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FASB 154: Accounting Changes and Error Corrections [FACE]
1 Hours / Accounting
FASB Statement 154 changes the financial reporting for voluntary changes in
accounting principles. The changes introduced by
SFAS 154 were made as part of the convergence effort to match U.S. standards
to those set by the International Accounting
Standards Board (IASB). A new term, , is introduced and explained. The
statement also requires that: “a
change in depreciation, amortization, or depletion method for long-lived
nonfinancial assets be accounted for as a change in
accounting estimate effected by a change in accounting principle.” FASB 154
continues the profession's path away from the
income statement concept.
FASB Update [FABU]
8 Hours / Accounting
This course provides a thorough, accurate update on recent FASB statements
and interpretations. Detailed discussion is
included on business combinations, goodwill, impairment of long-lived
assets, selected issues relating to stock-based
compensation, variable interest entities, and much more. The course includes
discussion of FASB Statements 143 through 156
(including SFAS 132 Revised and SFAS 123 Revised) and FASB interpretations
43 through 48. Updated to include discussion
of the most recently issued FASB pronouncements:
- SFAS 123 Revised, Share Based Payment
- SFAS 149, Amendment to Statement 133 on Derivative Instruments
and Hedging Activities
- SFAS 150, Accounting for Certain Financial Instruments with
Characteristics of both Liabilities and Equity
- SFAS 132 Revised, Employers' Disclosures about Pensions and Other
Postretirement Benefits
- FIN 46 Revised, Consolidation of Variable Interest Entities
- SFAS 151, Inventory Costs
- SFAS 152, Accounting for Real Estate Time-Sharing Transactions
- SFAS 153, Exchanges of Nonmonetary Assets
- SFAS 154, Accounting Changes and Error Corrections
- SFAS 155, Accounting for Certain Hybrid Financial Instruments
- SFAS 156, Accounting for Servicing of Financial Assets
- FIN 47, Accounting for Conditional Asset Retirement Obligations
- FIN 48, Accounting for Uncertainty in Income Taxes
Introduction to International Financial Reporting Standards [IFR2]
2 Hours / Accounting
This course will provide you with an overview of International Financial
Reporting Standards (IFRSs, formerly known as
International Accounting Standards), including use of the standards, the
standard-setting structure and process, implementation
and application issues, and technical resources. This course has been
updated to reflect current regulations and industry
practices.
Not-for-Profit Accounting [NFP8]
8 Hours / Specialized Knowledge
Not-for-profit accounting, covered by SFAS 116, SFAS 117, SFAS 124, and SOP
98-2, includes a multiplicity of entities,
including churches, charities, foundations, as well as accounting for
fraternal organizations, associations, and unions. Not
covered by this course are governmental units, universities, voluntary
health and welfare organizations, and hospitals.
This course was updated to reflect SFAS 124, Accounting for Certain
Investments Held by Not-for-Profit Organizations, and SOP 98-2, Accounting
for Costs of Activities for Not-for-Profit Organizations and State and Local
Governmental Entities That Include Fund-Raising, which is now incorporated
in the AICPA Audit and Accounting Guide (AAG), Not-for-Profit Organizations.
Personal Financial Planning [PLA7]
7 Hours/Consulting Services
This course has been updated to reflect current regulations and industry
standards.
Understanding and Analyzing Financial Statements [FSN5]
5 Hours/Accounting
Current and potential employees, lenders, and shareholders read company
financial statements with a different goal or purpose
in mind. They use financial statements in a variety of ways, seeking
information specific to their needs. This course provides an
overview of the basic financial statements and how to interpret the
information presented within the statements and footnotes.
Since there are many financial statement users, the course is designed for
both accountants and non accountants alike. The
course has been updated to reflect the impact of FASB Statements and
Interpretations through SFAS 154, Accounting Changes and Error Corrections.
Uniform Capitalization Rules [UCR9]
9 Hours/Taxation
The uniform capitalization rules of IRC Section 263A take precedence over
financial accounting principles. This course addresses when the rules apply,
what costs must be capitalized, how costs are allocated to assets, and
self-constructed assets. Attention is paid to capitalization of interest.
This course has been updated to reflect current tax law and regulations.
Audit Sampling [SAM7]
7 Hours/Auditing
From an introduction of audit sampling basic concepts through an overview
of classical variables sampling and PPS sampling for substantive testing
purposes, this course provides thorough topic coverage written in a clear,
easy-to-follow style. This course has been updated for recent changes in
auditing practices.
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