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Discuss the requirements of FASB No. 151-160
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Apply consideration given under EITF Issue 06-1
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Cite requirements for accounting for sabbatical leave compensation under EITF Issue 06-2
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Write a disclosure required for taxes under EITF Issue 06-3
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Define an endorsement split dollar arrangement and account for its liability under EITIF Issue 06-4
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Describe the accounting for virtual joint ventures
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Discuss the impact a buy-sell agreement has on FASB No. 66 accounting
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Apply new FSPs issued in 2006 and 2007
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List and discuss the 12 recommended principles for the Comprehensive Business Reporting Model
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Identify the formula used to compute free cash flow
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Compute the four key ratios used to analyze working capital
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Compute days sales outstanding and ADD
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Calculate core earnings
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List ways in which companies recognize revenue prematurely
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Discuss common criticisms that exist with use of the statement of cash flows
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Explain the various cash flow games that are played in presenting the statement of cash flows
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Discuss the changes occurring in restatements
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Identify the issues surrounding restatements and other financial reporting abuses
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Discuss the depth of company pension problems and how companies’ pension liabilities have turned around in recent years
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Compare the key differences between a rules-based and principles-based system
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List the changes made or pending by both the FASB and IASB in the International Standards Convergence Project
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Distinguish between historical cost accounting and fair value accounting;
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Apply the changes coming to FASB No. 13
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Identify FASB’s codification plans
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Compare the arguments in favor of and against Big GAAP-Little GAAP
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Apply the three steps to perform an impairment test of real estate held for use
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Explain accounting treatment for acts of God (natural disasters), terrorist acts and insurance related thereto
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Discuss materiality using SAB 108 guidance.
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