FMN Accounting  |  Format: Flash

Recent Accounting Standards May Reduce Your Workload

Course Overview
For several years, preparers and auditors have complained about standards �overload,� based on the simultaneous release of guidance on high-impact accounting issues from revenue recognition to leases. But Loscalzo Institute�s John Fleming finds much to cheer about in several recent �simplification� releases from FASB, including: the elimination of the dreaded �step two� of the goodwill impairment test; and a modified definition to evaluate when a set of transferred assets and activities is a business.

Learning Objectives
Upon successful completion of this segment, you should be able to:

  • Define what constitutes a "business" for GAAP purposes;
  • Distinguish between the qualitative and quantitative approaches to testing for impairment;
  • Identify the main objectives of FASB's guidance on derivatives and hedging; and
  • Explain how land easements are a practical expedient to lease accounting.

    Catalog Number: FMN1283-FM
    CPE Credits: 2 Registry / 2 QAS
    Author: FMN Online
    Advanced Preparation:
    Work experience in financial reporting or accounting, or an introductory course in accounting.
    Course Level: Update
    Field of Study: Accounting
    Content Partner: FMN Online
    QAS: QAS Certified based on 50 minute hours.
    Course Type: Self-Study
    Minimum Passing Grade: 70%
      You are allowed 2 attempts to pass the final exam in a 30 day period. You will be locked out of the final for 30 days after any second failure.
    Soft/Hardware Reqs.:  Adobe Acrobat® Reader for the .pdf files
     Adobe® Flash® Player 9 or higher
     56k or Greater Internet Connection
     Modern DHTML Compatible Browser
     Ram: 256 MB minimum
     Sound card with speakers/headphones
     Windows or Mac OS
    Release/Expiration Dates: Dec 11, 2018 / Jul 13, 2020