Earn CPE Credit With the CPA Report (CPAR)

CPA Report
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Designed for CPAs in public practice, government agencies, and not-for-profit organizations, CPA Report offers engaging news segments each month that allows you to stay current on the latest developments and issues in tax, accounting, auditing, not-for-profit auditing, governmental accounting, and management programs. This annual online accounting CPE subscription features streaming video, easy-to-follow course outlines, online transcripts, and quizzes.

CPA Report includes the following:

  • Over 60 segments covering issues relevant to accountants in public practice
  • 365 days of unlimited access
  • Unlimited exam retakes
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Showing 10 of 61 Online Courses

CPAR - 2022 Aug, Seg. 1-Partnerships & S-Corps; What C-Suite Executives Need to Know

Corporate Tax Series

Partnerships are a unique taxable entity, partly because partners can generally share items of income, deductions, gains and losses, based on any predetermined percentage. These allocations, however, must have substantial economic effects. S corporations are similar to partnerships because both S corporations and partnerships are flow-through entities, meaning no tax is paid at the entity level. This segment will discuss how to determine substantial economic effect, as well as the importance of distribution equalization and its impact on S corporation elections.

Learning Objectives:

  • Identify the key features of qualified business income deduction,
  • Understand the implications of shareholder distributions in an S corporation,
  • Recognize the differences of basis calculation between S corporations and partnerships, and
  • Understand the four tiers of losses that individual taxpayers have to go through in order to take a loss on their individual tax return.
Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Speaker/Author: David Peters
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR - 2022 Aug, Seg. 2-A Reimagined Approach to Tax

Corporate Tax Series

Tax Reimagined is a technology-enabled holistic approach created by KPMG to help organizations develop and implement a customized operating model for their tax and finance functions. KPMG Partners Irene Shen and Richard Cimino discuss how companies can reduce costs, mitigate risks, improve quality, and drive more strategic value across the organization.

Learning Objectives:

  • Recognize the important stages of the tax reimagined approach
  • Describe the key findings from the 2021 KPMG Outlook Survey
  • Recognize the challenges faced by tax functions today
  • Apply the guiding principles for technology investment in the tax function
Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Speaker/Author: Irene Shen, Richard Cimino
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
3

CPAR - 2022 Aug, Seg. 3-An Ethical Dilemma: Confidentiality and Conflicts of Interest

Miscellaneous

A successful accountant is one who has the ultimate trust of their colleagues, clients and the general public. One of the most important aspects of maintaining this trust is the CPA's unwavering ethical principles, both personally and professionally. The AICPA Code of Professional Conduct calls for CPAs to follow a set of specific rules and to always "act with integrity, objectivity, due care, competence, and to fully disclose any conflicts of interest." This program will provide the CPA with a thorough understanding of 2 intertwined ethical concepts - confidentiality and conflict of interest.

Learning Objectives:

  • Apply the definition of confidential information to both private industry and public accounting.
  • Differentiate exceptions to the CPA's ability to release confidential client information.
  • Recognize various situations in which conflicts of interest typically arise.
  • Identify the three steps in addressing conflicts of interest and the two types of conflict of interest disclosure.
Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in ethics.
Speaker/Author: Kenn Heaslip
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Regulatory Ethics
2

CPAR - 2022 Aug, Seg. 4-New Platforms, New Laws, and New Reports

Corporate Tax Series

There have been a number of new developments in the tax world. Barbara Weltman, President and Founder of Big Ideas for Small Business, reports on tax law changes made by the IRS as well recent court cases that had implications relating to a number of tax issues. She also describes the highlights from the IRS Priority Guidance List and the National Taxpayer Advocate's midyear report.

Learning Objectives:

  • Describe the new regulations proposed in the Responsible Financial Innovation Act
  • Recognize the implications of recent court cases on foreclosure, portability, and the statute of limitations
  • Recognize changes made to the Cost Segregation Audit Technique Guide, the CP-14 Letter and the FIRE system
  • Describe the highlights of the recently released IRS Priority Guidance LIst as well as the National Taxpayer Advocate's report
Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Speaker/Author: Barbara Weltman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR - 2022 Aug, Seg. 5-The Foreign Corrupt Practices Act: What It’s All About?

Fraud Prevention/Reporting

Congress enacted the Foreign Corrupt Practices Act of 1977 in response to revelations of widespread bribery of foreign officials by US companies. There have been a number of amendments to FCPA passed since then. The FCPA provisions have serious implications for US companies and their employees. John Fleming, who has lectured on accounting topics for decades, reviews its major provisions in detail.

Learning Objectives:

  • Recognize the importance of the Foreign Corrupt Practices Act (FCPA)
  • Describe the amendments that have been made to the FCPA since 1977
  • Recognize implications of the FCPA's accounting provisions
  • Describe the compliance provisions contained within FCPA
Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
Speaker/Author: John Fleming
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Management Services
2

CPAR - 2022 July, Seg. 1 - SEC Updates: Climate Related Disclosures and Equity Compensation - Part II

Financial Reporting Issues

Back in 2020, the human capital disclosures became mandatory and the SEC took a principle-based approach. Takis Makridis, CEO of Equity Methods and David Outlaw, director of valuation and HR advisory services at Equity Methods, discuss the new era of financial reporting. This includes non-financial disclosures, ISS updates to burn rate methodology, how these are displayed in the 2022 reports and why they matter and the impact of macroeconomic factors on compensation strategies.

Learning Objectives:

  • Recognize how to approach the SEC's human capital disclosure requirements,
  • Describe how macroeconomic factors are impacting compensation strategies,
  • Recognize the critical factors relating to equity compensation today, and
  • Describe the trend towards more insight-focused topics in accounting.
Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting
Speaker/Author: Takis Makridis, David Outlaw
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
3

CPAR - 2022 July, Seg. 2 - How to Assess and Manage Risk Within Your Organization - Part II

Managing Risk

Insurance companies bet on uncertainty and inherent risk, focusing on both commercial and personal lines, and use the Insurance Services Office, ISO, as their administrative backbone. David Peters, tax practitioner and financial advisor at Peters Tax Preparation & Consulting, continues our segment by explaining ISO policies and elements common to both ISO policies and property and casualty insurance.

Learning Objectives:

  • Understand the role of ISO and commonalities between ISO and property & casualty policies following the ISO or establishing their own language,
  • Identify what is covered under a commercial property insurance policy,
  • Recognize the importance of having cyber security coverage, and
  • Understand the types of insurance agreement under cyber policies.
Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
Speaker/Author: David Peters
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Management Services
2

CPAR - 2022 July, Seg. 3 - Finance Trends Today: Forecasting, Data and Automation

Forecasting and Budgeting

Protiviti's 2021 Global Finance Trends Survey reveals an unambiguous conclusion. The world, business and finance teams have entered a new era and there is no going back. Tim Hird, executive vice president with Robert HalfRobert Half, and , Jay ThompsonJay Thompson, a managing director , with Protiviti, review the results of the survey focusing on how financial executives feel about issues such as forecasting and planning, robotic process automation, data, and talent management.

Learning Objectives:

  • Identify the major themes that came out of the Protiviti 2021 Global Finance Trends Survey,
  • Describe the challenges involved with forecasting today,
  • Recognize how robotic process automation is changing the role of the accountant, and changing and
  • Describe how remote and hybrid work are changing the way finance operates
Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
Speaker/Author: Tim Hird, Jay Thompston
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Management Services
2

CPAR - 2022 July, Seg. 4 - HSAs, Material Participation, Innocent Spouse Relief and Other Tax Issues

Corporate Tax Series

There are many developments impacting a number of tax issues in 2022 including new IRS guidance and recent Tax Court decisions. Barbara Weltman, President and Founder of Big Ideas for Small Business, Inc. reviews what's new relating to the following topics: health savings accounts, charitable contributions, leave donation programs, material participation rules, innocent spouse relief, and offers in compromise.

Learning Objectives:

  • Recognize the new developments in Health Savings Accounts,
  • Describe the criteria for receiving a hardship exemption on IRA rollovers,
  • Recognize the importance of documenting charitable contributions, and charitable and
  • Describe the conditions that must be met in order to receive innocent spouse relief order relief
Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Speaker/Author: Barbara Weltman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR - 2022 July, Seg. 5 - Bridging the GAAP on Cannabis Accounting

Accounting Processing Best Practice

Many states have legalized cannabis for recreational use, though it is still officially illegal under the Controlled Substances Act. Despite this fact, regulators have issued rules on cannabis production. IRS regulations are not the only concern for cannabis accounting, however. There are immense differences between accounting for the cannabis business and accounting for other types of businesses. Andrew Hunzicker, CPA, founder and owner of Dope CFO, navigates the complexities of accounting in the thriving cannabis industry.

Learning Objectives:

  • Comply with IRC 471-11 for cannabis inventory and manage 280E tax exposure,
  • Determine how to utilize GAAP accounting to limit a cannabis company's tax liability,
  • Distinguish the direct and indirect costs of cannabis production and distribution, and
  • Compare accounting for cannabis with accounting for CBD & hemp.
Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
Speaker/Author: Andrew Hunzicker
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR - 2022 October, Seg. 1 - Inflation: Deja Vu All Over Again

Financial Markets

The modern accountant is not only expected to know their numbers and have great presentation and soft skills, but also needs to understand the ever-changing economic environment. These macro changes often have a keen impact on the accountant's daily decisions about financial statement preparation and analysis, vendor payments, customer borrowing terms, investments, acquisitions, and consolidations, to name a few. One of the most recent, and perhaps the most talked about, changes is the rapid increase in prices. Today's inflation seems to be a fact, but what does it mean for accountants and their daily jobs? Kyle Tushaus, a Managing Partner of New West Capital, specializes in the value investing approach. In this program, he discusses the definition of inflation, the calculations behind CPI, and the impact of today’s economic environment on the accounting profession.

Learning Objectives:

  • Differentiate between the two economic theories used to understand how inflation manifests itself.
  • Apply the two types of Consumer Price Index (CPI) calculations.
  • Identify the importance of inventory method selections, capital expenditures, and depreciation expense calculations during an inflationary environment.
  • Recognize the impact of supply chain disruptions and commodity price increases on the economic environment of today.

Prerequisites/Advanced Preparation: Work experience in a corporate staff environment or an introductory course in management

Speaker/Author: Kyle Tushaus

SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Management Advisory Services
2

CPAR - 2022 October, Seg. 2 - FASB Update: Shifting Focus

Financial Accounting Issues

The ever-increasing complexity of business transactions combined with more public and regulatory scrutiny has proved to be a challenge for both standard setters and finance professionals. The FASB consistently strives to reduce complexity in financial reporting for all stakeholders. Sean Prince is a partner at the national office of Crowe LLC and is the firm’s formal liaison with the Financial Accounting Standards Board. He covers FASB’s most recent Invitation to Comment and their plans for financial reporting transformations that will impact all finance professionals.

Learning Objectives:

  • Identify how the FASB is reducing complexity in accounting standards
  • Determine accounting treatment for digital assets & software development costs
  • Recognize ESG accounting implications
  • Distinguish FASB projects that will result in either a proposed or final standard soon.

Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting/auditing, or an introductory course in accounting/auditing

Speaker/Author: Sean Prince, CPA

SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR - 2022 October, Seg. 3 - Employee vs. Independent Contractor: Still a Major Concern

CFO/Controller Best Practices

Whether a worker is an employee or an independent contractor is almost as famous as Shakespeare's "to be or not to be''. It is critical that companies correctly determine a worker's status. Timothy Dreyer, a tax consultant and educator with over 44 years of high-profile Big 4 and IRS experience, explains the factors that need to be considered when determining whether a worker is an employee or an independent contractor.

Learning Objectives:

  • Recognize the categories of control that must be considered when classifying a worker as an employee or independent contractor
  • Describe the key factors that determine behavioral control
  • Recognize the important questions to ask when determining financial independence -Describe the major considerations that help define the type of relationship between a worker and a company

Prerequisites/Advanced Preparation: Work experience in tax planning, compliance, or an introductory course in taxation.

Speaker/Author: Timothy Dreyer, J.D.

SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR - 2022 October, Seg. 4 - Today's Hot Topics and What They Mean for This Busy Season

Corporate Tax Series

The September 2022 edition of the CPA Report looked at The Inflation Reduction Act of 2022. This month we look at additional details of the Act related to the premium tax credit and the purchase of electric vehicles. Tax expert Barbara Weltman also reports on other tax developments related to alimony, retirement payments, FBAR reporting, business travel, and other topics.

Learning Objectives:

  • Recognize the implications of the Inflation Reduction Act on the premium tax credit and the purchase of electric vehicles
  • Describe ways to delay or minimize taxes on required minimum distributions
  • Recognize what's new relating to FBAR penalties -Describe key elements of the Biden Loan Forgiveness program

Prerequisites/Advanced Preparation: Work experience in tax planning, compliance, or an introductory course in taxation.

Speaker/Author: Barbara Weltman

SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR - 2022 October, Seg. 5 - Statement on Standards for Tax Services: New Rules

Corporate Tax Series

Statements on Standards for Tax Services, or SSTSs, are tax standards that apply to all members of the AICPA. In August of 2022, the AICPA released an Exposure Draft that would update the SSTSs and create new standards around data protection, reliance on tools, and representation before taxing authorities. Nick Preusch, Tax Manager with YHB CPAs, provides a review of the ED and its implications.

Learning Objectives:

  • Recognize why the AICPA Task Force developed an Exposure Draft to update the Statement on Standards for Tax Services (SSTSs)
  • Describe the major issues addressed in the SSTS Exposure Draft -Recognize how the SSTSs differ from Circular 230
  • Describe the importance of maintaining tax quality control.

Prerequisites/Advanced Preparation: Work experience in tax planning, compliance, or an introductory course in taxation.

Speaker/Author: Nick Preusch

SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR - 2022 September, Seg 1 - Breaking the Code: Accounting for Digital Assets

Financial Reporting Issues

Nearly 15 years ago, the usage of Bitcoin began at an almost hobbyist level. However, after multiple cycles of extreme exuberance and extreme pessimism, today’s attention from institutional investors and regulators alike points to the fact that crypto assets are here to stay. Vincent Papa, Associate Director at the European Financial Reporting Advisory Group (EFRAG), discusses pertinent topics like balance sheet classification, valuation and “proof of work” mining.

Learning Objectives:

  • Determine crypto asset classification on the balance sheet.
  • Recognize the steps required for the “proof of work” mining process.
  • Distinguish various crypto asset valuation techniques.
  • Identify the reporting options available to issuers of crypto assets.

Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting/auditing, or an introductory course in accounting/auditing

Speaker/Author: Vincent Papa

SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR - 2022 September, Seg 2 - Enterprise Risk Management: Getting Started

Risk Management

An Enterprise Risk Management program helps companies manage risks and accomplish business goals. John McLaughlin, Executive Director and Founder of ERM Exchange review the key aspects of an ERM program, including the role of culture, how to assess your ERM program, and the keys to tying ERM into overall company strategy.

Learning Objectives:

  • Recognize the steps in starting an ERM program
  • Describe how ERM ties into a company's strategy
  • Recognize the role of culture in enterprise risk management
  • Describe the goals of business risk assessment

Prerequisites/Advanced Preparation: Work experience in a corporate staff environment or an introductory course in management

Speaker/Author: John McLaughlin
 

 

SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Management Advisory Services
2

CPAR - 2022 September, Seg 3 - The Strategic Accountant: Leveraging Technology & Soft Skills

Management Accounting Tools

Today’s accountants must stay current and agile when leveraging the many technological tools at their disposal. The strategic accountant needs to utilize technology to maximize this agility. Kimberly Ellison-Taylor, CEO of KET Solutions, focuses on innovation, strategy, transformation, and inclusive leadership in the accounting profession. She offers guidance for leveraging technology to become a strategic accounting partner.

Learning Objectives:

  • Apply cloud solutions to maximize flexibility in the work environment and manage software costs
  • Use technology to mitigate risk, increase efficiency and contribute to strategy.
  • Identify ways to take ownership of digital transformation and surface as a technological leader.
  • Formulate optimal approaches to change management related to technology

Prerequisites/Advanced Preparation: Work experience in a corporate staff environment or an introductory course in management

Speaker/Author: Kimberly Ellison-Taylor
 

 

SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Management Advisory Services
2

CPAR - 2022 September, Seg 4 - The Inflation Reduction Act of 2022 and Other Tax Developments

Corporate Tax Series

The Inflation Reduction Act of 2022, passed in August, is a nearly $800 billion spending package that aims to reduce healthcare costs and combat climate change. Barbara Weltman, President and Founder of Big Ideas for Small Business reports on the major tax aspects of the bill. She also reviews several other recent tax developments that impact charitable contributions, the portability election, deposits and advance payments, and the Section 179D deduction.

Learning Objectives:

  • Recognize the tax implications of the Inflation Reduction Act of 2022
  • Describe the tax-related provisions of the CHIPS and Science Act of 2022
  • Recognize how deposits and advance payments are treated for tax purpose
  • Describe what to do to avoid the trust fund recovery penalty

Prerequisites/Advanced Preparation: Work experience in a corporate staff environment or an introductory course in management

Speaker/Author: Barbara Weltman

SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR - 2022 September, Seg 5 - Single Audits: Dealing with Provider Relief Funds

Audit of Account/Transaction

The significant relief funding that resulted from the government's response to COVID has benefited both for-profit and not-for-profit entities. However, it has created a lot of angst for auditors and auditees trying to deal with all the requirements that came with the money. Marci Thomas, an author and Principal at Nonprofit Board Resource, reviews the issues related to conducting Single Audits and offers suggestions on what auditors can do to make sure they perform quality audits.

Learning Objectives:

  • Describe what is involved with a Single Audit
  • Recognize the role of the Uniform Guidance
  • Recognize the challenges faced by for-profits that come from provider relief funding
  • Describe what auditors can do to prepare for Single Audits in today's environment
Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting/auditing, or an introductory course in accounting/auditing
Speaker/Author: Marci Thomas
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Auditing-Governmental
2

CPAR- 2021 December, Seg. 2-Mergers and Acquisitions in a Pandemic World

Strategic Planning Process

During the pandemic there has been a flurry of merger and acquisition activity. Brian Sarkis, founder and executive director at the Franklin Nova Group, explains how the pandemic has forced companies to think differently and reviews the key factors that are driving M&A deals. Other topics include how impairment issues are affecting M&A transactions and the lasting impact of the pandemic on mergers and acquisitions activity.

Learning Objectives:

  • Recognize what the M&A market has been like during the pandemic;
  • Describe how the pandemic has forced companies to think differently;
  • Identify M&A deal structure issues; and
  • Recognize the lasting impact of the pandemic on M&A.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
Author/Speaker: Brian Sarkis
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Management Services
2

CPAR- 2021 December, Seg. 3-Qualified Small Business Stock Gain Exclusion

Corporate Tax Series

The Section 1202, qualified small business stock (QSBS) gain exclusion has gone unnoticed for years since its enactment in 1993 but has gained popularity recently as a go-to tax planning strategy with significant benefits to shareholders who are selling. It is a tax incentive for sellers of qualifying C corporations and encourages investment opportunities in small businesses. Dan Mayo, principal at WithumSmith+Brown, discusses Section 1202 in further detail and explains what makes it a hot topic today.

Learning Objectives:

  • Understand the meaning of qualified small business stock (QSBS) and how the QSBS gain exclusion applies;
  • Identify the requirements for issuers and shareholders to qualify for the gain exclusion;
  • Determine what the asset use test entails and the requirements of company subsidiaries; and
  • Understand the consequences when forced to sell before the 5-year holding period requirement.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Author/Speaker: Dan Mayo
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2021 December, Seg. 4-ERC Modifications, Extensions and Other Tax Updates

Miscellaneous

Looking ahead to 2022, it's time to be thinking about payroll. One of the key changes we contend with annually is the social security wage base. The social security administration announced an increase to the social security wage base for purposes of the FICA and self-employment tax for 2022. Barbara Weltman, president of Big Ideas for Small Business, gives us further details on what that increase means, as well as other tax updates including, but not limited to, alimony rules and deductibility, claiming credits or refunds under IRC section 41, and a brief update on where we currently stand on the legislative front.

Learning Objectives:

  • Identify the key changes in social security wages and how they will impact employers, employees and self-employed individuals;
  • Understand the current SALT cap proposals and why the SALT cap is considered by some as unconstitutional;
  • Describe the three-factor test to ascertain whether a statute is remedial or penal; and
  • Recognize the revised measures under the Build Back Better Act.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Author/Speaker: Barbara Weltman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2021 December, Seg. 5-Implementing GASB No. 87: Leases

Auditing Standards

Effective for fiscal year 2022, GASB Statement No. 87, Leases, establishes a single model for lease accounting based on the principle that leases are financings of the right to use an asset. Joe Fitzgerald, senior vice president, Lease Market Strategy with Visual Lease, explains what you need to know about the new standard, how it differs from FASB's pronouncement, the implementation considerations, and what to look for when considering a software solution.

Learning Objectives:

  • Describe the new rules for lease accounting under GASB 87;
  • Recognize the differences between the FASB and GASB lease standards;
  • Describe the impact of the pandemic on leases; and
  • Recognize what to look for in lease accounting software.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in government accounting or auditing, or an introductory course in government accounting.
Author/Speaker: Joe Fitzgerald
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Auditing-Governmental
2

CPAR- 2021 December, Seg.1-Critical Audit Matters: Implementation and Implications

Auditing Standards

The PCAOB and the Center for Audit Quality recently released reports on the implementation of Critical Audit Matters (CAMs) reporting. Dan Goelzer, one of the founding members of the PCAOB, prov ides an update on the findings in those reports and their implications for accountants and auditors. He also reviews the three principal causes of fraud as outlined in a report published by the Anti-Fraud Collaboration group.

Learning Objectives:

  • Recognize what a Critical Audit Matter (CAM) is;
  • Describe the results from recent studies on CAMs;
  • Recognize the accounting problems that could result from the global pandemic; and
  • Identify the three principal causes of fraud according to a study by the Anti-Fraud.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in financial reporting or auditing, or an introductory course in auditing.
Author/Speaker: Dan Goelzer
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Auditing
2

CPAR- 2021 November, Seg. 2-What Makes Convertible Bonds Popular?

Miscellaneous

Convertible bonds are always a discussion item as companies are often concerned with proper classification. FASB simplified issuer's accounting for convertible instruments and contracts on an entity's own equity with issuance of ASU 2020-06, in an effort to reduce unnecessary complexity currently in U.S GAAP. Josh Schaeffer, director at Equity Methods, discusses the sexy side of debt and why convertible bonds are gaining more and more popularity, especially in times of financial crisis.

Learning Objectives:

  • Describe the main changes under ASU 2020-06 on the treatment of convertible bonds;
  • Identify some of the key features of convertible debt and the main reasons to issue convertible bonds;
  • Recognize the accounting considerations of convertible bonds; and
  • Understand the complexities of embedded derivatives.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
Author/Speaker: Josh Schaeffer
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR- 2021 November, Seg. 3-Auditing Standards Update: NOCLAR, Management Specialists and Pricing Services

Auditing Standards

The AICPA has issued guidance in 2021 on a number of issues that impact the auditor's work. In February, an Exposure Draft was issued dealing with Non-Compliance with Laws and Regulations (NOCLAR). In June, new guidance was issued on the use of specialists and pricing information. Ahava Goldman, associate director with the AICPA, reviews the standards in detail and explains the implications of the new rules.

Learning Objectives:

  • Describe the AICPA changes dealing with Non-Compliance with Laws and Regulations (NOCLAR);
  • Recognize how to make and document inquiries related to NOCLAR;
  • Describe the new AICPA guidance for situations where a specialist is used and when pricing information is obtained from external sources; and
  • Identify the factors that may affect the relevance and reliability of the management specialist's work and that of pricing information.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in financial reporting or auditing, or an introductory course in auditing.
Author/Speaker: Ahava Goldman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Auditing
2

CPAR- 2021 November, Seg. 4-Corporate & Individual Tax Updates

Corporate Tax Series

Even though the temporary measures established during the pandemic to help businesses and employees are coming to an end, the guidance isn't ending. Barbara Weltman, president at Big Ideas for Small Business, discusses guidance on affording paid sick leave and paid family leave under Notice 2021-53. She also covers potential tax implications with respect to demolitions, foreclosures and debt cancellation, provides tax updates on marijuana businesses and discusses deductibility of expenses and the new Form 7203 for figuring basis for S corporation shareholders.

Learning Objectives:

  • Understand the proper reporting on form W-2 of paid sick leave and paid family leave to employees;
  • Recognize potential tax implications on real estate in the events of demolition, foreclosures and debt cancellation;
  • Identify tax updates on marijuana businesses and deductibility of expenses; and
  • Understand reasons paid preparers may be subject to tax penalties.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
Author/Speaker: Barbara Weltman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2021 November, Seg. 5-The AICPA’s 2021 Not-for-Profit Entities Audit Risk Alert: An Overview

Risk-Based Auditing

The AICPA's 2021 Not-for-Profit Entities Audit Risk Alert reviews what auditors need to know with regards to current business environment issues, accounting and audit challenges, and changes on the horizon for not-for-profits. Kaplan Financial Education discussion leader Allen Fetterman reviews the key elements contained within the Alert, in particular the impact of the pandemic on both clients and auditors.

Learning Objectives:

  • Recognize what is covered in the AICPA's Not-for-Profit Audit Risk Alert;
  • Describe IT best practices that nonprofits should consider as a result of the pandemic;
  • Recognize what nonprofits have had to do regarding internal controls as a result of COVID-19; and
  • Describe the impact of COVID-19 on auditors and the audit.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in financial reporting or auditing, or an introductory course in auditing.
Author/Speaker: Allen Fetterman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Auditing
2

CPAR- 2021 October, Seg. 1-2021 Emerging Enterprise Themes – Part I

Miscellaneous

For over a decade, The Hackett Group has been running a survey to identify key issues CFOs, corporate executives and business leaders are facing and provides them with emerging enterprise themes that will influence finance in the upcoming year. The December 2020 study introduced three new items to the list of key finance objectives, reflecting the COVID-19 reality; improving finance agility, aligning skills and talent to changing business needs, and optimizing working capital management. Nilly Essaides, senior research director of finance, EPM and FinOps, and Bill Marchionni, senior director, finance advisor at The Hackett Group, discuss key issues for 2021 and how 2020 has affected this year’s accounting and finance list of priorities.

 

Learning Objectives:

  • Identify the important distinctions when it comes to estimates;
  • Understand the focus areas of financial planning and analysis;
  • Recognize how the accounting and finance value proposition has changed; and
  • Identify the most important results of process automation.
Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
Speaker/Author: Nilly Essaides, Bill Marchionni

SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Management Advisory Services
2

CPAR- 2021 October, Seg. 2-The AICPA Quality Management Standards

Auditing Standards

In February 2021, the AICPA issued an exposure draft that includes three interrelated standards that address the way CPA firms manage quality for their accounting and auditing practices. AICPA Associate Director Ahava Goldman reviews the proposed standard in detail. She explains what was behind the development of the exposure draft and describes what CPA firms need to look out for.

Learning Objectives:

  • Recognize the objectives of the AICPA's new quality management standard;
  • Describe the changes that CPA firms need to look out for;
  • Recognize why the profession is failing; and
  • Identify the eight components of the proposed system of quality management.
Prerequisites/Advanced Preparation: Work experience in financial reporting or auditing, or an introductory course in auditing.
Author/Speaker: Ahava Goldman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Auditing
2

CPAR- 2021 October, Seg. 3-Ethics & Social Responsibility

Corporate Tax Series

There are a number of new developments and issues impacting corporate taxation. Ed Zollars, a partner with Thomas, Zollars & Lynch, Ltd., reviews a number of recent court cases, IRS Technical Advice Memorandums and other guidance from the IRS on the following topics: the new research credit amended return procedures, current rules for business meal deductions, and recent court decisions related to the all events test.

Learning Objectives:

  • Describe the information taxpayers are required to include for a research claim to be considered valid;
  • Recognize what happens if the IRS determines your research claim is deficient;
  • Describe the current rules for deductibility of business meals; and
  • Recognize when the all events test is met.
Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in ethics.
Author/Speaker: Potter Stewart
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2021 October, Seg. 5-The Human Element Behind Numbers

Strategic Planning Process

Executives are always under pressure, but there is nothing like the pressure they felt and still feel due to the pandemic. In the initial months they were faced with having to present to stakeholders short-term forecasts in order to make numbers talk about an unpredictable future. An impossible task, but they delivered. They had to evaluate their company's viability with several unknown elements and assumptions that could not have been based on historical results. There has been nothing comparable to a global pandemic in recent years. Since the pandemic, we keep talking about companies and the pressures they feel to perform and stay afloat. But we seldom talk about the executives themselves, the human element behind the numbers. Julie Kantor, business psychologist, founder of JP Kantor Consulting, reveals the importance of focusing on the human aspect.

Learning Objectives:

  • Identify the impact on employees when there is lack of transparency;
  • Determine stressors due to the pandemic and how they can be alleviated;
  • Recognize some of the signs employees manifest if stressed, anxious or depressed; and
  • Identify steps to cope with the new reality.
Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
Author/Speaker: Julie Kantor
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Management Services
2

CPAR- 2021 October, Set. 4-ERC Modifications, Extensions & Other Tax Updates

Miscellaneous

The IRS has been busy providing a lot of guidance on various matters as we are waiting for the pending infrastructure bill. A few areas Barbara Weltman, president at Big Ideas for Small Business, reviews include the Employment Retention Credit against employment tax, funding for single-employer defined benefit plans, new depreciation limits for vehicles and how the IRS is rethinking the treatment of cryptocurrency transactions.

Learning Objectives:

  • Understand exclusions from gross receipts and safe harbor factors in determining eligibility for the Employee Retention Credit;
  • Identify 2021 depreciation limits on vehicles and tax treatment;
  • Determine tax benefits available when having a qualified child as a dependent; and
  • Recognize changes under consideration by the IRS on tax treatment of cryptocurrency and digital assets.
Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Author/Speaker: Barbara Weltman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2021 September, Seg.2-Accounting & Valuation of SPACs

Financial Reporting Issues

Special purpose acquisition companies, SPACs, also known as "blank check companies" raise money but are listed on an exchange before they even own any assets. Their goal is to acquire a privately held company within two years. These are both good enough reasons to be on the SEC's radar. The SEC not only looks closely at filings and disclosures by SPACs in an effort to protect the public interest, but also, in April 2021, issued new guidance on the treatment of SPAC warrants with neither previously issued proposals nor a comment period. This was an uncharacteristic move that caught financial professionals by surprise.Zac McGinnis, Managing Director at Riveron Consulting and Josh Schaeffer, director at Equity Methods, provide a more in-depth discussion on SPACs and their execution.

Learning Objectives:

  • Understand the new accounting treatment of SPAC warrants and its impact on financial statements;
  • Identify the differences between SPAC warrants and de-SPAC transactions;
  • Recognize some of the considerations with respect to financial statement restatement; and
  • Determine the difference between each of the three simulation models and best one to use for valuation.
Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
Author/Speaker: Zac McGinnis and Josh Schaeffer
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR- 2022 April, Seg. 1-Tax Updates: The Latest on Research Credits, Expenses, & Revenue

Corporate Tax Series

There are a number of new developments and issues impacting corporate taxation. Ed Zollars, a partner with Thomas, Zollars & Lynch, Ltd., reviews a number of recent court cases, IRS Technical Advice Memorandums and other guidance from the IRS on the following topics: the new research credit amended return procedures, current rules for business meal deductions, and recent court decisions related to the all events test.

Learning Objectives:

  • Describe the information taxpayers are required to include for a research claim to be considered valid,
  • Recognize what happens if the IRS determines your research claim is deficient,
  • Describe the current rules for deductibility of business meals, and
  • Recognize when the all events test is met.
Advanced Preparation/Prerequisites: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Speaker/Author: Ed Zollars
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2022 April, Seg. 2-Understanding, Identifying and Mitigating Internal Cyber Threat Risks

Data Integrity and Security

Organizations typically focus on external cyber threats, but statistics show that insider attacks occur more than 50 percent of the time and can be a lot more dangerous. Lyle Lieberman, Chief Operating Officer with JANUS Associates, explains the different types of insider cyber threats and describes what you can do to protect against them.

Learning Objectives:

  • Recognize the different types of insider cyber threats,
  • Describe what the next generation of firewalls do,
  • List the things to do to protect against insider cyber threats, and
  • Describe what an incident response plan is and what it does
Advanced Preparation/Prerequisites: Work experience in a corporate staff environment or in information technology, or an introductory course in management or information technology.
Speaker/Author: Lyle Liberman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Information Technology
2

CPAR- 2022 April, Seg. 3-Trade Finance & the Impact of Supply Chain Disruption – Part I

Finance Best Practices

Shortly after the shutdown last year, the federal government offered various types of assistance programs for both individuals and businesses. Loans, debt relief and grants were available in an effort to stabilize the financial markets and sustain some companies, though others were unable to withstand the blow of the pandemic and filed for bankruptcy or restructuring. Asset

  • based lenders, commercial banks, and non-bank financial institutions were faced with unforeseen situations, one of which was supply chain disruptions. Paul Schuldiner, EVP & division manager for Rosenthal Trade Capital, and Vincent Iacopella, EVP of growth and strategy for Alba Wheels Up, discuss in detail the impact of supply chain disruption on businesses, lending and the underwriting process.

    Learning Objectives:

    • Understand the changes in the marketplace during COVID,
    • Identify the ramifications of supply chain disruptions,
    • Understand the future of cross
    • border financing, and
    • Determine the impact of supply chain disruptions on lending.
    Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in finance.
    Speaker/Author: Paul Schuldiner, Vincent Iacopella
  • SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Finance
    2

    CPAR- 2022 April, Seg. 4-Schedules K-2 & K-3 Relief, Penalties, RMDs & More

    Corporate Tax Series

    There has been a lot of discussion about Schedules K-2 and K-3 for a while now, with some confusion related to the preparation of the schedules and the filing options. In February 2022, the AICPA and state societies of CPAs sent a letter to the Secretary (Tax Policy) Department of Treasury and IRS Commissioner asking for a delay in the requirement for partnerships and S corporations to complete and file Schedules K-2 and K-3 reporting items relevant to international tax reporting. Barbara Weltman, president of Big Ideas for Small Business, gives us an overview of the schedules. She also addresses other areas of interest to CPAs and tax professionals, such as RMDs, subsequent beneficiaries, virtual currency and more.

    Learning Objectives:

    • Understand the requirements in order to complete Schedules K-2 and K-3, as well as the filing options available;
    • Recognize the new RMD tables issues and the proposed regs made by the SECURE Act in 2019;
    • Identify the proper treatment when a beneficiary is a minor, disabled or a subsequent beneficiary; and
    • Understand how taxpayers can petition the tax court for review with respect to employment tax determination.
    Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
    Speaker / Author: Barbara Weltman
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Taxes
    2

    CPAR- 2022 April, Seg. 5-OMB Updates to the Uniform Guidance and the 2021 Compliance Supplement

    Auditing Standards

    Auditors are constantly dealing with updates from the Office of Management and Budget (OMB) and the AICPA's Auditing Standards Board. The pandemic has made their job even more challenging. Allen Fetterman, a national instructor on accounting and auditing issues, reviews revisions made by the OMB to the Uniform Guidance, changes made to the 2021 Compliance Supplement, and new guidelines included in SAS No. 140 issued by the Auditing Standards Board.

    Learning Objectives:

    • Identify the revisions made to the Uniform Guidance;
    • Recognize the changes made in the 2021 Compliance Supplement;
    • Describe the guidance for auditors contained in SAS No. 140; and
    • Recognize the challenges that auditors are facing doing single audits.
    Prerequisites/Advanced Preparation: Work experience in financial reporting or auditing, or an introductory course in auditing.
    Speaker / Author: Allen Fetterman, CPA
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Auditing
    2

    CPAR- 2022 February, Seg. 1-Current FATCA & CRS Updates

    Corporate Tax Series

    Third-party information reporting has been shown to increase voluntary tax compliance, improve collections and assessments within the IRS, and thereby reduce the tax gap. Kelli Wooten, tax director at KPMG LLP, joins us this month and discusses the general reporting requirements under IRC section 6050W and Form 1099-K reporting, and Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons.

    Learning Objectives:

    • Describe the general reporting requirements under IRC section 6050W;
    • Recognize the new Form 1099-K reporting requirements;
    • Identify the key issues that are typically mentioned in IRS soft notices; and
    • Recognize how to prepare for an IRS Audit.
    Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
    Author/Speaker: Kelli Wooten
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Taxes
    2

    CPAR- 2022 February, Seg. 2-Accounting for Share-Based Payments Part 1 - Overview

    Accounting Processing Best Practice

    Companies frequently use share-based payments to compensate both employees and nonemployees. They can often be used to incentivize performance. However, the accounting for these types of transactions can be quite challenging. Bruce Pounder, Executive Director of GAAP Lab, provides an overview of share-based payments and explains how they are accounted for.

    Learning Objectives:

    • Describe what share-based payments are;
    • Recognize the U.S. rules for accounting for share-based payments;
    • Describe the ways in which accounting for share-based payments can get more complicated; and
    • Recognize how to account for share-based payments to employees of a subsidiary.
    Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting or an introductory course in accounting.
    Author/Speaker: Bruce Pounder
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Accounting
    2

    CPAR- 2022 February, Seg. 3-Accounting for Share-Based Payments Part 2 - Complicating Conditions

    Accounting Processing Best Practice

    Share-based payments often come with strings attached. These kinds of conditions can complicate the accounting for share-based payments. An employee might be required to work a certain number of months to be entitled to stock options or a stock grant might be contingent on reaching a sales goal. Bruce Pounder, Executive Director of GAAP Lab, reviews these conditions and explains what you can do to manage the risks when making share-based payments.

    Learning Objectives:

    • Describe the conditions associated with share-based payments;
    • Recognize the accounting implications brought about by the conditions associated with share-based payments;
    • Describe the concerns that the SEC has related to share-based payments; and
    • Recognize how to manage the risks associated with share-based payments.
    Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting or an introductory course in accounting.
    Author/Speaker: Bruce Pounder
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Accounting
    2

    CPAR- 2022 February, Seg. 4-Changes in Method of Accounting, Passive Activity Losses and More

    Corporate Tax Series

    In general, an accounting method is a set of rules used to determine when and how a taxpayer takes income and expenses into account for federal tax purposes, yet neither the Internal Revenue Code nor the regulations clearly define it. Barbara Weltman, president of Big Ideas for Small Business gives us an update on changes in accounting methods and the gross receipts test created under the Tax Cuts and Jobs Act.

    Learning Objectives:

    • Understand the nature of the 481(a) adjustment and the changes based on the new regulations;
    • Recognize the IRC section 183 limit deductions;
    • Understand the IRS definition of a material advisor to a transaction; and
    • Recognize the five items rule in order to claim a refund relating to a research credit.
    Prerequisites/Advanced Preparation: Work experience in tax planning or compliance, or an introductory course in taxation.
    Author/Speaker: Barbara Weltman
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Taxes
    2

    CPAR- 2022 February, Seg. 5-Ethical Obligations and Decision-Making in Business

    Miscellaneous

    Companies struggle to provide employees with a set of guidelines that enable them to make decisions that meet the standards for effective and ethical decisions. Steven Mintz, Professor Emeritus at California Polytechnic State University, describes one approach, the PLUS Ethical Decision-Making Model. He also discusses what a company can do to establish an ethical environment, the signs of ethical collapse, and the steps an individual should follow when facing an ethical dilemma.

    Learning Objectives:

    • Recognize what the PLUS Ethical Decision-Making model is based on;
    • Describe the things an organization needs to do to establish an ethical organization;
    • Recognize the differences between System 1 and System 2 thinking; and
    • Describe what motivates employees to speak out or not to speak out.

    Prerequisites/Advanced Preparation: Work experience as corporate staff environment, or an introductory course in ethics.

    Author/Speaker: Steven Mintz

    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Behavioral Ethics
    2

    CPAR- 2022 January, Seg. 1-Is It Time to "Retire" Full Costing?

    Management Accounting Tools

    Contemporary cost accounting for manufactured inventories is based on 73-year-old Generally Accepted Accounting Principles (GAAP). With overhead as a percentage of total manufactured costs having increased significantly since the original rule was developed, the opportunity for "earnings management" in financial statements has also increased. The implications are broad and do not impact only manufacturing companies. Jonathan Schiff, PhD and professor of accounting at Fairleigh Dickinson University, makes the case to reconsider this aspect of GAAP with a view towards improving alignment with the current business reality.

    Learning Objectives:

    • Describe the problems encountered with full absorption accounting;
    • Recognize how the percentage of overhead to total manufactured costs has changed;
    • Identify the risks presented by use of full absorption accounting under today's GAAP; and
    • List examples of earning management.
    Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
    Author/Speaker: Jonathan Schiff
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Accounting
    2

    CPAR- 2022 January, Seg. 3-The Employee-Manager Relationship in Today's Work Environment

    Interpersonal Relationship at Work

    The pandemic has resulted in a dramatic increase in working from home, and with working from home comes changing expectations. The remote environment that has existed in the pandemic has put some strain on the relationship between managers and employees. Julie Kantor, executive coach, management consultant and founder of JP Kantor Consulting, reviews the issues that have developed from a work from home environment during the pandemic. She also offers some suggestions for how to improve the new experience for employees and managers alike.

    Learning Objectives p>

    • Recognize how communication between employees and employers has changed in the pandemic;
    • Describe what companies are doing to deal with the new communication challenges;
    • Recognize the importance of establishing a psychologically safe environment; and
    • Identify some steps managers can take to engage with employees.
    Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
    Author/Speaker: Julie Kantor
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Business Management & Organizatio
    2

    CPAR- 2022 January, Seg. 4-Corporate & Individual Tax Updates

    Corporate Tax Series

    On November 10, 2021, the IRS released a version of Rev. Proc. 2021-45, providing the annual inflation adjustments for more than 60 tax provisions to be used by individual taxpayers on their 2022 tax returns. Barbara Weltman, president of Big Ideas for Small Business, covers some of the tax revisions that have COLA adjustments each year. She also discusses Rev. Proc. 2021-47 guidance on financially distressed individual homeowners, the new fact sheets on child tax credit, unemployment benefits, the benefits of code section 1202, and more.

    Learning Objectives:

    • Recognize the various COLAs for both businesses and individuals under Rev. Proc. 2021-45;
    • Understand the SBSE division's rule on recouping overpayments after an OIC;
    • Identify adjustments with respect to the child tax credit, Medicare premiums for 2022 and unemployment benefits; and
    • Understand the definition of qualified small business stock, exclusions and conditions to qualify for IRC section 1202 stock.
    Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in tax planning or compliance, or an introductory course in taxation.
    Author/Speaker: Barbara Weltman
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Taxes
    2

    CPAR- 2022 January, Seg. 5-New Audit Report Standards – SAS No. 134 on Nonprofit Organizations

    Auditing Standards

    The AICPA's Auditing Standards Board's SAS No. 134 changed a number of AU-C sections in AICPA Professional Standards. It also included a new AU-C section on Communicating Key Audit Matters. Kaplan Financial Education discussion leader Allen Fetterman reviews the implications of these changes and provides an illustration of the new wording of the auditor's report under SAS No. 134.

    Learning Objectives:

    • Recognize the changes to the auditor's report brought about by SAS No. 134;
    • Describe the impact of SAS No. 134 on auditor communications;
    • Recognize what is meant by the term Key Audit Matters; and
    • Describe how modifications to the auditor's report are handled under SAS No. 134.
    Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in financial reporting or auditing, or an introductory course in auditing.
    Author/Speaker: Allen Fetterman
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Auditing
    2

    CPAR- 2022 January, Seg.2- IFRS vs.U.S. GAAP – Major Differences

    Financial Reporting Issues

    International Financial Reporting Standards (IFRS) are followed in the European Union as well as many countries in Asia and South America but not in the United States. Understanding similarities and differences between IFRS and U.S. GAAP is highly relevant to financial reporting and disclosures for stakeholders. John Fleming, a Kaplan Financial Education discussion leader, covers those standards that most people talk about when they refer to the differences between IFRS and U.S. GAAP.

    Learning Objectives:

    • Identify the current IFRS standards most relevant to financial reporting and disclosure;
    • Identify major accounting differences between IFRS 15 and U.S. GAAP Topic 606;
    • Understand the fair value definition and the differences between IFRS 13 and U.S. GAAP Topic 820; and
    • Understand the objective of IAS 19 on employee benefits and identify the available areas under FASB relevant to employee and retirement benefits.
    Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
    Author/Speaker: John Fleming, CPA
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Accounting
    2

    CPAR- 2022 June, Seg. 1-SEC Updates: Climate Related Disclosures and Equity Compensation - Part I

    SEC Reporting

    The SEC has been very hands-on recently with respect to their agenda. Takis Makridis, CEO of Equity Methods and David Outlaw, director of valuation and HR advisory services at Equity Methods, give us an update. They give us insights on climate-related disclosures requiring registrars to include these in their registration statements and periodic reports, equity compensation disclosures, proposed rule 402(x) on Reg S-K, SAB no. 120, the proposed share repurchase disclosure rule and more.

    Learning Objectives:

    • Understand the rules proposed by the SEC on climate-related disclosures in registrant statements and periodic reports,
    • Identify the potential impact of Section 194-b in the U.S. NYS Senate Bill S5598B,
    • Understand the SEC’s proposed update on rule 10b5-1 on affirmative defense and the implications of proposed item 402(x) addition to Reg S-K, and
    • Identify the accounting guidance on spring-loaded awards under SAB No. 120

    Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.

    Author/Speaker: Takis Makridis, David Outlaw

    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Accounting
    2

    CPAR- 2022 June, Seg. 3-How to Assess and Manage Risk Within Your Organization - Part I

    Risk Management

    Building a successful risk management program is not as straightforward as one might think. It includes several focus areas such as a full risk management assessment and process, a regularly updated and evaluated risk register, and a comprehensive insurance program that starts with a package policy. David Peters, tax practitioner and financial advisor at Peters Tax Preparation & Consulting, discusses how to build an effective risk management program and the main risks controllers and financial professionals typically face.

    Learning Objectives

    • Identify the six risk control techniques when building a risk management program,
    • Understand the difference between transferring risk and risk retention,
    • Determine the two components of risk register scoring and the ways to potentially change the score, and
    • Understand the main sections of insurance policies that you must not ignore

    Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.

    Author/Speaker: David Peters

    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Management Services
    2

    CPAR- 2022 June, Seg. 4-Itemized Deductions, SALT Cap, Digital Assets, and More

    Corporate Tax Series

    Individual taxpayers have two ways to take below-the-line deductions on their federal income tax return. They can either take the standard deduction or choose to itemize. One of the itemized deductions that gets a lot of traction is the SALT cap of $10,000 established by the Tax Cuts and Jobs Act in 2017. Several high tax states are unhappy and four states have challenged the constitutionality of the limit. Barbara Weltman, president at Big Ideas for Small Business, gives us an update of the U.S. Supreme Court’s position on the SALT cap and discusses other itemized deductions, as well as various areas of the Green Book, including digital assets and more.

    Learning Objectives:

    • Recognize various types of itemized deductions they can take advantage of and their IRS limitations,
    • Understand the ownership and use test and related exclusions with respect to primary residence sales,
    • Identify how employees may be impacted if employers fail to deposit their withheld payroll taxes, and
    • Identify the proposed rules in the Green book, for digital assets and proposed guidance provided by the IRS.

    Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.

    Author/Speaker: Barbara Weltman

    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Taxes
    2

    CPAR- 2022 June, Seg.2-COSO Framework - Part I

    COSO/Internal Control

    The COSO Framework has become the best practice basis for designing, implementing, and applying internal controls and assessing the effectiveness of these controls. John Fleming, education discussion leader at Kaplan Financial Education, discusses the framework that defines internal controls and describes the requirements for effective internal control, including components and relevant principles. He provides direction for all levels of management to use in designing, implementing, and conducting internal control and assessing its effectiveness.

    Learning Objectives

    • Understand the provisions under the COSO framework,
    • Define internal controls and what an effective internal control system means,
    • Recognize key controls and the importance of entity level controls, and
    • Identify the COSO

    Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting

    Author/Speaker: John Fleming

    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Accounting
    2

    CPAR- 2022 June, Seg.5-The GASB Agenda: Current and the Future

    Financial Accounting Issues

    The Government Accounting Standards Board (GASB) has a full agenda that it is working on. Topics include accounting changes and error corrections, compensated absences, risks and uncertainties, digital assets, and the GASB "Big Three" projects. GASB Chair Joel Black offers his views on these topics and also explains how GASB is leveraging technology.

    Learning Objectives:

    • Recall the guidance contained in GASB No. 99 on accounting and financial reporting issues
    • Recognize how GASB is modernizing accounting changes and error corrections guidance
    • Apply the current GASB thinking to compensated absences and risks and uncertainties
    • Identify how GASB is leveraging technology

    Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.

    Author/Speaker: Joel Black

    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Accounting
    2

    CPAR- 2022 May, Seg. 1-Trends in Management Accounting

    Management Accounting Tools

    The role of the accountant continues to evolve. Jeff Thomson, president and CEO of the Institute of Management Accountants, describes the megatrends that are occurring within the profession today. He outlines the steps that accountants need to take in order to remain relevant and take advantage of the opportunities brought on by digital transformation.

    Learning Objectives:

    • Identify the megatrends happening in accounting today;
    • Recognize the importance of agility;
    • Describe the keys aspects of finance transformation; and
    • Recognize what is involved in the race for relevance.
    Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
    Speaker / Author: Jeff Thomson
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Management Services
    2

    CPAR- 2022 May, Seg. 2-Understanding, Identifying and Mitigating External Cyber Threat Risks

    Data Integrity and Security

    Ransomware is a type of malicious software that is used by cybercriminals to lock data files and block access until a ransom is paid. The average cost of experiencing a ransomware attack is estimated to be about $761,106 globally. Lyle Lieberman, Chief Operating Officer with JANUS Associates, discusses the latest ransomware trends and provides a list of steps an organization can take to minimize the risk of an attack.

    Learning Objectives:

    • Recognize why ransomware is such a concern;
    • Describe the role of cyber insurance;
    • List the steps an organization can take to protect against ransomware; and
    • Describe what web application testing is.
    Prerequisites/Advanced Preparation: Work experience in a corporate staff environment or in information technology, or an introductory course in management or information technology.
    Speaker / Author: Lyle Lieberman
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Information Technology
    2

    CPAR- 2022 May, Seg. 3-Trade Finance & the Impact of Supply Chain Disruption – Part II

    Strategic Planning Process

    U.S. Customs and Border Protection (CBP) has put several programs in place, one of which is Section 321. In August 2020, the CBP issued an administrative ruling that clarifies the Section 321 duty-free exemption status of certain low-value shipments sent to U.S. fulfillment centers and domestic warehouses. Paul Schuldiner, EVP & division manager for Rosenthal Trade Capital, and Vincent Iacopella, EVP of growth and strategy for Alba Wheels Up, talk about the shift to e

  • commerce and Section 321, as well as other major changes in rules and regulations for various modes of transportation as a result of the pandemic and how it reshaped logistics.

    Learning Objectives:

    • Understand key considerations for lenders with respect to commerce;
    • Identify the changes in the rules and regulations for various modes of transportation as a result of the pandemic;
    • Recognize lessons learned from the pandemic in lending and logistics; and
    • Recognize steps taken by companies who were successful during the pandemic.
    Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in finance.
    Speakers / Authors: Paul Schuldiner
  • SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Finance
    2

    CPAR- 2022 May, Seg. 5-Delegating, Coaching & Mentoring: Becoming an Effective Leader

    Interpersonal Relationship at Work

    Accounting and finance professionals need a variety of tools today to become effective leaders in their organizations. Amongst those tools are three in particular, delegating, coaching and mentoring, that have nothing to do with technical competencies. Dr. Belinda Johnson White, founder, owner and managing director of Building Leaders LLC, discusses what each of those tools entails, the steps to take in order to be effective, and the benefits to both the employees and the organization when done right.

    Learning Objectives:

    • Recognize why delegating is important;
    • Describe the benefits of delegating to the employee and to the organization;
    • Recognize the skills needed for coaching and mentoring; and
    • Identify the four steps in the coaching process.
    Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
    Speaker / Author: Dr. Belinda Johnson White
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Personal Development
    2

    CPAR- 2022 May, Seg.4-Determining Reasonable Compensation, Hobby Losses Deductibility & More

    Corporate Tax Series

    The determination of reasonableness when it comes to S corporation officer compensation is an IRS requirement. Distributions and other payments by an S corporation to corporate officers should be treated as wages "to the extent the amounts are reasonable compensation for services rendered to the corporation." Barbara Weltman, president at Big Ideas for Small Business, explains what "reasonable" means according to the IRS and why it matters whether or not compensation is reasonable.

    Learning Objectives:

    • Identify key considerations used by the IRS to determine reasonableness with respect to S corporation officer compensation and the two tests most commonly used;
    • Understand what qualifies as a deductible business expense;
    • Recognize changes in bonus depreciation rules for first year property and leased or owned vehicles for 2022 and forward; and
    • Understand some of the proposed changes under the SECURE Act 2.0 that will be effective 2023, if enacted.
    Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
    Speaker / Author: Barbara Weltman
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Taxes
    2

    CPAR-2021 November, Seg. 1-2021 Emerging Enterprise Themes – Part II

    Miscellaneous

    Digital transformation is one of the top trends in 2021 and the pandemic helped accelerate the process. Several enterprises adopted ERPs in the cloud or next-gen ERPs, enabling them to access data remotely, others adopted robotic process automation, establishing rules and structured data to automate business processes, and others are somewhere in between. The COVID-19 crisis has triggered an acceleration in the adoption of finance technologies. Nilly Essaides, senior research director of finance, EPM and FinOps and Bill Marchionni, senior director, finance advisor at The Hackett Group, continue our segment on 2021 Key Issues identified in their survey and give us their insights on aggressive growth projections for several tools and solutions, the top growth areas for finance digital transformation and more.

     

    Learning Objectives:

    • Understand the meaning of a service delivery model and how it supports a business;
    • Identify the main concerns of moving the finance function into the cloud;
    • Recognize the importance of talent management and how it has transitioned; and
    • Understand the mentality of forward
    • thinking organizations.
    Advanced Preparation/Prerequisites: Work experience in a corporate staff environment, or an introductory course in management.
    Speaker/Author: Nilly Essaides, Bill Marchionni

    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Management Advisory Services
    2

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