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 impairment testing—the latest guidance
  • 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