Accounting Bundle

Bitcoin and crypto have been in the news recently for a variety of reason. This course will cover the basics of accounting and auditing for cryptocurrency including recent standard setting by the FASB as well as a look at the AICPA's Accounting for and Auditing of Digital Assets practice aid. Learning Objectives: - Recall the impact of recent standard setting by the FASB on digital assets- - Describe audit considerations for cryptocurrencies

For many small businesses, the standards issued by the FASB may have little to no effect as they impact topics that do not reflect the type of transactions that these entities most frequently experience. This class will focus on the Accounting Standards Updates (ASUs) that are most likely to impact small businesses with a focus on ASUs initiated by the Private Company Council (PCC). We'll then look at alternative reporting options to GAAP including FRF for SMEs and IFRS for SMEs for entities who don't necessarily need to prepare GAAP financial statements but want to use accrual accounting. Finally, we will transition to audit standards that small business auditors will need to implement. 

Learning Objectives: 

- Recall ASUs impacting small businesses 

- Identify reporting options for small entities other than GAAP 

- Recognize the changes to quality required of small firms 

- Recall the elements of the IAASB's LCE standard 

-Identify the financial reporting impact of modification of lease contracts

This updated course offers an in-depth look at the FASB leases standard (ASC 842), which requires organizations to recognize lease assets and liabilities on the balance sheet. This comprehensive course will cover recognition, measurement, presentation, and disclosure requirements, while also focusing on a critical area of change which is the proper identification of a lease using a principles-based approach. We will discuss implementation requirements from both the lessee and lessor accounting models. 

In addition, we explore a variety of scenarios, including short-term leases, purchase options, variable lease payments, and remeasurement. This course offers practical journal entry examples, lessons learned from implementation, and explores recently issued amendments to the lease accounting guidance.

Learning Objectives:

- Define a lease under the new leases standard 

- Apply recognition and measurement requirements of the new leases standard 

- Describe the presentation and disclosure requirements of the new leases standard 

- Prepare journal entries necessary to account for leases as both a lessee and lessor