Nonpublic Companies: Financial Reporting Issues Self-Study Webinar (11 Hours)

Overview: 

Do you find it frustrating or fruitless grappling with complicated accounting and reporting requirements only to discover they don't apply to your nonpublic company? If so, you need to take advantage of this hands-on self-study webinar that:

  • Pinpoints relevant reporting requirements of nonpublic companies vs. public companies
  • Addresses troublesome accounting areas that affect nonpublic companies
  • Explains accounting, reporting and disclosure solutions best suited for nonpublic companies
Objective: 

To update accountants about current financial accounting and reporting requirements pertaining to small and midsize nonpublic companies.

Emphasis: 
  • Private company financial reporting, including comparison with public companies
  • FASB and the PCC (Private Company Council)
  • GAAP vs. other Financial Reporting Frameworks
  • Non-GAAP information and disclosures
  • Revenue recognition: recent interpretations, transitional guidance, and adoption
  • Uncertainties and contingencies: estimates, concentrations of risk, materiality and disclosures
  • Consolidations, combinations, clarifying the definition of a business, push down accounting and related parties, including those under common control
  • Lease accounting—adopting and following the new guidance
  • Accounting for, and impairment of, intangible assets and goodwill
  • Deferred income taxes, uncertain tax positions and Form UTP
  • The FASB Simplification Initiative
  • Impact of tax reform (Tax Cuts and Jobs Act of 2017)

Identify the characteristics and relevance of “Big GAAP”

Identify the entity responsible for the establishment of the Private Company Council

Recognize the primary role of the Private Company Council

Recognize the characteristics of the FASB’s Simplification Initiative

Recognize the minimum time threshold for goodwill impairment testing

Recognize the circumstances under which a component of an operating segment is treated as a reporting unit for purposes of goodwill impairment testing

Identify the steps of impairment testing for goodwill

Recognize triggers for impairment testing for goodwill

Recognize the ASU 2017-04 alternative for goodwill impairment testing

Identify specified mandatory disclosures related to intangible assets subject to amortization

Recognize the primary motivations behind the New Leasing Standard

Identify the implications of the New Leasing Standard to lessee balance sheets

Recognize the characteristics of a lease contract

Recognize the classification of leases by lessees

Recognize the frequency with which lease terms are reassessed

Recognize the lessee classification of lease payments in the statement of cash flows

Identify the accounting for operating lease income by lessors

Identify the balance sheet treatment of subleases

Identify the accounting treatment of sale and leaseback transactions

Identify the transition requirements to ASC Topic 842

Recognize the relevance of revenue guidance found outside of ASC 606

Identify the factors that indicate a goods or service performance obligation is distinct from other performance obligations

Identify the ramifications of performance obligations immaterial in the context of the contract

Identify the basis for which the transaction price is allocated to the separate performance obligations in a contract

Recognize the characteristics indicating that an entity should combine two or more contracts and account for them as a single contract

Recognize the implications of a contract with a significant financing component

Recognize the indicators of control of an asset where the performance obligation is satisfied at a point in time

Recognize the necessary amortization period time frame which allows an entity to elect to expense the cost of obtaining a contract

Identify the probability percentage associated with the “more-likely-than-not” threshold

Identify the scope of FIN 45 (ASC 460) guarantees

Recognize the role of and responsibility for the determination of materiality in the preparation of the financial statements

Recognize the FIN 48 (ASC 740) threshold for recognizing the benefits of uncertain tax positions in the financial statements

Recognize the circumstances under which a tax position is considered to be effectively settled

Identify the ramifications of ASU 2015-17 on the balance sheet presentation of deferred tax assets and liabilities

Recognize the definition of a business and its implication to acquisition accounting under ASU 2017-01

Recognize the alternative to accounting for identifiable intangible assets in a business combination
 

Bottom
Price: 
$299.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
11.00
NASBA Field of Study: 
Accounting