If you’re looking for an update on critical GAAP topics, this is the self-study webinar for you. This course will refresh the accountant’s knowledge of key pronouncements and cover an array of GAAP issues including:
- Contingencies and uncertainties
- Goodwill impairment
- Accounting for interest
- The impact of COVID-19
To provide financial professionals with a survey of key topics in US GAAP. You’ll explore the rules for subsequent events, fair value, going concerns and more.
- Goodwill impairment, including special treatments and exceptions
- Accounting for interest
- Contingencies, uncertainties, guarantees and use of "more likely than not"
- Fair value and Other-Than-Temporary Impairment (OTTI)
- R&D and advertising
- Nonmonetary transactions
- Subsequent events
- Going concerns and the liquidation basis of accounting
- Accounting for deferred taxes, including changes from the FASB Simplification Initiative
- The impact of COVID-19
• Identify the characteristics of the FASB’s simplification initiative
• Identify the methodology used by the PCC
• Identify the characteristics of the FASB’s codification improvements
• Identify the required disclosures relating to an entity’s risks and uncertainties
• Recognize the circumstances requiring an entity to disclose vulnerability due to certain business concentrations
• Recognize the required disclosures of a guarantor
• Recognize the exemptions from FIN 45 required disclosures on contracts
• Recognize potential metrics for valuation of a guarantee
• Recognize the general rule for the accounting treatment of research and development and advertising costs
• Identify exceptions to the general rule of accounting for research and development and advertising costs
• Identify the accounting treatment of acquired fixed assets in research and development costs
• Identify general characteristics of research and development costs
• Identify the post-acquisition treatment of capitalized research and development costs acquired in a business combination
• Identify the frequency in which the impairment of capitalized research and development costs acquired in a business combination is recognized
• Identify the basis for the accounting treatment of nonmonetary transactions
• Recognize the circumstances under which there is gain/loss recognition on an exchange of nonmonetary assets
• Recognize the entity now responsible for assessing a company’s ability to continue as a going concern
• Recognize the threshold for substantial doubt in assessing an entity’s ability to continue as a going concern
• Recognize the applicable assessment period for assessing substantial doubt
• Recognize when it is appropriate to prepare financial statements on the liquidation basis of accounting
• Recognize the circumstances under which interest is capitalized
• Recognize the capitalization period of interest
• Recognize the frequency in which goodwill is tested for impairment
• Recognize the steps in goodwill impairment testing
• Identify the triggers for goodwill impairment testing
• Identify the role of qualitative assessments in goodwill impairment testing
• Identify private company options for goodwill impairment testing
• Identify the characteristics of the FASB’s proposed ASU addressing simplifying the accounting for goodwill impairment
• Identify the approach to calculating deferred taxes under ASC 740
• Recognize the events creating a deferred tax asset
• Identify the events creating a deferred tax liability
• Identify the role of a valuation allowance in accounting for deferred taxes
• Identify the result of goodwill impairment on deferred taxes
