GAAP Hot Topics - What You Need to Know

GAAP Hot Topics - What You Need to Know
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Price: $79.99
Credits: 16.0
Prerequisite: N/A
Level: N/A
Model: KC033
Author: Kelen F. Camehl, CPA, MBA
Average Rating: Not Rated
Fields of study: Accounting
Format: PDF


Course Overview

This course provides an overview of several of the key accounting and reporting topics within U.S. GAAP.  This includes a discussion of accounting for business combinations, revenue recognition principles, and leasing transactions.  This course also address topics such as goodwill impairment, segment reporting, how to account for software (both internal-use and for resale) as well as requirements related to accounting changes and error corrections.  

Chapter 1 - Accounting for Business Combinations

Chapter Overview

This chapter provides an overview of the accounting and reporting requirements with respect to business combinations as prescribed by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 805, Business Combinations.  The overall objective of the guidance included within ASC 805 is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial reports about a business combination and its effects.  

Chapter Learning Objectives

Upon completion of this chapter, you will be able to:

  Identify the definition of a business as it relates to a business combination transaction

  List the steps involved in the acquisition method

  Identify the acquisition date for a business combination

  Recognize how to measure goodwill and gains from bargain purchases

  Identify the measurement period for business combinations

  Recognize financial statement disclosures related to business combinations

 

Chapter 2 - Revenue Recognition

Chapter Overview

This chapter provides an overview of the revenue recognition standards prescribed by ASC Topic 606.  This chapter focuses specifically on the five-step model for revenue recognition including identifying a contract, identifying performance obligation, determining the transaction price, allocating the transaction price to performance obligations, and recognizing revenue.           

Chapter Learning Objectives

Upon completion of this chapter, you will be able to:

  List the five steps involved in the new revenue recognition model

  Recognize the considerations involved in identifying whether a contract exists

  Identify the considerations involved with measuring the transaction price

  Recognize the steps involved in allocating the transaction price to performance obligations

 

Chapter 3 – Lease Transactions

Chapter Overview

This chapter provides an overview of the new lease accounting standard issued by the FASB within ASC Topic 842.  This includes a discussion of the reasons for the change, how to correctly identify a lease within a contract, and the overall recognition, measurement, subsequent measurement, and disclosure requirements.  This chapter also provides examples of real-world disclosures as well as challenges faced by entities post-adoption.     

Chapter Learning Objectives

Upon completion of this chapter, you will be able to:

  Determine whether an arrangement contains a lease

  Identify considerations with respect to substitution rights

  Identify the criteria for the new finance lease and short-term leases

  Recognize the new recognition and measurement requirements for both lessees and lessors

  Identify the requirements related to lease modifications

  Identify presentation and disclosure requirements for both lessees and lessors

 

Chapter 4 - Goodwill Impairment

Chapter Overview

This chapter provides an overview of goodwill impairment testing.  The accounting and reporting requirements related to goodwill are prescribed by ASC Topic 350-20.  This chapter focuses on topics such as the initial recognition of goodwill and subsequent measurement requirements including the accounting alternative allowed for certain eligible entities.  This chapter also addresses the disclosure requirements for goodwill and is current through the issuance of ASU 2019-06.   

Chapter Learning Objectives

Upon completion of this chapter, you will be able to:

  Identify the recognition requirements related to goodwill

  Recognize overall characteristics of goodwill impairment testing

  Differentiate between the qualitative and quantitative test of goodwill impairment

  Identify key characteristics of the accounting alternative for goodwill

  List the key disclosure requirements for goodwill and goodwill impairment losses

 

Chapter 5 - Segment Reporting

Chapter Overview

This chapter provides an overview of the accounting and reporting requirements with respect to segment reporting.  The accounting and reporting guidance related to segment reporting is prescribed by ASC Topic 280.  This chapter focuses on topics such as the identification of the chief operating decision maker (CODM), the determination of operating segments, and the determination of reportable segments.  This chapter also provides information on disclosure requirements as well as illustrative examples of segment disclosures for companies in different industries.  

Chapter Learning Objectives

Upon completion of this chapter, you will be able to:

  Identify key characteristics of operating segments

  Recognize characteristics of the entity’s chief operating decision maker

  Identify the quantitative thresholds used for reportable segments

  Recognize disclosure requirements for reportable segments as well as entity-wide disclosures

 

Chapter 6 - Accounting for Software

Chapter Overview

This chapter provides an overview of the accounting for software, including both internal-use software as well as software that will be sold to third parties.  The accounting, reporting, and disclosure requirements related to software depends on the nature of the software, and whether it will be used internally by an entity or will be marketed to its customers.  For internal-use software, the guidance is prescribed by ASC Topic 350-40.  On the other hand, the guidance related to software to be marketed and sold is prescribed by ASC Topic 985-20.

Chapter Learning Objectives

Upon completion of this chapter, you will be able to:

  Distinguish between software that is considered internal-use and not considered internal-use

  Recognize how implementation costs are accounted for in various stages of software development

  Identify when capitalization and amortization should commence

  Recognize how implementation costs of hosting arrangements are accounted for differently

  Recognize software that is within the scope of ASC Topic 985-20

  Identify how software costs are recorded prior to and after establishing technological feasibility

  Recognize how amortization is recorded for capitalized software costs

  Identify general disclosure requirements related to software for resale

 

Chapter 7 - Accounting Changes and Error Corrections

Chapter Overview

This chapter provides an overview of the accounting requirements with respect to accounting changes and error corrections and the reporting implications within an entity’s financial statements.  The scope of accounting changes includes a discussion of changes in accounting principles, changes in accounting estimates, as well as changes of a reporting entity.  The chapter also provides an overview of the accounting requirements of correcting errors in previously issued financial statements as well as restatement considerations.  A majority of the information included within this chapter is sourced from the requirements found within ASC Topic No 250.

Chapter Learning Objectives

Upon completion of this chapter, you will be able to:

  List the different types of accounting changes and how they affect an entity’s financial statements

  Differentiate between the requirements for the different types of accounting changes

  Identify the steps involved in the required assessment for a correction of an error

  Differentiate between the iron curtain and rollover methods for quantifying a correction of an error

  Recognize the different types of restatements required as a result of accounting changes

 

Chapter 8 - Non-GAAP Financial Measures

Chapter Overview

This chapter provides an overview of non-GAAP financial measures with a particular emphasis on comments from the SEC, the FASB, as well as comment letter analysis from several of the Big 4 accounting firms.  Non-GAAP financial measures continue to rank at the top of the most frequent comment letters issued by the SEC.  As a result, it’s important to understand the guidance with respect to these measures to ensure that an entity’s financial statements remain GAAP compliant and are not misleading.  

Chapter Learning Objectives

Upon completion of this chapter, you will be able to:

  Differentiate between a GAAP financial measure and a non-GAAP financial measure

  Recognize examples of different types of non-GAAP financial measures

  Identify which SEC guidance is applicable to different types of non-GAAP financial measures

  Recognize disclosures within the scope of Regulation G

  Identify key requirements included within both Regulation G and Regulation S-K related to these measures

Additional Contents : Complete, no additional material needed

Advance Preparation : None
Intended Participants :
Any CPA looking to maintain or enhance their professional competence

Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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