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Florida Association of Accounting Educators

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.

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Florida Association of Accounting Educators

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  1. 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

  2. Agenda • FASB Update • CPA Update • EFAT 2

  3. Overview of Recent Accounting,Authoritative Pronouncements, and How They Effect Teaching Introductory and Intermediate Financial Accounting • FASB Overview • SFAS 151 - 154 • EFAT 3

  4. http://www.fasb.org 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 04-2 5 7

  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

  13. http://www.cpa-exam.org 13

  14. http://www.prometric.com 14

  15. Exam Breakdown 15

  16. Exam Sections Auditing and Attestation 4.5 hrs. Financial (80% Fin., 20% Gov.) 4.0 hrs. Regulation (40% Law, 60% Tax) 3.0 hrs. Business Environment2.5 hrs. 16

  17. Exam Details FIN 4.5 to 4.0 hours adds 30% of ARE (4.5 hours) REG 3.0 hours consists of 60% of 4.5 hours ARE and 100% of 3 hours of LAW 17

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

  19. Multiple Choice Screen 19

  20. Simulation Screen 20

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

  22. Exam Sections 2004 2nd Quarter = 23,166 2004 3rd Quarter = 40,097 2004 4th Quarter = 46,022 2005 1st Quarter = 35,722 2005 2nd Quarter = 43,045 2005 3rd Quarter = 51,064 22

  23. Pass Rates Pre 2004 = 25 – 36% 2004 - = mid-forties 2005 23

  24. Exam Issues • 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 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 2008 26

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

  28. 28

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  30. E.F.A.T.Elementary Financial Accounting Tutorial • 10 – 15 Minute Audio Visual • 10 True / False Study Questions • Easy Study Sheet • 10 Multiple Choice Question Quiz • 1 – 3 Review Exercises 30

  31. Thank youand enjoy your day!

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