Accounting & Reporting during Challenging Times: Asset Impairments, Bankruptcy, Going Concern Issues Self-Study Webinar (10 Hours)

Overview: 

All companies go through troubled times of varying degrees, regardless of size or industry. This specialized self-study webinar shows you the best ways to handle accounting and reporting during these troubled times, including going concern assessments, impairments, restructurings and bankruptcy. You’ll learn how to:

  • Account for disposal activities, exit costs and restructuring charges
  • Calculate asset impairments, including goodwill
  • Handle accounting and disclosures before, during and after Chapter 11 bankruptcy
  • Assess the company for going concern considerations under ASC 205-40 (ASU 2014-15)
  • Apply the liquidation basis of accounting and when to apply it
Objective: 

This unique self-study webinar provides you with expert guidance and real-world examples of how to effectively deal with accounting for impairments, troubled debt restructuring and going concern assessments. It also explores all facets of accounting for companies entering into and emerging from bankruptcy.

Emphasis: 
  • Accounting for impairment of long-lived assets
  • Accounting for impairment of goodwill and intangible assets
  • Disposal activities and restructuring charges
  • Deferred tax asset valuation allowances
  • Troubled debt restructurings
  • Going concern (new standard)
  • Debt issuance costs (new standard)
  • Types of bankruptcy: what is prepackaged bankruptcy?
  • Chapter 11: the bankruptcy process
  • Bankruptcy timeline and fresh start accounting
  • Liquidation basis of accounting
  • Debtor-in-possession financial statements
  • Post-petition/pre-petition liabilities
  • Lease modifications
  • Accounting before, during and after bankruptcy
  • Voluntary vs. involuntary bankruptcy

Recognize the relevance of the term “restructuring” in US GAAP

Recognize the different categories of exit or restructuring activities

Identify when to recognize a liability for a cost associated with an exit or disposal activity

Identify the treatment of future operating losses expected to be incurred in connection with an exit or disposal activity

Identify the minimum retention period for the one-time employee termination benefit to be recognized in future periods

Identify the treatment of a liability for a one-time termination benefit incurred over time

Recognize the mandatory disclosures associated with exit or disposal activities

Recognize the association between loan modifications and troubled debt restructuring

Recognize when a restructuring of a debt constitutes a troubled debt restructuring for purposes of GAAP

Recognize the accounting treatment of a debtor’s transfer of assets to a creditor to settle fully a payable in a troubled debt restructuring

Recognize the mandatory disclosures associated with an entity’s uncertainties about its ability to continue as a going concern

Identify the entity responsible for determining if an entity has going concern uncertainties

Identity the trigger for providing footnote disclosure regarding going concern uncertainties

Identify management’s assessment period for assessing substantial doubt

Recognize the events or changes in circumstances indicating the carrying amount of a long-lived asset held and used may not be recoverable

Recognize the methodology for determining fair value used in calculating the impairment loss of long-lived assets held and used

Recognize the criteria necessary for a long-lived asset to be classified as held for sale

Identify the timing of the testing of goodwill for impairment

Identify the characteristics of a reporting unit

Identify the steps in the testing of goodwill for impairment

Recognize the ways in which goodwill may be assigned to a specified reporting unit

Recognize the triggers to goodwill impairment testing

Recognize the frequency of testing for the impairment of intangibles other than goodwill

Recognize the most common bankruptcy filing for businesses

Identify the relative positioning of creditors in bankruptcy cases

Recognize the “debtor-in-possession” responsibilities to the Bankruptcy court

Identify the time frame for the “debtor-in-possession” or trustee in bankruptcy to require the return of payments made by an entity that has declared bankruptcy

Identify the specialized accounting for liabilities of entities in bankruptcy

Identify the specialized accounting for interest expense for those entities in bankruptcy

Recognize arguments against the current goodwill impairment model

Recognize possible FASB approaches to subsequent accounting for goodwill

Recognize the most reliable evidence of fair value
 

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Price: 
$399.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
10.00
NASBA Field of Study: 
Accounting