GAAP Refresher Self-Study Webinar

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.

DETAILED LEARNING OBJECTIVES

• Identify the grant date criteria and fair value determination for stock-based compensation under ASC 718

• Distinguish between equity-classified and liability-classified awards based on settlement terms

• Recognize when to begin recognizing compensation cost over the requisite service period

• Apply the modification guidance in ASC 718 to changes in award terms

• Understand the SEC's clawback rules and how they apply to incentive-based compensation

• Interpret the fair value definition under ASC 820 and its application in financial reporting

• Categorize inputs into Levels 1, 2, or 3 of the fair value hierarchy

• Differentiate between the income, market, and cost valuation approaches

• Identify key disclosure requirements for fair value measurements including NAV-based investments

• Apply ASU 2022-03 guidance regarding contractual restrictions on equity securities

• Recognize which software development costs may be capitalized under ASC 350-40

• Distinguish between internal-use and external-use software capitalization criteria

• Understand hosting arrangements and the accounting implications of licenses

• Apply the guidance in PASU 2024-ED400 to evaluate capitalization readiness and uncertainty

• Determine proper cash flow classification for capitalized software costs

• Describe the required expanded ETR reconciliation disclosures under the FASB’s income tax updates

• Identify when jurisdictional income tax payments must be disaggregated for disclosure

• Apply new ASC 740 guidance related to statutory tax rate thresholds and reconciling items

• Distinguish between PBEs and non-PBEs for income tax disclosure timing and requirements

• Evaluate the impact of revised income tax disclosures on interim and annual reporting

• Understand the definition of an operating segment and the role of the CODM under ASC 280

• Identify the required disclosures for reportable segments including profit measures and asset data

• Explain the requirements for segment disclosures under the improved guidance issued in 2024

• Recognize how companies must describe the nature of segment profit and loss measures

• Apply disclosure requirements to entities with a single reportable segment

• 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