Balance Sheet Reporting: Liabilities (Course Id 604)

Accounting - Accounting and Auditing for Course Id 604

This course discusses the accounting, reporting, and disclosures associated with liabilities covered in ASC 210-10-45-5 through 45-12 and 470-10, Balance Sheet: Overall. Topics include loss contingencies, compensated absences, termination benefits, troubled debt restructuring, refinancing of current to noncurrent debt, callable obligations by creditors, issuance of bonds, calling debt, imputing interest on noninterest notes payable, environmental liabilities, and offsetting of liabilities.

NASBA QAS - NASBA Registry - 604

Chapter 1
Current Liabilities and Contingencies

1. Differentiate between current and long-term liabilities.
2. Outline the criteria used to account for and disclose gain and loss contingencies.
3. Estimate liabilities and account for different types of loss contingencies.
4. Explain the concept of impairment of loans and restructuring of debt.
5. Properly classify short-term debt expected be refinanced as long-term debt.

Chapter 2
Long-Term Liabilities

1. Describe the accounting valuation for bonds at date of issuance.
2. Apply the methods of bond discount and premium amortization.
3. Describe the accounting procedures for the extinguishment of debt.
4. Explain the accounting procedures for long-term notes payable.
5. Determine loss contingency to accrue for environmental liabilities.
6. Describe how long-term debt is presented.
7. Distinguish among and account for: (1) a loss on loan impairment, (2) a troubled debt restructuring that results in the settlement of a debt, and (3) a troubled debt restructuring that results in a continuation of debt with modification of terms.
8. Explain the reporting of off-balance-sheet financing arrangements.

Chapter 1 – Current Liabilities and Contingencies

Chapter 2 – Long-Term Liabilities

Appendix

Annual Report References

Glossary