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Course/Product Description

2016 Accounting & Auditing Standards Update

Format: Online Training Course
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2016 Accounting & Auditing Standards Update

The purpose of this course is to inform the reader of the various changes affecting accounting, compilation and review, and auditing engagements including newly issued FASB and FASB statements, new statements issued by the Auditing Standards Board, changes in compilation and review, and more.

Learning Objectives:
After studying this course you should be able to:

  • Discuss the rules that apply to the release of the cumulative translation adjustment
  • Learn how to account for obligations under joint and several liability arrangements
  • Explain how to present reclassification adjustments related to comprehensive income
  • Review the cash flow classifications of certain transactions related to not-for-profit organizations
  • 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
  • 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
  • Apply the new qualitative assessment option in testing indefinite lived intangible assets for impairment
  • Review the fair value measurement and disclosure rules for public and nonpublic entities
  • Discuss the special exemptions from fair value disclosures for non-public entities
  • Learn the general measurement rules for fair value under GAAP
  • Understand the fair value disclosures and how they apply to public and non-public entities
  • Apply the fair value option rules
  • 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
  • Explain the certified zone status rules under the Pension Protection Act
  • Discuss the extent to which company multiemployer plans are underfunded
  • Explain GAAP's basic rules for recognizing brand value in personal financial statements
  • Understand how to account for a nature disaster
  • Discuss how to handle GAAP disclosures when there is a GAAP departure that is not material
  • Learn how to account for a Section 179 depreciation deduction in income tax basis financial statements
  • List ways in which companies recognize revenue prematurely
  • Explain the five steps to utilizing the proposed revenue recognition standard
  • Recognize the changes proposed to lease accounting
  • Address the FASB's move toward fair value accounting
  • Compare the arguments in favor of and against Big GAAP-Little GAAP
  • Compare international standards with U.S. GAAP
  • Explain the key elements in the FASB's proposed statements on liquidation basis of accounting and going concern proposals.
  • Discuss some of the changes to disclosures found in Dodd-Frank.
  • Understand how Dodd-Frank impacts auditors
  • Understand the key changes made by the ASB's Clarity Project found in SAS Nos. 122-126

Course Format

Upon ordering this course, you will immediately receive instructions how to download the course as an Online pdf document. Included in this email will be log-on instructions for taking the certification exam. You have one year from date of purchase to complete the course.

Exam Format

After you have completed reviewing the text material, you may take your exam in our convenient, untimed online format. Tests average 5 questions for each CPE credit offered. For example, a CPE test worth 20 credits would include about 100 questions.

A score of 70% or better is required to pass this course, although there is no limit to the number of times you may take the exam in order to pass.

CPE Certification
When you successfully pass the exam, your Certificate of Completion will be displayed on the screen. Print it out on your printer by using the "Print" command in your web browser.

This course is accepted in all but the following states for CPE credit: FL, MN, MS, OR, SC, &TN.

Course Level: Overview
Prerequisites: None
Field of Study: Accounting/Auditing

If you would like to purchase this course with a printed book included, click HERE to order.

About the Author, Steven C. Fustolo, CPA:

Mr. Fustolo is a partner with the Boston CPA firm of James J. Fox &Company and Director of the National Tax Institute, Inc. He is a frequent lecturer and author of numerous tax and accounting issues affecting closely held businesses. An AICPA author, Mr. Fustolo's articles are regularly featured in The Practical Accountant and other publications.

He is the recipient of several Outstanding Discussion Leader awards from many professional organizations including the New York and Florida Societies of CPAs. Mr. Fustolo's course entitled FASB, SSARS and SAS Update and Review continues to receive accolades and is regarded as one of the top live CPE programs in the country today with ratings that average 4.91 on a scale of 5.0.

Mr. Fustolo is the recipient of the Elijah Watts Sells Award (AICPA) and Silver Medal (Massachusetts) for scores received on the CPA Examination.

Licenses / Designations / Educational Credits:CPE
Alabama: 24
Alaska: 24
Arizona: 24
Arkansas: 24
California: 24
Colorado: 24
Connecticut: 24
DC: 24
Delaware: 24
Georgia: 24
Hawaii: 24
Idaho: 24
Illinois: 24
Indiana: 24
Iowa: 24
Kansas: 24
Kentucky: 24
Louisiana: 24
Maine: 24
Maryland: 24
Massachusetts: 24
Michigan: 24
Missouri: 24
Montana: 24
Nebraska: 24
Nevada: 24
New Hampshire: 24
New Jersey: 24
New Mexico: 24
New York: 24
North Carolina: 24
North Dakota: 24
Ohio: 24
Oklahoma: 24
Pennsylvania: 24
Rhode Island: 24
South Dakota: 24
Texas: 24
Utah: 24
Vermont: 24
Virginia: 24
Washington: 24
West Virginia: 24
Wisconsin: 24
Wyoming: 24
About The Provider: JN Productions has been a self-study CPE provider since 1994. All of our CPE courses have been developed using national and state guidelines so that the material will be accepted nationwide for accounting CPE credit.

JN Productions is a NASBA Registry QAS provider and our courses are accepted by all 50 state Boards of Accountancy.

In addition:
-We are an IRS approved Continuing Education Provider.
-Our courses meet the CPE credit standards of the Institute for Management Accountants CMA designation. CMAs should choose courses from acceptable subject areas, as outlined in the IMA’s Continuing Education Requirements and Rules.

CPE Courses are offered in the following fields of study: Accounting, Auditing, Taxation, Management Advisory Services, Marketing, Administrative Practice, Finance, Business Law, Ethics, & Specialized Knowledge. All course are available as online courses or with optional printed workbooks.
Price: $125.00
Applicable Discounts:Required VolumeDiscountPrice
 Qty: 2$12.50$112.50
 Qty: 5$18.75$106.25
 Qty: 10$31.25$93.75
More Info: Contact Us For More Information
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Keywords For This Course:

fasb, ssars, sas, fasb update

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