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FASB Accounting Standards Updates (ASUs)
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Author: Steven C. Fustolo, CPA
Description:
Changes to the FASB Codification, are now communicated through Accounting Standards Updates (ASUs). ASUs will be published for all authoritative U.S. GAAP promulgated by the FASB, regardless of the form in which such guidance may have been issued prior to release of the FASB Codification.
ASUs also will be issued for amendments to the SEC content in the FASB Codification as well as for editorial changes. An ASU is a transient document that summarizes the key provisions of the project that led to the ASU, details the specific amendments to the FASB Codification, and explains the basis for the Board’s decisions.
This course discusses changes made to GAAP due to recently issued ASUs that cover topics including: accounting for uncertainty in income taxes and disclosure for nonpublic entities; fair value measurements and disclosures for investments in certain entities that calculate net asset value per share; revenue recognition for multiple-deliverable revenue arrangements; certain revenue arrangements that include software elements; consolidation and accounting and reporting for decreases in ownership of a subsidiary; and improving fair value measurements and disclosures.
Upon completion of this course, the user will be able to:
- Define the purpose of an ASU
- Describe the changes made to GAAP due to recently issued ASUs
- List the specific requirements of several of the selected ASUs discussed in this course
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Course Details:
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Price: $48.00
Field of Study: Accounting
Prerequisites: Basic knowledge of accounting principles
Level: Overview
Advanced Preparation: None
CTEC course number: 1075-CE-7344
Course was last updated on: 05/19/10
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Library:
Learning Center Core
Technical Requirements:
To view and print downloadable content files available in this program, you will need Adobe Acrobat Reader. You can download the free Reader plugin at Adobe's website by clicking on the icon below, then following the instructions for installation on your computer.
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| Credit Available For: |
Units |
| CPE |
3.0 CPE |
| QAS |
3.0 CPE |
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Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.
Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.
CCH has been approved by the California Tax Education Council to offer courses that provide federal and state credit towards the annual "continuing education" requirement imposed by the State of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.
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