·	Discuss the requirements of FASB No. 151-160

·	Learn how to apply consideration given under EITF Issue 06-1

·	Account for sabbatical leave compensation under EITF Issue 06-2

·	Write a disclosure required for taxes under EITF Issue 06-3

·	Define an endorsement split dollar arrangement and account for its liability under EITIF Issue 06-4

·	Learn the accounting for virtual joint ventures

·	Understand the impact a buy-sell agreement has on FASB No. 66 accounting

·	Review new FSPs issued in 2006 and 2007

·	List and discuss the 12 recommended principles for the Comprehensive Business Reporting Model

·	Identify the formula used to compute free cash flow

·	Compute the four key ratios used to analyze working capital

·	Compute days sales outstanding and ADD

·	Understand how core earnings is computed

·	List ways in which companies recognize revenue prematurely

·	Discuss common criticisms that exist with use of the statement of cash flows

·	Understand the various cash flow games that are played in presenting the statement of cash flows

·	Discuss the changes occurring in restatements

·	Realize the issues surrounding restatements and other financial reporting abuses

·	Understand the depth of company pension problems and how companies’ pension liabilities have turned around in recent years

·	Compare the key differences between a rules-based and principles-based system

·	List the changes made or pending by both the FASB and IASB in the International Standards Convergence Project

·	Distinguish between historical cost accounting and fair value accounting;

·	Recognize the changes coming to FASB No. 13

·	Identify FASB’s codification plans

·	Compare the arguments in favor of and against  Big GAAP-Little GAAP

·	Apply the three steps to perform an impairment test of real estate held for use

·	Account for acts of God (natural disasters), terrorist acts and insurance related thereto

·	Learn to determine materiality using SAB 108 guidance.