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28th Annual Conference H 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 a 2005 F.A.A.E. Irvin N. Gleim Saturday,

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Presentation on theme: "28th Annual Conference H 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 a 2005 F.A.A.E. Irvin N. Gleim Saturday,"— Presentation transcript:

1 28th Annual Conference H 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 a 2005 F.A.A.E. Irvin N. Gleim Saturday, October 8, 2005

2 FASB Update CPA Update EFAT Agenda 2

3 FASB Overview SFAS EFAT Overview of Recent Accounting, Authoritative Pronouncements, and How They Effect Teaching Introductory and Intermediate Financial Accounting 3

4 4

5 FASB Due Process 7 Members, Majority Rule Task force and Technical Staff Discussion Memorandum Public Hearing Public Response Board Votes on Final Statement 5

6 SFAS 151: Inventory Costs Excessive Costs are Expensed “Abnormal” in ARB43 International Harmonization No Direct Costing G&A Expensed 4 6

7 SFAS 152: Accounting for Real Estate Time-Sharing Transactions Amends SFAS 66 “Accounting for Sales of Real Estate” to adopt AICPA SOP

8 SFAS 153: Exchanges of nonMonetary Assets Amends APB29 Similar Productive Assets Changed to NO Commercial Substance Transactions 25% Boot Harmonization 6 8

9 SFAS 154: Accounting Changes and Error Corrections Change in Accounting Principle now Retroactively Effected Instead of Cumulative Effects Includes Depreciation Methods Direct Effect Only Harmonization 7 9

10 SFAS 123 revised : Share-based Payment Exchange of Equity for Employee/Services NOT ESOP - See SOP 93-6 Eliminates Intrinsic value method Use Fair Value Method Harmonization 8 10

11 Interpretation 47: Accounting for Conditional AROs Asset Retirement Obligation Amends SFAS 143 Tightens requirements for recognizing this cost 9 11

12 CPA 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 12

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15 Exam Breakdown FIN90 m/c2 sim4.0 hrs. AUD90 m/c2 sim4.5 hrs. REG72 m/c2 sim3.0 hrs. BEC90 m/cn/a2.5 hrs. 15

16 Auditing and Attestation4.5 hrs. Financial (80% Fin., 20% Gov.)4.0 hrs. Regulation (40% Law, 60% Tax)3.0 hrs. Business Environment2.5 hrs. Exam Sections 16

17 FIN4.5 to 4.0 hours adds 30% of ARE (4.5 hours) REG3.0 hours consists of 60% of 4.5 hours ARE and 100% of 3 hours of LAW Exam Details 17

18 Business Structure (20%) Economic Concepts (10%) Financial Management (20%) Information Technology (IT) (25%) Planning and Measurement (25%) Business Environment & Concepts (BEC) 18

19 Multiple Choice Screen 19

20 Simulation Screen 20

21 Directions Situation Check the Box Dropdown Boxes Fill-in Spreadsheet with Formulas Communication Research Tab Simulation 21

22 Exam Sections nd Quarter= 23, rd Quarter = 40, th Quarter = 46, st Quarter = 35, nd Quarter = 43, rd Quarter = 51,064 22

23 Pass Rates Pre 2004= 25 – 36% = mid-forties

24 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 Issues 24

25 CMA Exam: Current vs. Reorganized Economics, Finance & Management Financial Reporting Analysis Management Reporting, Analysis & Behavioral Issues Decision Analysis, Information Systems & Management Controls Business Analysis Management Strategic Management Business Applications 25

26 CIA Exam 125 Questions, 3.5 hours Still Paper and Pencil High Growth Computerize Jan

27 CIA Exam Internal Audit Role Internal Audit Engagement Business Analysis & Information Technology Business Management Skills 27

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30 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. Elementary Financial Accounting Tutorial 30

31 Thank you and enjoy your day!


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