Overview:
This continually updated seminar 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:
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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”
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The impact of COVID-19