Accounting for Liabilities - Estimation and Valuation (Course Id 653)

• Who is this course for?
  This course is designed for individuals needing Continuing Professional Education (CPE), including CPAs, accountants, and finance professionals seeking to understand liability accounting.

• What is this course about or what problem does this course solve?
  The course addresses the complexities of accounting for estimated and contingent liabilities, covering topics like warranties, customer loyalty programs, and asset retirement obligations.

• How can the knowledge from this course be used?
  Learners can apply GAAP-based recognition and valuation methods to accurately account for liabilities in financial statements and comply with professional standards.

• Why is this course important to a CPA or Accountant?
  Understanding how to properly estimate, value, and disclose liabilities is essential for ensuring compliance with GAAP and enhancing the reliability of financial reporting.

• When is this course relevant or timely?
  The course is especially timely when dealing with financial reporting involving contingent liabilities, newly implemented customer programs, or changes in GAAP/IFRS standards.

• How is a course like this consumed or used?
  This is a self-paced, self-study that requires passing a final exam to complete the course and receive the certificate of completion.

This online accounting CPE course focuses on the accounting complexities related to estimated liabilities and contingent liabilities. Customer loyalty programs, warranties, asset retirement obligations and other examples are discussed. GAAP-based recognition and disclosure methods are also presented.

NASBA QAS - Text - NASBA Registry - 653

Liabilities in Accounting Course Learning Objectives

1. Recognize liabilities related to economic transactions
2. Recognize valuation methods used when accounting for estimated liabilities
3. Identify accounting principles related to liabilities
4. Identify examples of estimated liabilities

Chapter 1
Warranties

1. Identify accounting principles related to liabilities

Chapter 2
Warranties

1. Recognize liabilities related to economic transactions
2. Identify examples of estimated liabilities

Chapter 3
Customer Loyalty Programs

1. Recognize liabilities related to economic transactions
2. Identify examples of estimated liabilities

Chapter 4
Gift Cards

1. Recognize valuation methods used when accounting for estimated liabilities

Chapter 5
Asset reclamation and asset retirement obligations

1. Identify accounting principles related to liabilities

Chapter 6
Defined Benefit Pensions

1. Recognize valuation methods used when accounting for estimated liabilities
2. Identify examples of estimated liabilities

Chapter 7
Convertible Bonds

1. Recognize liabilities related to economic transactions
2. Identify accounting principles related to liabilities
3. Identify examples of estimated liabilities

Chapter 8
Debt Gaurantees

1. Recognize liabilities related to economic transactions
2. Recognize valuation methods used when accounting for estimated liabilities

Introduction

Background.  IFRS/GAAP joint conceptual guidance related to liabilities

Chapter 1:  Warranties

Overview

U.S. GAAP

IFRS

Hypothetical Example

Actual Reporting Example

Discussion

Conclusion

Review Questions

Chapter 2:  Litigation

Overview

U.S. GAAP

IFRS

Hypothetical Example

Actual Reporting Example 1

Actual Reporting Example 2

Discussion

Conclusion

Review Questions

Chapter 3:  Customer Loyalty Programs

Overview

U.S. GAAP

IFRS

Hypothetical Example

Actual Reporting Example 1

Actual Reporting Example 2

Discussion

Conclusion

Review Questions

Chapter 4:  Gift Cards

Overview

Hypothetical Example

Actual Reporting Example

U.S. GAAP

IFRS

Discussion

Conclusion

Review Questions

Chapter 5:  Asset reclamation and asset retirement obligations

Overview

U.S. GAAP

IFRS

Hypothetical Example

Actual Reporting Example

Discussion

Conclusion

Review Questions

Chapter 6:  Defined Benefit Pensions

Overview

U.S. GAAP

IFRS

Hypothetical Example

Actual Reporting Example

Discussion

Conclusion

Review Questions

Chapter 7:  Convertible Bonds

U.S. GAAP

IFRS

Hypothetical Example 1

Hypothetical Example 2

Actual Reporting Example

Discussion

Conclusion

Review Questions

Chapter 8:  Debt Gaurantees

Overview

U.S. GAAP

IFRS

Hypothetical Example

Actual Reporting Example

Discussion

Conclusion

Course Conclusion

Review Questions

Glossary