Download - Florida Association of Accounting Educators
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28th Annual Conference28th Annual Conference
H o l i d a y I n n H a r b o u r s i d eH o l i d a y I n n H a r b o u r s i d e •• I n d i a n R o c k s B e a c h, F l o r i d aI n d i a n R o c k s B e a c h, F l o r i d a
2005 F.A.A.E.2005 F.A.A.E.
Irvin N. GleimIrvin N. GleimSaturday, October 8, 2005Saturday, October 8, 2005
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• FASB Update• CPA Update• EFAT
AgendaAgenda
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• FASB Overview• SFAS 151 - 154• EFAT
Overview of Recent Accounting,Overview of Recent Accounting,Authoritative Pronouncements, and Authoritative Pronouncements, and How They Effect Teaching How They Effect Teaching Introductory and Intermediate Introductory and Intermediate Financial AccountingFinancial Accounting
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http://www.fasb.orghttp://www.fasb.org
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FASB Due ProcessFASB Due Process• 7 Members, Majority Rule• Task force and Technical Staff• Discussion Memorandum• Public Hearing• Public Response• Board Votes on Final Statement
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SFAS 151:SFAS 151: Inventory CostsInventory Costs• Excessive Costs are Expensed• “Abnormal” in ARB43• International Harmonization• No Direct Costing• G&A Expensed
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SFAS 152:SFAS 152: Accounting for RealAccounting for RealEstate Time-Sharing Estate Time-Sharing
TransactionsTransactions• Amends SFAS 66 “Accounting
for Sales of Real Estate” to adopt AICPA SOP 04-2
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SFAS 153:SFAS 153: Exchanges ofExchanges of nonMonetary Assets nonMonetary Assets
• Amends APB29• Similar Productive Assets Changed to NO
Commercial Substance Transactions• 25% Boot• Harmonization
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SFAS 154:SFAS 154: Accounting ChangesAccounting Changes and Error Corrections and Error Corrections
• Change in Accounting Principle now Retroactively Effected Instead of Cumulative Effects
• Includes Depreciation Methods• Direct Effect Only• Harmonization
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SFAS 123 SFAS 123 revisedrevised::Share-based PaymentShare-based Payment
• Exchange of Equity for Employee/Services• NOT ESOP - See SOP 93-6• Eliminates Intrinsic value method• Use Fair Value Method• Harmonization
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Interpretation 47:Interpretation 47: AccountingAccountingfor Conditional AROsfor Conditional AROs
• Asset Retirement Obligation• Amends SFAS 143• Tightens requirements for
recognizing this cost
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CPA Exam UpdateCPA Exam Update• Computerized Exam is Here• Participation is Down• Pass Rates Are Up 45%• Simulations for BEC and LAW• CMA Exam Update• CIA Exam Update• Careers in Accounting• CPA Review System for Success
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http://www.cpa-exam.orghttp://www.cpa-exam.org
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http://www.prometric.comhttp://www.prometric.com
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Exam BreakdownExam BreakdownFIN 90 m/c 2 sim 4.0 hrs.
AUD 90 m/c 2 sim 4.5 hrs.
REG 72 m/c 2 sim 3.0 hrs.
BEC 90 m/c n/a 2.5 hrs.
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Auditing and Attestation 4.5 hrs.
Financial (80% Fin., 20% Gov.) 4.0 hrs.
Regulation (40% Law, 60% Tax) 3.0 hrs.
Business Environment 2.5 hrs.
Exam SectionsExam Sections
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FIN 4.5 to 4.0 hoursadds 30% of ARE (4.5 hours)
REG 3.0 hours consists of60% of 4.5 hours ARE and100% of 3 hours of LAW
Exam DetailsExam Details
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• Business Structure (20%)• Economic Concepts (10%)• Financial Management (20%)• Information Technology (IT) (25%)• Planning and Measurement (25%)
Business Environment &Business Environment &Concepts (BEC)Concepts (BEC)
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Multiple Choice ScreenMultiple Choice Screen
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Simulation ScreenSimulation Screen
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• Directions• Situation• Check the Box• Dropdown Boxes• Fill-in Spreadsheet with Formulas• Communication• Research
Tab SimulationTab Simulation
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Exam SectionsExam Sections2004 2nd Quarter = 23,1662004 3rd Quarter = 40,0972004 4th Quarter = 46,022
2005 1st Quarter = 35,7222005 2nd Quarter = 43,0452005 3rd Quarter = 51,064
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Pass RatesPass RatesPre 2004 = 25 – 36%
2004 - = mid-forties2005
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• Computer Freezes or Locks Up• Candidates Do Not Have 2 IDs or NTS• Copy & Paste Function for Research• Small Issues Become Exam Breakers• Revised Simulation Jan 2006• CPA Forum
Exam IssuesExam Issues
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CMA Exam:CMA Exam: Current vs. ReorganizedCurrent vs. Reorganized1. Economics, Finance &
Management
2. Financial Reporting Analysis
3. Management Reporting, Analysis & Behavioral Issues
4. Decision Analysis, Information Systems & Management Controls
1. Business Analysis
2. Management
3. Strategic Management
4. Business Applications
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CIA ExamCIA Exam• 125 Questions, 3.5 hours• Still Paper and Pencil• High Growth• Computerize Jan 2008
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CIA ExamCIA Exam• Internal Audit Role• Internal Audit Engagement• Business Analysis & Information Technology• Business Management Skills
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• 10 – 15 Minute Audio Visual• 10 True / False Study Questions• Easy Study Sheet• 10 Multiple Choice Question Quiz• 1 – 3 Review Exercises
E.F.A.T.E.F.A.T.Elementary Financial Accounting TutorialElementary Financial Accounting Tutorial
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Thank youand enjoy your day!