Financial Accounting & Reporting - Bisk CPA Review

Financial Accounting & Reporting Updating Supplement Version 40.3 Copyright © 2011 by Bisk Education, Inc. All rights reserved. Page 1 of 45 FINANCIAL ACCOUNTING & REPORTING CPA2901US3-40 TABLE OF CONTENTS About Updating Supplement Version 40.3 .................................................................................................... 2 Study Options Available to Candidates ......................................................................................................... 2 Other Sources of Information for Candidates ............................................................................................... 2 Content Specifications Outline (CSO) Update .............................................................................................. 2 International Testing ...................................................................................................................................... 3 Recent FASB Pronouncements .................................................................................................................... 4 Recent GASB Pronouncements ................................................................................................................. 12 Recent IFRS Pronouncements ................................................................................................................... 14 ERRATA ...................................................................................................................................................... 19 2011 RELEASED AICPA QUESTIONS AND ANSWERS .......................................................................... 22 We wish to thank the American Institute of Certified Public Accountants and the Financial Accounting Standards Board for permission to reprint the following copyright © materials: 1. Uniform CPA Examination Questions

and Unofficial Answers, Copyright © American Institute of Certified Public Accountants, Inc., Harborside Financial Center, 201 Plaza Three, Jersey City, NJ 07311-3881 2. Accounting Research Bulletins, APB Opinions, APB Statements, and Code of Professional Conduct. 3. FASB Statements, Interpretations, and Statements of Financial Accounting Concepts (SFAC), Copyright © Financial Accounting Standards Board, 401 Merritt 7, P.O. Box 5116, Norwalk, CT 06856, U.S.A. Reprinted with permission. Copies of the complete documents are available from the FASB. 4. GASB Statements, Interpretations, and Technical Bulletins, Copyright © Governmental Accounting Standards Board, 401 Merritt 7, P.O. Box 5116, Norwalk CT 06856-5116. 5. Statements on Auditing Standards (SAS), Statements on Standards for Accounting and Review Services (SSARS), Statements on Standards for Accountants’ Services on Prospective Financial Information, Statements on Standards for Attestation Engagements (SSAE), and Statements on Quality Control Standards (SQCS). 6. ISB Standards, Copyright © Independence Standards Board, 6th Floor, 1211 Avenue of the Americas, New York, NY 10036- 8775 Copyright © 2011 by Bisk Education, Inc. Tampa, FL 33631-3028 All rights reserved. Reproduction in any form is expressly prohibited. Printed in the United States of America. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.—From a Declaration of Principles jointly adopted by a Committee of the American Bar Association and a Committee of Publishers and Associations. Financial Accounting & Reporting Updating Supplement Version 40.3 Copyright © 2011 by Bisk Education, Inc. All rights reserved. Page 2 of 45 About Updating Supplement Version 40.3 Information that is only six months old is eligible to be tested on the CPA exam. Updating Supplement Version 40.3 is designed to bring the latest release of material to candidates using our products to pre- pare for the CPA exam in the Oct-Nov 2011 window. Candidates with the 40 th edition and corresponding software (version 14 series) will find the information in this supplement more than adequate for these exam windows. When new information first becomes available, the examiners tend to test new or changed portions of concepts lightly. Coverage of information after that point may increase, if it is in a heavily tested area. Do not fall into the trap of...

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