ANNUAL UPDATE FOR
ACCOUNTANTS AND AUDITORS
BY KURT OESTRIECHER, CPA AND
MARK BEASLEY, PHD, CPA
Notice to Readers
Annual Update for Accountants and Auditors
is intended solely for use in continuing
professional education and not as a reference. It does not represent an official position of the
Association of International Certified Professional Accountants, and it is distributed with the
understanding that the author and publisher are not rendering legal, accounting, or other
professional services in the publication. This course is intended to be an overview of the topics
discussed within, and the author has made every attempt to verify the completeness and accuracy
of the information herein. However, neither the author nor publisher can guarantee the
applicability of the information found herein. If legal advice or other expert assistance is
required, the services of a competent professional should be sought.
2017
Association of International Certified Professional Accountants, Inc. All rights reserved.
Course Code:
730793
AUAA GS-0417-0A
Revised:
May 2017
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Copyright 2017 TableofContents1
TABLE OF CONTENTS
Chapter 1... 1-1
FASB Accounting Standards UpdatesBroad Issues ....... 1-1
FASB ASU No. 2014-15,
Presentation of Financial StatementsGoing Concern
(Subtopic 205-
Continue as a Going Concern
.... 1-2
FASB ASU No. 2015-11,
Inventory (Topic 330): Simplifying the Measurement of Inventory
........ 1-5
FASB ASU No. 2015-17,
Income Taxes (Topic 740): Balance Sheet
Classification of Deferred Taxes
. 1-7
FASB ASU No. 2016-07,
InvestmentsEquity Method and Joint Ventures
(Topic 323): Simplifying the Transition to the Equity Method of Accounting
...... 1-9
FASB ASU No. 2016-14,
Not-for-Profit Entities (Topic 958): Presentation of
Financial Statements of Not-for-Profit Entities
. 1-10
FASB ASU No. 2016-15,
Statement of Cash Flows (Topic 230): Classification of Certain
Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)
... 1-15
FASB ASU No. 2016-16,
Income Taxes (Topic 740): Intra- Entity Transfers of Assets
Other than Inventory
.... 1-18
FASB ASU No. 2016-17,
Consolidation (Topic 810): Interests Held Through Related
Parties That Are Under Common Control
......... 1-19
FASB ASU No. 2016-18,
Statement of Cash Flows (Topic 230): Restricted Cash
(a consensus of the FASB Emerging Issues Task Force)
1-21
FASB ASU No. 2017-01,
Clarifying the Definition of a Business (Topic 805)
..... 1-23
FASB ASU No. 2017-04,
IntangiblesGoodwill and Other (Topic 350): Simplifying the
Test for Goodwill Impairment
.. 1-25
Disclosure of Uncertainties about an Entity's Ability to。