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FAR: Governmental Accounting : Types of Funds

Get to know about the types of funds - governmental funds, proprietary funds and fiduciary funds in an interesting and easy manner. After watching this video, you will find hard to forget these funds.

FAR UPDATES: Cash Flow Statement – Restricted Ca

You will want to watch this video slowly and carefully. The new guidance require including restricted cash with cash and cash equivalents when reconciling the beginning-of-period, and end-of-period total amounts, shown on the statement of cash flows.

FAR : Lease Accounting - Classification Criteria

FASB specifies specific criteria that should be used for classifying a lease as a capital lease. Learn about these criteria and see how capital lease classification under IFRS differs from those under U.S. GAAP.

FAR : Dollar Value LIFO

Learn how to calculate the value of inventory under the dollar-value LIFO without considering quantity. Visit crosswalkcpareview.com for more details on CPA Exam.

FAR UPDATES: Reporting Investment Income at Net

Don’t miss this. The new rules require investment income to be reported net of related internal and external investment expenses. This is optional under the old rules.

FAR UPDATE: Pension Cost Capitalization

Here’s the latest news. Recently, the FASB issued an accounting standards update that allows only the service cost component of net periodic pension cost to be eligible for capitalization. Watch this video to know more.

REG : Alimony Recapture Rule

What happens is that a taxpayer may disguise a property distribution as alimony payment to save on taxes due. So, divorcing couple were turning a nondeductible property settlement into deductible alimony payment. This results in a large payment in the first year as compared to later years. So in response to this situation, the IRS enacted the alimony recapture rule. Watch this video to understand everything you need to know to crack any question related to alimony on the CPA exam.

AUD: Transaction Cycles – Revenue Cycle

A transaction processing generally involves a number of department and lot of documents. It may be very confusing for you guys. In fact, most of the accounting transactions follows a defined cycle. Just watch this video to get clarity on transaction cycles.

FAR UPDATE: Equity Method Accounting

Here is a good news for CPA exam candidates. The new guidance eliminates the requirement to apply the equity method retrospectively when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest. Just watch this video.

REG : Casualty and Theft Loss Deduction

If you incur any personal casualty or theft loss, then you can deduct a portion of that loss. Now the entire amount of casualty and business loss is not deductible, but only a portion is deductible. The computation of amount of theft and casualty loss deduction is explained in this video.

FAR UPDATE: Deferred Income Taxes

Trust me on this. The update will make accounting and presentation of deferred income taxes simpler for entities. The entities will not be required to separate deferred income tax liabilities and assets into current and noncurrent amounts. Just watch this video and relax.

REG: Deductions from Gross Income

There is a huge list of deductions from gross income that you may claim. This video lists and helps you remember all the deductions from gross income. So, go through the entire video to learn the trick to memorize all those deductions in a very simple manner.

REG : MACRS Conventions

Under MACRS, averaging conventions determine when the recovery period begins and ends. The convention you use determines the number of months for which you can claim depreciation in the year you place property in service and in the year you sell off the property. You can use mid-month convention, mid-quarter convention or half-year convention. Watch this video to understand these conventions.

AUD UPDATE: Compilation of Pro Forma FI

Take out a few minutes to watch this video. The AICPA Accounting and Review Services Committee issued a new standard on Compilation of Pro Forma Financial Information. The standard takes effect for compilation reports on pro forma financial information dated on or after May 1, 2017.

FAR UPDATE: Lower of Cost or NRV

In case you missed this earlier. The amendment to ASC 330 require that inventories measured using any method other than LIFO or the retail inventory method should be reported at lower of cost or net realizable value. Watch this video to know more.

AUD : Risk Assessment Procedures

Learn the various types of procedures that the auditor may perform as risk assessment procedures. Watch this video that makes the topic easy to understand and remember.

REG UPDATE: Tax Benefits

Here is a good news for American taxpayers. For 2016, the IRS increased the value of a number of tax benefits. Just watch this video to know more.

AUD :Emphasis-of-Matter and Other-Matter Paragraph

The auditor may include an emphasis-of-matter paragraph or other matter paragraph in the report. This video provides answers to all your questions relating to these paragraphs.

FAR UPDATE: Pension Cost Presentation

The entities are required to present the service cost component of net periodic pension cost separately from the other components of net periodic pension cost on the face of the income statement. Note this down and watch this video so that you don’t lose easy points on your CPA exam.

AUD : Components of Internal Control

Understanding client’s internal control is one of the critical audit areas. This is because U.S. GAAS require the auditor to obtain an understanding of internal controls that is relevant to the audit. Go through this video to learn about the components of internal control.

AUD UPDATES: Attestation Standards Revised

This is something you cannot afford to miss. The AICPA issued clarified attestation standards that are effective for practitioners’ reports dated on or after May 1, 2017.

FAR UPDATES: Analysis of Expenses by NFPs

Here is the latest update. The new rules require all NFPs to present an analysis of expenses by both function and natural classification. Under the old rules, this kind of analysis is typically required for only voluntary health and welfare entities.

FAR UPDATES: Indirect Method Recon

The new rules eliminate the requirement to present the indirect method reconciliation in the notes if the direct method is chosen .Take out a few minutes to watch this video, especially if you are preparing for the CPA Exam!

FAR UPDATES: Net Assets Classification by NFPs

Crosswalk New & News brings the top news headlines on the FAR section of the CPA Exam. The financial statements of a not-for-profit entity will classify and report the net assets in 2 groups—net assets with donor restrictions and net assets without donor restrictions, instead of current required 3 groups - unrestricted, temporarily restricted, and permanently restricted.

REG UPDATES: Crosswalk New & News –Tax Filin

Just check this out! 3 days extra to file the tax return. So, the due date of filing the tax return is April 18, 2017. The due date is April 18, instead of April 15, because of the Emancipation Day holiday in the District of Columbia.

REG: Method of Accounting - Cash vs. Accrual Basis

You guys can use either the cash basis or accrual basis of accounting to compute your taxable business income. Now certain taxpayers must use the accrual basis of accounting. You have a mnemonic to remember these taxpayers. It is SPICE. So, for SPICE, always use the accrual method.

REG: Ask Koko – LIFO for Tax Purposes

This question comes up a lot. Is it allowable to use different inventory identification methods, one for book purposes and other for tax purposes? Here's Koko’s simple answer.

AUD: Ask Koko – Tests of Controls

You will definitely want to watch this video. Are tests of controls different from risk assessment procedures performed regarding internal controls, since same types of procedures are used for both? If you have any other question on tests of control? Ask Koko.

AUD: Ask Koko–Test of Controls and Test of Detai

Please read, watch and share. Can an auditor design a test of controls to be performed concurrently with a test of details on the same transaction? Koko answers this question in his own style.

AUD: Fraud Risk Factors

Do you know Donald Cressey developed a theory known as the Fraud Triangle? According to him, 3 factors are usually present when any fraud happens. Watch this video to know about the Fraud Triangle and fraud risk factors.

AUD: Content of Management Representation Letter

GAAS require that management should provide written representations regarding certain matters. These representations make the auditor MASTERFUL. Want to know about these matters in a very simple and interesting manner? Just watch this video.

AUD: Types of Audit Procedures

An auditor uses a number of procedures to detect material misstatement and to test controls. Go through this video to understand the commonly used audit procedures that may be performed as tests of controls and substantive procedures.

AUD : Direction of Testing

The relevance of audit evidence is affected by the direction of testing (vouching or tracing). The video explains this topic in an interesting manner. For sure, understanding the direction of testing was never so much fun.

AUD : Response to Risk Assessment

One of the most critical phases of the audit process involves developing a response to the assessed risks of material misstatements. Go through this video to understand how the auditor responds to the assessed risks of material misstatement at the financial statement level and at the relevant assertion level.

AUD: Ask Koko – Unmodified Report

Do you have any questions on an emphasis-of-matter paragraph or other matter paragraph? Ask Koko.

AUD : Know Your Subject_Risk Assessment

The auditor perform risk assessment procedures to obtain an understanding of the entity and its environment, including its internal control. Do risk assessment procedures also serve as tests of control? Let’s see how well you know your subject.

AUD : Auditor's Report - Form and Content

This video presents the form and content of an unmodified report in a manner that ensures quick learning and better retention. The mnemonic DISPATCH is not only easy to remember but also makes sense. The auditor should write and DISPATCH the report. Great way to remember, isn’t it?

FAR : Did You Know_Investments

Do you know what FASB did to curb the practice of cherry picking? Watch the video to know this. Visit crosswalkcpareview.com for more details.

FAR : Securitization Process

Watch this video to know how an entity's receivables become bonds through the process of Securitization. Visit crosswalkcpareview.com for more videos.

FAR : Pension Accounting

This video helps to understand the components of net periodic pension cost. Go through the entire video to get insight on pension accounting.

FAR : Income Tax Expense

Did you know that income tax expense under US GAAP also includes deferred tax expense? Watch more at crosswalkcpareview.com.

FAR : Diluted EPS : Treasury Stock Method

Watch this video and learn how to calculate diluted EPS for an entity with a complex capital structure. For more info visit crosswalkcpareview.com.

FAR : Revaluation Model

One interesting concept that makes accounting for long-lived assets under IFRS different from that under U.S. GAAP is the use of the revaluation model. Watch this video to understand the revaluation model.

FAR : Cash and Cash Equivalents

What is included in Cash and Cash Equivalents? Watch this video and learn all this in a simplified manner with Crosswalk CPA Review.

FAR : Know Your Subject_Investments

Know basics of investment classification that are relevant for equity securities. Visit crosswalkcpareview.com for more information on CPA Exams.

FAR : Reporting Effects of Changing Prices

The objective of this video is to understand reporting methodologies in a very simple and lucid manner.

FAR : Accounting for Trading Securities

Learn everything you want to know about the accounting for trading securities using the fair value method. Visit crosswalkcpareview.com for more information.

FAR Video

This video illustrates how to amortize and record bond discount in a very simplified manner. After watching this video you will completely understand the effective interest method to amortize bond discount.

REG Video

How do you compute your taxable income? Is any refund due to you from IRS? Do you know how to do Form 1040? If you want to get the answers to these questions: Watch this video!

FAR Video

Get the understanding you need to crack any question on fair value measurement. The presenter guides you through the accounting guidance relating to fair value measurement and help you prepare for the FAR Exam.

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