity securities are measured on the balance sheet
• Recognize how an entity should account for a temporary impairment
• Recall how an entity should present an unrealized gain or loss on an equity security under ASU 2016-01
• Identify how a mutual fund that invests in debt and equity securities should classify the investment
• Recall a change made to the exemption for fair value disclosures with respect to trade receivables and payables
• Recognize the model that ASU 2016-13 uses to deal with credit losses
• Identify how credit losses should be recorded under new ASU 2016-13
• Identify some of the disclosures required by ASU 2016-13

Presentation Method:   Self-Study

Category:  Accounting

CPE credit:  16 Hours

Program Level:  Update

Prerequisites:  None

Advance Preparation:  None

Exam expiration date:  Participants must submit exams for grading within one year from the date of purchase