Financial Accounting Issues for Manufacturers, Distributors & Retailers Self-Study Webinar (10 Hours)

Overview: 

Accountants who work for or with manufacturing, wholesale and retail companies face a wide variety of challenges, including inventory, revenue recognition and industry-specific issues. This self-study webinar addresses a broad spectrum of issues, including these cutting-edge areas:

  • Revenue, expense and liability recognition
  • Fraud and earnings management issues
  • Receivables, securitizations and financing
  • ASC 606 (ASU 2014-09) on Revenue Recognition
  • The impact of COVID-19
Objective: 

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.

Emphasis: 
  • Inventories—valuations and method
  • Warranties, guarantees and returns
  • Receivables—collectibility, financing arrangements and securitizations
  • Revenue, earnings management and expense recognition issues
    – Timing of transactions
    – Specialized forms of sales and financing
    – Separability of product, installation, warranty and other sale components
    – Advertising, R&D and barter transactions
  • Revenue recognition: ASC 606, including industry specific guidance, transition, and adoption
  • Impairments—tangibles and intangibles, including the latest on goodwill
  • Asset retirement obligations and FASB Concepts Statement 7
  • Special issues for high-tech companies
  • Special issues for franchisees and franchisors
  • Fraud: prevention, system design and audit issues
  • Leases—adopting and following the New Standard
  • Consolidations, related parties under common control, clarifying the definition of a business, and push down accounting
  • FASB Simplification Initiative
  • Impact of tax reform (Tax Cuts and Jobs Act of 2017)
  • The impact of COVID-19

 

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
 

Bottom
Price: 
$299.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
10.00
NASBA Field of Study: 
Accounting