Financial Accounting Issues for Manufacturers, Distributors & Retailers Self-Study Webinar

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