| Title: |
Accounting Standards Update (ONL0088) |
| Prerequisite/Advanced Prep: |
None |
| Knowledge: |
Update |
| Field of Study: |
Accounting |
| Date of Publication: |
January 2007 |
| Copyright: |
© 2007 by Bisk Education, Inc. All rights reserved. |
| Recommended CPE Credits: |
1 QAS/Registry (based on 50-minute hour) |
| Expiration Date: |
One year from date of receipt to complete program and submit quizzer to obtain credit |
| Passing Grade for Quizzer: |
70 percent or higher |
Tom Ratcliffe reviews the accounting standards that became effective in 2006, and in particular, the impact they have on smaller clients. The standards include: SFAS Nos. 123R, 153, 154, and 158. These standards cover topics as wide ranging as share-based payment, pensions, nonmonetary asset exchanges, and accounting changes and error corrections.
Note: Reporting of CPE credit to a CPA’s state board is the responsibility of the CPA. Subscribers to CPE Network Accounting & Auditing Report may not receive duplicate credit for this material, which previously aired in the January 2007 edition of this program.
This text is divided into three chapters:
Chapter 1 provides insights into implementing the accounting standards that became effective in 2006.
Chapter 2 details the guidance in SAB No. 108 on the quantitative evaluation of materiality and the carrover effects of previously passed on adjustments.
Chapter 3 reviews discussion questions.