To provide accountants, auditors and analysts with a comprehensive understanding of the accounting issues that affect manufacturing, wholesale and retail operations. This webinar discusses characteristics, as well as economic and accounting issues, common to these industries to empower financial professionals with the know-how to be highly effective.

To provide accountants, auditors and analysts with a comprehensive understanding of the accounting issues that affect manufacturing, wholesale and retail operations. This self-study webinar discusses characteristics, as well as economic and accounting issues, common to these industries to empower financial professionals with the know-how to be highly effective.

DETAILED LEARNING OBJECTIVES

• Identify the characteristics of the AIPCA’s FRF for SMEs

• Identify the role of the Private Company Council

• Recognize the current status of the FASB’s codification improvements

• Identify the impact of COVID-19 on lease accounting under the new standard

• Identify the effects of the TCJA of 2017 on specified tax accounts 

• Recognize the objectives of the revenue recognition standard

• Recognize which types of contracts would fall outside the scope of ASC 606

• Recognize the criterion for a revenue contract

• Identify the factors that indicate a good or service performance obligation is distinct from other performance obligations 

• Identify the ramifications of performance obligations immaterial in the context of the contract

• Identify factors indicating control over a promised good or service

• Recognize the role of the residual approach in estimating selling price

• Recognize the characteristics indicating that an entity should combine two or more contracts 

• Recognize the implications of a contract with a significant financing component 

• Identify the accounting treatment of costs associated with obtaining a revenue contract 

• Identify the implications of the revenue standard on disclosures 

• Recognize the factors indicating a product financing arrangement versus a sale of financial assets

• Identify the threshold for application of the uniform capitalization rules

• Identify the inventory measurement methods available after the effective date of ASU 2015-11

• Identify the circumstances indicating a contingent liability should be recognized under FAS 5

• Identify the rules for recognition of an asset retirement obligation

• Recognize the effect of ASU 2014-08 on the income statement presentation of discontinued operations 

• Recognize the circumstances under which intangibles other than goodwill and goodwill should be separately accounted for 

• Recognize the conditions under which goodwill impairment must be recognized

• Recognize the frequency with which goodwill should be tested for impairment

• Recognize the default amortization period for a private company that elects to adopt the accounting for goodwill alternative 

• Identify the implications of ASU 2017-04 on goodwill impairment testing

• Identify, between pledging, assigning and factoring financial assets, those transactions associated with the highest fees and rates

• Recognize the overall impact of the new leasing standard on a lessee’s balance sheet

• Recent FASB Approaches & Priorities
• Private Company Council (PCC)
• Important Terms of the TCJA
• Key Provisions of the TCJA & Accounting Considerations
• Executive Compensation
• Current Expected Credit Losses (Topic 326)
• Securitizations (Topic 325-40)
• Variable Interest Entities (VIEs)
• Inventory (Topic 330)
• Product Financing Arrangements
• Liabilities & Expenses (Topic 400)
• Environmental Liabilities (Topic 410)
• Research and Development (R&D) (Topic 730) and Advertising (Topic 340-20)
• Asset Retirement Obligations (Topic 410)
• Intangibles & Goodwill
• Cloud Computing Arrangements & Fees
• Leases (Topic 842)
  – Financing leases
  – Lease modifications
  – Appropriate discount rate
  – Cash flow statements
• Fraud
• COSO & Internal Control