GAAP Refresher Self-Study Webinar (10 Hours)

Overview: 

This self-study webinar is perfect for the accountant who wants to maintain a sound working knowledge of common GAAP topics. It covers a variety of accounting and financial reporting issues, including:

  • Revenue recognition
  • Accounting for leases
  • Impairments and discontinued operations
  • Goodwill impairment
  • Materiality
  • The impact of COVID-19

 

Objective: 

To provide accountants with a refresher of important GAAP topics. You’ll explore many complex accounting pronouncements and rules using discussion questions, problems and real-life examples from financial statements and disclosures.

Emphasis: 
  • Revenue recognition overview, recent interpretations, transition and adoption of Topic 606
    – Multiple deliverables
    – When sales are consummated and rights of return
    – Consignments and “bill and hold” transactions
    – Net vs. gross
    – Segmenting and combining contracts
  • Accounting for leases—summary and adoption of the New Standard
    – Comparison of the old and new standards
    – Lease modifications, variable leases, timing and duration
  • Lessee vs. lessor treatments
  • Fixed assets: valuation, impairment, asset retirement obligations
  • Discontinued operations
  • Goodwill—the latest guidance on impairments, amortization, and nonpublic entities
  • Materiality: uses and abuses
  • Use of “more likely than not”
  • The impact of COVID-19

• Identify the role of intent in regards to a GAAP violation due to materiality

• Identify the primary factors in the determination of materiality

• Identify the party responsible for making adjustments to correct material misstatements

• Identify the purpose of the FASB’s proposed amendment to the ASC in regards to the disclosure section of each topic

• Recognize when the “more-likely-than-not” threshold is considered to be met

• Recognize the advantage of the use of the MLTN standard vs. the higher threshold of FAS 5

• Recognize the threshold for expensing fixed assets

• Recognize fixed assets subject to, and not subject to, depreciation

• Recognize the negative consequences of capitalizing vs. expensing fixed asset costs

• Identify the cost basis of assets held for sale

• Identify at what point a long-lived asset should be considered held for sale

• Identify the issues addressed by FAS 143

• Identify the income statement consequences of the disposition of a retirement obligation

• Identify the applicability of asset retirement obligations to lease contracts

• Identify common long-lived asset impairment test triggers

• Identify the steps for impairment testing of long-lived assets

• Identify the status of disposals qualifying as discontinued operations under ASU 2014-08

• Recognize when it is appropriate to separately account for intangibles other than goodwill and goodwill

• Recognize market related intangibles

• Recognize acquisition scenarios that could result in the recognition of goodwill

• Recognize the unit of account for goodwill impairment testing purposes 

• Identify specified characteristics of reporting units

• Identify the acceptable methodologies for assigning goodwill to reporting units

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

• Recognize the default goodwill amortization period for those entities electing the private company alternative for a simplified goodwill impairment test

• Identify the changes to accounting for goodwill impairments under ASU 2017-04

• Identify the overall goals of the new revenue recognition standard

• Identify the effect of the revenue recognition standard on disclosures

• Identify the scope of the revenue recognition standard

• Identify the factors indicating that a good or service performance obligation is distinct from other performance obligations within the context of a contract

• Identify the role of materiality in the separate identification of performance obligations

• Identify the implications of a principal and agent relationship in regards to revenue recognition

• Identify the basis for the allocation of the transaction price to separate performance obligations in a contract

• Recognize the factors indicating that an entity should combine two or more contracts and account for them as a single contract for revenue recognition purposes

• Recognize the threshold for utilization of the practical expedient allowing entities to disregard the time value of money where there is a significant financing component within a revenue contract

• Recognize the circumstances under which an entity can elect to expense the cost of obtaining a revenue contract

• Recognize the minimum components of a lease contract under the new lease standard

• Recognize the circumstances under which an entity must reevaluate the terms of a lease

• Recognize the lease classifications of a lessee under the new lease standard

• Identify the extended lease accounting effective date for private companies due to COVID-19 concerns

Bottom
Price: 
$399.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
10.00
NASBA Field of Study: 
Accounting