Accounting for asset impairments and intangibles can be a minefield even for the seasoned professional. Accountants and auditors need a clear understanding of how to determine whether assets have become impaired and, if so, by how much. This self-study webinar will enable you to:
- Understand the latest financial accounting issues surrounding intangibles and asset impairments
- Deal with practical issues in determining fair values and using cash flows for impairment evaluation
- Evaluate and follow the requirements for goodwill impairment testing
- Follow new and proposed guidance from FASB
-
Identify COVID-19 issues
To provide accountants with a comprehensive knowledge of accounting principles concerning impairments of assets, intangibles, capitalization and goodwill. You’ll learn the latest thinking regarding capitalizable assets, impairment, depreciation and amortization, deferred taxes and special issues associated with intangibles.
- Testing impairment of goodwill, and other intangibles with an indefinite life, including recent guidance
-
Intangible assets
– Separating goodwill from other intangibles
– Intangibles with an indefinite life
– Determining fair value - Impairment triggers and calculations
- Capitalization, depreciation and amortization
- Discontinued operations and Assets Held for Sale
- Deferred taxes associated with depreciation and impairment
-
Related issues
– Leases
– Asset retirement obligations and FASB Concepts Statement 7
– Nonmonetary transactions
– Going concern and liquidation basis
– Impact of FASB guidance on consolidations and intangibles - Use of materiality and "more likely than not"
- FASB Simplification Initiative
- New and proposed FASB guidance
- The impact of COVID-19
• Identify mandatory NFP financial statements and titles
• Identify the purpose of NFP financial statements from an investor/donor’s perspective
• Recognize the NFP accounting alternatives regarding goodwill impairment under ASU 2019-06
• Recognize accounting authoritative bodies’ responses to the COVID-19 pandemic
• Recognize the trigger for providing footnote disclosure regarding going concern uncertainties
• Identify the criteria that must be met before a NFP can recognize contribution revenue
• Identify the circumstances under which restricted funds will be reclassified as unrestricted
• Identify how to account for pledges that will be realized in more than 12 months
• Identify factors indicating risk of receipt and recording of pledges
• Recognize factors indicating an exchange transaction versus a contribution
• Identify the accounting treatment options regarding the receipt of dues
• Identify the accounting treatment for contributed services
• Recognize how to account for donated securities
• Recognize how to account for donated inventory
• Identify when to recognize contribution revenue from a revocable split interest agreement
• Recognize the terminology used to identify the power to modify restrictions on a charitable fund
• Recognize the appropriate accounting for service concession arrangements under ASU 2014-05
• Recognize the accounting options for collections of art or similar collections
• Recognize the changes made to accounting for collections under ASU 2019-03
• Recognize the appropriate accounting for joint cost under SOP 98-2
• Identify the typical accounting for an NFP’s special events
• Recognize the appropriate presentation of investment returns on the statement of activities
• Identify the options available for reporting cash flows from operations under ASU 2016-14
• Identify the implications of ASU 2016-14 on NFP disclosures
• Identify mandatory NFP disclosures regarding investments
• Recognize those characteristics indicating an acquisition over a merger
• Recognize the accounting treatment of acquired assets and liabilities when one NFP acquires another
• Identify the presentation of the net cash flow reflecting an acquisition in the statement of cash flows
• Recognize the circumstances under which an audit firm’s independence from an NFP client would generally be considered to be impaired