ASU Update
This ASC brings operating leases onto the balance sheet and also increases a number of contracts that qualify for as a lease
What is ASC 842?
Generally, bills received from vendors should be charged to what period?
When the services are incurred
What types of engagements should be kept in Pfx Engagement?
All of them, comps, prep, consulting
True or False: Weaver policy requires every bill.com account to have a client administrator user
True
How many CAS team members are in the Oklahoma City office?
None
ASU 2017-01 changed this
What modified the definition of a business?
False - Black-Scholes
Who maintains report release sheets?
Audit admin
Which CAS person is working in the Dominican Republic?
Jake Dowland
True or False: ASC 2016-03 require companies to use incurred losses going forward to estimate current expected credit losses.
False
What ASC does deferred financing costs fall under?
ASC 310 - Receivables
What is the name of the client, and what server is it located on that houses the CAS binder templates?
CAS MASTER TEMPLATES, WTCFR
What is the biggest difference between the two roles: Weaver CAS Accountant and Weaver CAS Staff?
What does PDF stand for?
Portable Document Format
Name three of the four ASU updates covered in today's training
ASC 842 - Leases
ASU 2016-03 - CECL
ASU 2017-01 Business Combinations
ASU 2018-07 Stock-based compensation
Give 2 examples of intangibles that can be subsumed into goodwill (under PCC standards = OK)
assembled workforce, customer relationships, non-compete, customer list, any customer-related intangible
When you get a diagnostic in Engagement, what does it mean and how do you clear it?
It means you have an unanswered question in a KBA checklist and need to answer it.
What are the names of the 7 dwarves in Snow White OR what are the names of all of Santa's 9 Reindeers.
7 dwarves: Doc, Grumpy, Bashful, Happy, Sleepy, Sneezy, Dopey
9 Reindeers: Dasher, Dancer, Prance, Vixen, Comet, Cupid, Dunder, Blixem, RUDOLPH!
ASC 2018-07 simplified accounting for share-based payments to nonemployees by aligning the accounting treatment to be similar to share-based payments for employees. Which ASC did share-based payments for non-employees fall under prior to this update?
ASC 505 - Equity
Give one example of when you're allowed to have a gross-up of the balance sheet
Prepaid/Deferred revenue with a right to bill (DR. Prepaid/CR. Deferred revenue)
Prepaid insurance that is financed by a 3rd party (DR. Prepaid/CR. AP)
Declared distributions (DR. Equity/CR. Distribution Payable)
When creating a trial balance, what are the 3 columns you must have in order to import a client's TB into Engagement's TB function?
Account #, description, amount
What transactions ONLY syncs from bill.com to QBO, and not vice versa? Give 1 example
AR payments, All vendor credits, All bills and invoices
What is the largest desert in the world?
Antarctica