28th Annual Conference 28th Annual Conference H o l i d a y I n n H a r b o u r s i d e 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 I n d i a n R o c k s B e a c h, F l o r i d a h, F l o r i d a 2005 2005 F.A.A.E. F.A.A.E. Irvin N. Gleim Irvin N. Gleim Saturday, October 8, 2005 Saturday, October 8, 2005
2005 F.A.A.E. 28th Annual Conference. Florida Association of Accounting Educators. Irvin N. Gleim. Saturday, October 8, 2005. 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. Agenda. FASB Update CPA Update EFAT. 2. - PowerPoint PPT Presentation
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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
• 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
• 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
• 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 &