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
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.
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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