To provide CPAs and other financial professionals with a survey of key topics in US GAAP. You’ll explore the rules for subsequent events, fair value, going concerns and more.

• FASB updates
• Goodwill impairment
• Deferred taxes
• Contingencies, uncertainties, guarantees and use of "more likely than not"
• Fair value and Other-Than-Temporary Impairment (OTTI)
• R&D and advertising
• Nonmonetary transactions
• Subsequent events
• Going concerns and the liquidation basis of accounting
• Accounting for deferred taxes, including changes from the FASB Simplification Initiative
• Fair value
  – FAS 159
  – Other-Than-Temporary Impairment (OTTI)
  – Non-active and distressed markets
  – Financial instruments
  – Credit losses
  – Codification improvements
   

To provide CPAs and other financial professionals with a survey of key topics in US GAAP. You’ll explore the rules for subsequent events, fair value, going concerns and more.

DETAILED LEARNING OBJECTIVES

• Identify the Investor Advisory Committee (IAC) proposals for reforming the accounting standard setting process at the FASB  

• Recognize current FASB priority projects 

• Identify the methodology used by the PCC

• Identify the characteristics of the FASB’s codification improvements

• Identify the required disclosures relating to an entity’s risks and uncertainties 

• Recognize the circumstances requiring an entity to disclose vulnerability due to certain business concentrations 

• Recognize the required disclosures of a guarantor

• Recognize potential metrics for valuation of a guarantee 

• Identify the basis for the accounting treatment of nonmonetary transactions 

• Recognize the circumstances under which there is gain/loss recognition on an exchange of nonmonetary assets 

• Recognize the entity now responsible for assessing a company’s ability to continue as a going concern 

• Recognize the threshold for substantial doubt in assessing an entity’s ability to continue as a going concern

• Recognize the frequency in which goodwill is tested for impairment

• Recognize the steps in goodwill impairment testing

• Identify the triggers for goodwill impairment testing

• Identify the role of qualitative assessments in goodwill impairment testing

• Recognize the threshold for corporations to use the cash method of accounting under the TCJA

• Recognize the assumption used when determining fair value

• Recognize acceptable valuation techniques identified in ASC 820

• Identify the valuation approach that uses prices and information from identical or comparable assets or liabilities

• Identify the applicability of the fair value option

• Identify requirements for reporting acquisition-related costs in financial statements

• Recognize the importance of intangible asset disclosures and their qualitative nature when not separately recognized

• Identify the criteria for recognizing environmental remediation liabilities under ASC 410-30

• Understand the required disclosures when using present value techniques for environmental liabilities

• Identify the criteria that define a crypto asset under FASB’s ASU 2023-08

• Understand the scope and applicability of California’s SB-253 regulations

• FASB updates
• Goodwill impairment
• Deferred taxes
• Contingencies, uncertainties, guarantees and use of "more likely than not"
• Fair value and Other-Than-Temporary Impairment (OTTI)
• R&D and advertising
• Nonmonetary transactions
• Subsequent events
• Going concerns and the liquidation basis of accounting
• Accounting for deferred taxes, including changes from the FASB Simplification Initiative
• Fair value
  – FAS 159
  – Other-Than-Temporary Impairment (OTTI)
  – Non-active and distressed markets
  – Financial instruments
  – Credit losses
  – Codification improvements