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Budgeting consumes a massive amount of time and resources. It's a stressful and busy time.

Are there ways to improve the effectiveness of the investment we make in the budget process? Can we make better budgeting decisions that lead to higher performance?

There are options within and beyond traditional budgeting. Each company should consider these options and decide which could improve their budgeting process. Budgeting has many benefits that we can continue to capture and build upon.

This online budgeting course starts by outlining the benefits and challenges of budgeting. Throughout this course, I'll provide tips and alternative budget systems that can mitigate these challenges and capture more benefits.

Next, you'll learn or revisit some foundational concepts for budgeting. I'll build on these to show the pros and cons of later budgeting tips, ideas, and alternatives.

The master budget is a collection of many sub-budgets. I'll show how these fit together to form an aligned plan to achieve a company's strategic goals. There's a method to the madness of when different types of assumptions and calculations are layered into the budget. However, the process is not entirely sequential. It abounds with iterative loops.

The third section walks step-by-step through the budget formation process. The purpose and role of the budget can best be explained in the context of strategic planning. We'll explore which analyses can be done throughout the year to take pressure off the very busy budgeting season. Some lessons cover the nuts and bolts of budget reporting and budgeting tools.

I'll explore a series of budgeting alternatives in the final section of the course. We'll look at rolling forecasts, zero-based budgeting, activity-based budgeting, and many others. We'll also look at operating without a budget. Each alternative has pros and cons that I'll list.

Each lesson in this section gives an overview of the budget alternative to help you decide whether you want to pursue that alternative further. Even if you don't fully adopt these alternatives, you can find ideas to improve your budgeting process.

The online budgeting course concludes by revisiting budgeting process challenges and how the tips and alternatives presented in the course can address or mitigate those challenges.

The course author has been the CFO, SVP of Finance, or Director of Operations of companies with just a few employees to companies with $3 billion in assets and hundreds of employees. He's led, facilitated, or participated in the budgeting process many times.  

Better Budgeting: Budgeting for Better Decisions (10 Hrs)
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Suggested Courses

Budgeting consumes a massive amount of time and resources. It's a stressful and busy time.

Are there ways to improve the effectiveness of the investment we make in the budget process? Can we make better budgeting decisions that lead to higher performance?

There are options within and beyond traditional budgeting. Each company should consider these options and decide which could improve their budgeting process. Budgeting has many benefits that we can continue to capture and build upon.

This online budgeting course starts by outlining the benefits and challenges of budgeting. Throughout this course, I'll provide tips and alternative budget systems that can mitigate these challenges and capture more benefits.

Next, you'll learn or revisit some foundational concepts for budgeting. I'll build on these to show the pros and cons of later budgeting tips, ideas, and alternatives.

The master budget is a collection of many sub-budgets. I'll show how these fit together to form an aligned plan to achieve a company's strategic goals. There's a method to the madness of when different types of assumptions and calculations are layered into the budget. However, the process is not entirely sequential. It abounds with iterative loops.

The third section walks step-by-step through the budget formation process. The purpose and role of the budget can best be explained in the context of strategic planning. We'll explore which analyses can be done throughout the year to take pressure off the very busy budgeting season. Some lessons cover the nuts and bolts of budget reporting and budgeting tools.

I'll explore a series of budgeting alternatives in the final section of the course. We'll look at rolling forecasts, zero-based budgeting, activity-based budgeting, and many others. We'll also look at operating without a budget. Each alternative has pros and cons that I'll list.

Each lesson in this section gives an overview of the budget alternative to help you decide whether you want to pursue that alternative further. Even if you don't fully adopt these alternatives, you can find ideas to improve your budgeting process.

The online budgeting course concludes by revisiting budgeting process challenges and how the tips and alternatives presented in the course can address or mitigate those challenges.

The course author has been the CFO, SVP of Finance, or Director of Operations of companies with just a few employees to companies with $3 billion in assets and hundreds of employees. He's led, facilitated, or participated in the budgeting process many times.  

Better Budgeting: Budgeting for Better Decisions (10 Hrs)
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Similar Courses

Budgeting consumes a massive amount of time and resources. It's a stressful and busy time.

Are there ways to improve the effectiveness of the investment we make in the budget process? Can we make better budgeting decisions that lead to higher performance?

There are options within and beyond traditional budgeting. Each company should consider these options and decide which could improve their budgeting process. Budgeting has many benefits that we can continue to capture and build upon.

This online budgeting course starts by outlining the benefits and challenges of budgeting. Throughout this course, I'll provide tips and alternative budget systems that can mitigate these challenges and capture more benefits.

Next, you'll learn or revisit some foundational concepts for budgeting. I'll build on these to show the pros and cons of later budgeting tips, ideas, and alternatives.

The master budget is a collection of many sub-budgets. I'll show how these fit together to form an aligned plan to achieve a company's strategic goals. There's a method to the madness of when different types of assumptions and calculations are layered into the budget. However, the process is not entirely sequential. It abounds with iterative loops.

The third section walks step-by-step through the budget formation process. The purpose and role of the budget can best be explained in the context of strategic planning. We'll explore which analyses can be done throughout the year to take pressure off the very busy budgeting season. Some lessons cover the nuts and bolts of budget reporting and budgeting tools.

I'll explore a series of budgeting alternatives in the final section of the course. We'll look at rolling forecasts, zero-based budgeting, activity-based budgeting, and many others. We'll also look at operating without a budget. Each alternative has pros and cons that I'll list.

Each lesson in this section gives an overview of the budget alternative to help you decide whether you want to pursue that alternative further. Even if you don't fully adopt these alternatives, you can find ideas to improve your budgeting process.

The online budgeting course concludes by revisiting budgeting process challenges and how the tips and alternatives presented in the course can address or mitigate those challenges.

The course author has been the CFO, SVP of Finance, or Director of Operations of companies with just a few employees to companies with $3 billion in assets and hundreds of employees. He's led, facilitated, or participated in the budgeting process many times.  

Better Budgeting: Budgeting for Better Decisions (10 Hrs)
Suggested Courses

Budgeting consumes a massive amount of time and resources. It's a stressful and busy time.

Are there ways to improve the effectiveness of the investment we make in the budget process? Can we make better budgeting decisions that lead to higher performance?

There are options within and beyond traditional budgeting. Each company should consider these options and decide which could improve their budgeting process. Budgeting has many benefits that we can continue to capture and build upon.

This online budgeting course starts by outlining the benefits and challenges of budgeting. Throughout this course, I'll provide tips and alternative budget systems that can mitigate these challenges and capture more benefits.

Next, you'll learn or revisit some foundational concepts for budgeting. I'll build on these to show the pros and cons of later budgeting tips, ideas, and alternatives.

The master budget is a collection of many sub-budgets. I'll show how these fit together to form an aligned plan to achieve a company's strategic goals. There's a method to the madness of when different types of assumptions and calculations are layered into the budget. However, the process is not entirely sequential. It abounds with iterative loops.

The third section walks step-by-step through the budget formation process. The purpose and role of the budget can best be explained in the context of strategic planning. We'll explore which analyses can be done throughout the year to take pressure off the very busy budgeting season. Some lessons cover the nuts and bolts of budget reporting and budgeting tools.

I'll explore a series of budgeting alternatives in the final section of the course. We'll look at rolling forecasts, zero-based budgeting, activity-based budgeting, and many others. We'll also look at operating without a budget. Each alternative has pros and cons that I'll list.

Each lesson in this section gives an overview of the budget alternative to help you decide whether you want to pursue that alternative further. Even if you don't fully adopt these alternatives, you can find ideas to improve your budgeting process.

The online budgeting course concludes by revisiting budgeting process challenges and how the tips and alternatives presented in the course can address or mitigate those challenges.

The course author has been the CFO, SVP of Finance, or Director of Operations of companies with just a few employees to companies with $3 billion in assets and hundreds of employees. He's led, facilitated, or participated in the budgeting process many times.  

Better Budgeting: Budgeting for Better Decisions (10 Hrs)
Course Details

Breaking Down Key U.S. GAAP Standards and SEC Filing Requirements (Course Id 2515)

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Author : Kelen Camehl, CPA, MBA
Course Length : Pages: 413 ||| Word Count: 15,5453 ||| Review Questions: 72 ||| Final Exam Questions: 120
CPE Credits : 24.0
IRS Credits : 0
Price : $145.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry
Technical Designation: Technical
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 2515

Description :

This course provides an overview of key U.S. GAAP accounting principles and SEC reporting requirements, focusing on topics that are important for financial reporting professionals. Participants will explore the presentation of financial statements, including the balance sheet, income statement, cash flow, discontinued operations, segment reporting, as well as Accounting Standards Updates (ASUs), accounting estimates, accounting principle changes, and error corrections. Key U.S. GAAP areas such as revenue recognition, leasing, business combinations, goodwill, software (both internal use and resale), held-for-sale assets, loss contingencies, guarantees, derivatives, hedge accounting, blockchain, and crypto assets will be covered. This course also addresses important SEC Regulations, Form 8-K & Form 10-K requirements, as well as best practices related to MD&A and non-GAAP financial measures. 

Usage Rank : 15000
Release : 2025
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 20-Mar-2025
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - NASBA Registry - 2515

Keywords : Accounting, Breaking, Down, Key, US, GAAP, Standards, SEC, Filing, Requirements, cpe, cpa, online course
Learning Objectives :

Chapter 1
Financial Statement Presentation

Upon completion of this chapter, you will be able to:
  • Recognize overall financial statement presentation requirements
  • Identify requirements for discontinued operations
  • Determine when certain balance sheet accounts can be offset
  • Identify presentation requirements for the income statement and comprehensive income
  • List the different methods used for statement of cash flow presentation
  • Differentiate between operating, financing, and investing activities in the statement of cash flows

Chapter 2
Understanding Accounting Standards Updates (ASUs)

Upon completion of this chapter, you will be able to:
  • Identify standard elements included within each FASB ASU
  • Distinguish between different transition requirements
  • Recognize SEC disclosure requirements relating to pending ASUs
  • Identify best practices for effectively tracking ASUs

Chapter 3
Use of Accounting Estimates

Upon completion of this chapter, you will be able to:
  • Identify key areas in U.S. GAAP where accounting estimates are required
  • Recognize the potential risks and challenges associated with accounting estimates
  • Differentiate between the proper use of estimates and instances of misuse or manipulation
  • Determine the impact of inaccurate accounting estimates on financial statements

Chapter 4
Accounting Principle Changes

Upon completion of this chapter, you will be able to:
  • List the different types of accounting changes and how they affect an entity’s financial statements
  • Differentiate between the requirements for the different types of accounting changes
  • Identify disclosure requirements related to changes in accounting principles

Chapter 5
Accounting Error Corrections

Upon completion of this chapter, you will be able to:
  • Identify the steps involved in the required assessment for a correction of an error
  • Differentiate between the iron curtain and rollover methods for quantifying a correction of an error
  • Recognize the different types of restatements required as a result of accounting changes

Chapter 6
Revenue Recognition

Upon completion of this chapter, you will be able to:
  • List the five steps involved in the new revenue recognition model
  • Recognize the considerations involved in identifying whether a contract exists
  • Identify the considerations involved with measuring the transaction price
  • Recognize the steps involved in allocating the transaction price to performance obligations

Chapter 7
Leasing Transactions

Upon completion of this chapter, you will be able to:
  • Determine whether an arrangement contains a lease
  • Identify the criteria for finance leases and short-term leases
  • Recognize the recognition and measurement requirements for both lessees and lessors
  • Identify the requirements related to lease modifications
  • Identify presentation and disclosure requirements for both lessees and lessors

Chapter 8
Business Combination Transactions

Upon completion of this chapter, you will be able to:
  • Identify the definition of a business as it relates to a business combination transaction
  • List the steps involved in the acquisition method
  • Recognize how to measure goodwill and gains from bargain purchases
  • Recognize financial statement disclosures related to business combinations

Chapter 9
Goodwill

Upon completion of this chapter, you will be able to:
  • Recognize overall characteristics of goodwill impairment testing
  • Differentiate between the qualitative and quantitative test of goodwill impairment
  • Identify key characteristics of the accounting alternative for goodwill
  • List the key disclosure requirements for goodwill and goodwill impairment losses

Chapter 10
Internal-Use Software

Upon completion of this chapter, you will be able to:
  • Distinguish between software that is considered internal-use and not considered internal-use
  • Recognize how implementation costs are accounted for in various stages of software development
  • Identify when capitalization and amortization should commence
  • Recognize how implementation costs of hosting arrangements are accounted for differently

Chapter 11
Software for Resale

Upon completion of this chapter, you will be able to:
  • Recognize software that is within the scope of ASC Topic 985-20
  • Identify how software costs are recorded prior to and after establishing technological feasibility
  • Recognize how amortization is recorded for capitalized software costs
  • Identify general disclosure requirements related to software for resale

Chapter 12
Held for Sale Assets

Upon completion of this chapter, you will be able to:
  • List the specific criteria that must be met for an asset to be classified as held for sale
  • Recognize the accounting and reporting impacts from held for sale classification
  • Identify potential reporting impacts from changes to a plan of sale

Chapter 13
Litigation

Upon completion of this chapter, you will be able to:
  • Identify when to accrue a liability for litigation-related contingencies under ASC 450-20
  • Differentiate between probable, reasonably possible, and remote litigation outcomes
  • Recognize the role of legal counsel in the litigation process
  • Identify the appropriate financial statement disclosures for litigation-related contingencies

Chapter 14
Accounting for Guarantees

Upon completion of this chapter, you will be able to:
  • Identify the primary types of guarantees
  • Recognize the guarantees that are within the scope of ASC Topic 460
  • Identify the recognition, measurement, and subsequent measurement requirements of guarantees
  • Recognize key disclosure requirements for guarantees

Chapter 15
Derivatives

Upon completion of this chapter, you will be able to:
  • Identify the various types of derivatives and their key characteristics
  • Recognize the strategic role of derivatives in financial risk management
  • Determine the financial reporting implications of using derivatives in an organization's financial statements

Chapter 16
Hedge Accounting

Upon completion of this chapter, you will be able to:
  • Distinguish fair value, cash flow, and net investment hedges in practice
  • Determine key steps in hedge accounting: designation, documentation, and effectiveness testing
  • Differentiate how fair value, cash flow, and net investment hedges mitigate financial risks

Chapter 17
Blockchain

Upon completion of this chapter, you will be able to:
  • Identify key components and concepts of blockchain technology
  • Recall steps in blockchain transactions and consensus mechanisms
  • Distinguish between blockchain and traditional databases
  • Recognize use cases of blockchain for CPAs

Chapter 18
Crypto Assets

Upon completion of this chapter, you will be able to:
  • Recognize the criteria for determining what constitutes a crypto assets based on U.S. GAAP
  • Identify the recognition requirements for crypto assets
  • Recognize the way in which crypto assets are presented on an entity’s financial statements
  • Identify disclosure requirements with respect to crypto assets

Chapter 19
Important SEC Regulations Accountants Should Know

Upon completion of this chapter, you will be able to:
  • Identify key requirements related to the Securities Act of 1933 and Securities Exchange Act of 1934
  • Recognize specific requirements included in Regulations S-X, S-K, and FD
  • Distinguish between requirements included in Regulation S-X and S-K

Chapter 20
Segment Reporting

Upon completion of this chapter, you will be able to:
  • Identify key characteristics of operating segments and the chief operating decision maker
  • Identify the quantitative thresholds used for reportable segments
  • Recognize disclosure requirements for reportable segments as well as entity-wide disclosures

Chapter 21
Form 8-K

Upon completion of this chapter, you will be able to:
  • Recognize the overall purpose of the Form 8-K
  • Identify the filing deadline for Form 8-K triggering events
  • Identify triggering events that require the filing of a Form 8-K
  • Recognize overall disclosures requirements for a Form 8-K

Chapter 22
Form 10-K

Upon completion of this chapter, you will be able to:
  • Identify the key components of SEC Form 10-K and their relevance to financial reporting.
  • Recognize the regulatory requirements and compliance aspects associated with filing Form 10-K.
  • Distinguish between the filing deadlines for Form 10-K and the consequences of non-compliance
  • Recognize the significance of Form 10-K for investors and stakeholders

Chapter 23
Management’s Discussion & Analysis (MD&A)

Upon completion of this chapter, you will be able to:
  • Identify key elements of MD&A
  • Distinguish between liquidity and capital resources in MD&A
  • Recognize best practices for drafting effective MD&A disclosures
  • Identify common challenges in MD&A reporting
  • Recognize the significance of critical accounting estimates in MD&A

Chapter 24
Non-GAAP Financial Measures

Upon completion of this chapter, you will be able to:
  • Differentiate between a GAAP financial measure and a non-GAAP financial measure
  • Recognize examples of different types of non-GAAP financial measures
  • Identify which SEC guidance is applicable to different types of non-GAAP financial measures
  • Recognize disclosures within the scope of Regulation G
  • Identify key requirements included within both Regulation G and Regulation S-K related to these measures

Course Contents :

Chapter 1 - Financial Statement Presentation

Learning Objectives

Chapter Overview

Introduction

Presentation of Financial Statements

Going Concern

Balance Sheet Presentation

Income Statement

Statement of Cash Flow

A Closer Look at Cash, Cash Equivalents & Restricted Cash

Classifying Cash Flows

Investing Activities

Financing Activities

Operating Activities

Multiple Classifications

Gross vs. Net Presentation

Direct Method vs. Indirect Method

Noncash Investing & Financing Activity

Conclusion

Review Questions

Chapter 2 - Understanding Accounting Standards Updates (ASUs)

Learning Objectives

Chapter Overview

Introduction

What is an ASU and What’s Included?

Where Do I Find the ASUs?

What is Included in Each ASU?

Basis for Conclusions

Other Helpful Resources (i.e., Firm Interpretations)

Preparing for and Implementing Amendments from ASUs

Step 1 – Stay Informed

Step 2 – Determine Applicability/Materiality

Step 3 – Evaluate Options

Step 4 – Assess Disclosures and Benchmark

Step 5 – Track, Update, and Adopt

Conclusion

Review Questions

Chapter 3 - Use of Accounting Estimates

Learning Objectives

Chapter Overview

Introduction

Risks & Challenges in Using Estimates

Examples of Key Estimates

Fair Value Measurements

Impairment of Goodwill and Other Intangible Assets

Contingent Liabilities

Revenue Recognition

Pension and Other Post-Retirement Benefits

Income Taxes

Allowance for Doubtful Accounts

Stock-Based Compensation

Asset Retirement Obligations

Conclusion

Review Questions

Chapter 4 - Accounting Principle Changes

Learning Objectives

Chapter Overview

Introduction

Changes in Accounting Principle

Accounting for the Change in Accounting Principle

Justifying a Change in Accounting Principle

Change in Accounting Principle – Illustrative Example

Disclosures Required for Changes in Accounting Principles

Change in Accounting Estimate

Change in Reporting Entity

Accounting Standards Updates

Conclusion

Review Questions

Chapter 5 - Accounting Error Corrections

Learning Objectives

Chapter Overview

Introduction

Approach to Correcting Errors

Determining if an Error Exists

Materiality

Reporting the Error

Internal Control Considerations

Conclusion

Review Questions

Chapter 6 - Revenue Recognition

Learning Objectives

Chapter Overview

Introduction

Scope of ASC 606

The Main Provisions

Step 1: Identify the Contract(s) with a Customer

Step 2: Identify the Performance Obligations in the Contract

Step 3: Determine the Transaction Price

Step 4: Allocate Transaction Price to Performance Obligations

Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation

Conclusion

Review Questions

Chapter 7 - Leasing Transactions

Learning Objectives

Chapter Overview

Introduction

Lease Identification

Lease Classification for a Lessee

Short Term Leases

Recognition and Measurement

Lease vs. Nonlease Components

Measuring the Lease Payment

Determining the Lease Term

Measuring the Right-of-Use Asset & Lease Liability

Determining the Discount Rate

Subsequent Measurement Requirements

Finance Leases

Operating Leases

Illustrative Example – Lessee Accounting

Lessor Accounting

Lease Modifications

Sale and Leaseback Transactions

Presentation Requirements

Balance Sheet

Income Statement

Statement of Cash Flows

Financial Statement Disclosures

Lessee Disclosures

Lessor Disclosures

Conclusion

Review Questions

Chapter 8 - Business Combination Transactions

Learning Objectives

Chapter Overview

Introduction

Definition of a Business

The Acquisition Method

Step 1: Identifying the Acquirer

Step 2: Determining the Acquisition Date

Step 3: Recognizing and measuring the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree

Business Combination Achieved in Stages

Step 4: Recognizing and Measuring Goodwill or Gain from a Bargain Purchase

Measurement Period

Subsequent Measurement

Financial Statement Disclosures

Reverse Acquisitions

Asset Acquisition vs. Business Combination

Conclusion

Review Questions

Chapter 9 - Goodwill

Learning Objectives

Chapter Overview

Introduction

Overall Accounting for Goodwill

Impairment Testing Requirements

Qualitative vs. Quantitative

Performing the Qualitative Test

Performing the Quantitative Test

Goodwill Impairment Accounting Alternative

Goodwill Disclosures for Public Entities

Goodwill Disclosures for Accounting Alternative

Conclusion

Review Questions

Chapter 10 - Internal-Use Software

Learning Objectives

Chapter Overview

Introduction

What is and is not Internal-Use Software?

Scope of Internal-Use Software Guidance

Stages of Software Development

Preliminary Project Stage

Application Development Stage

Postimplementation-Operation Stage

Upgrades & Enhancements

Commencement of Capitalization

Amortization – Non-Cloud Based Arrangements

Amortization – Cloud Based Arrangements

Impairment Considerations

From Internal-Use to External

Presentation Requirements

Disclosure Requirements

Conclusion

Review Questions

Chapter 11 - Software for Resale

Learning Objectives

Chapter Overview

Introduction

Scope

Technological Feasibility

Costs Incurred After Technological Feasibility

Production Costs

Inventory Costs

Purchased Software for Resale

Funded Software Development Arrangements

Amortization of Capitalized Costs

Conclusion

Review Questions

Chapter 12 - Held for Sale Assets

Learning Objectives

Chapter Overview

Introduction

Held for Sale Criteria

Criterion #1 – Commitment to a Sale

Criterion #2 – Available for Immediate Sales in its Present Condition

Criterion #3 – Active Program to Locate Buyer

Criterion #4 – Sale of Asset is Probable & Completed Within One Year

Criterion #5 – Actively Marketed at a Price Reasonable in Relation to Current Fair Value

Criterion #6 – Significant Changes to Plan of Sale is Unlikely

Held for Sale Classification After the Balance Sheet Date

Impacts from Held for Sale Classification

Measuring Held for Sale Assets

Depreciation Impacts

Changes to the Plan of Sale

Conclusion

Review Questions

Chapter 13 - Litigation

Learning Objectives

Chapter Overview

Introduction

Types of Legal Disputes

Why Accurate Evaluation Matters

Relevant U.S. GAAP Standards

Probability of Litigation Outcomes

Evaluating the Probability of Litigation Outcomes

Function of Legal Counsel

Asserted vs. Unasserted Claims

Recognition and Measurement of Legal Contingencies

Gain Contingencies

Financial Statement Disclosures

Conclusion

Review Questions

Chapter 14 - Accounting for Guarantees

Learning Objectives

Chapter Overview

Introduction

Scope of ASC Topic 460

Measurement of Guarantees

Recognition of Guarantees

Subsequent Measurement

Guarantee Disclosures

Conclusion

Review Questions

Chapter 15 - Derivatives

Learning Objectives

Chapter Overview

Introduction

What Are Derivatives?

Basic Concepts

Underlying Asset

Types of Derivatives

Hedging vs. Speculation

Leverage

Margins

Strike Price and Expiration Date

Premium

In-the-Money (ITM), At-the-Money (ATM), Out-of-the-Money (OTM)

Derivative Markets

Risk Management

Applicable Regulations

Why do Companies use Derivatives?

Conclusion

Review Questions

Chapter 16 - Hedge Accounting

Learning Objectives

Chapter Overview

Introduction

Hedge Accounting vs. Traditional Accounting

Types of Hedges

Fair Value Hedge

Cash Flow Hedges

Net Investment Hedges

Hedge Accounting Steps

Designation & Documentation

Effectiveness Testing

Conclusion

Review Questions

Chapter 17 - Blockchain

Learning Objectives

Chapter Overview

Introduction

Historical Development

Blockchain Key Concepts

Blockchain vs. AI

Blockchain vs. Traditional Databases

How Blockchain Works

Transaction Process

Consensus Mechanisms

How Can CPAs Use Blockchain Technology

Conclusion

Review Questions

Chapter 18 - Crypto Assets

Learning Objectives

Chapter Overview

Introduction

Overview of Crypto Assets

U.S. GAAP Guidance

Scope Criteria for Crypto Assets

#1 – Meet the Definition of an Intangible Asset

#2 – No Enforceable Rights or Claims Related to Goods & Services

#3 – On Distributed Ledger Based on Blockchain (or Similar) Technology

#4 – Secured Through Cryptography

#5 – Fungibility

#6 – Not Created/Issued by the Reporting Entity (or Related Parties)

Scope Application Examples

Recognition of Crypto Assets

Presentation Requirements

Disclosure Requirements

Private Company Considerations

Conclusion

Review Questions

Chapter 19 - Important SEC Regulations Accountants Should Know

Learning Objectives

Chapter Overview

Introduction

Securities Act of 1933

Securities Exchange Act of 1934

Securities Act of 1933 vs. Securities Exchange Act of 1934

Regulation S-X

Regulation S-K

Regulation Fair Disclosure (FD)

Sarbanes Oxley Act

Conclusion

Review Questions

Chapter 20 - Segment Reporting

Learning Objectives

Chapter Overview

Introduction

Overview of ASC 280

Scope of ASC 280

Operating Segment Determination

Reportable Segments

Illustrative Example

Required Disclosures for Reportable Segments

Entity Wide Disclosures

Conclusion

Review Questions

Chapter 21 - Form 8-K

Learning Objectives

Chapter Overview

Introduction

Purpose of the SEC Form 8-K

Filing Deadline for SEC Form 8-K

Form 8-K Filing Events

Section 1 - Registrant’s Business and Operations

Item 1.01 – Entry into a Material Definitive Agreement

Item 1.02 – Termination of a Material Definitive Agreement

Item 1.03 – Bankruptcy or Receivership

Item 1.04 – Mine Safety – Reporting of Shutdowns and Patterns of Violations

Section 2 – Financial Information

Item 2.01 – Completion of Acquisition or Disposition of Assets

Item 2.02 – Results of Operations and Financial Condition

Item 2.03 – Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

Item 2.04 – Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

Item 2.05 – Costs Associated with Exit or Disposal Activities

Item 2.06 – Material Impairments

Section 3 – Securities and Trading Markets

Item 3.01 – Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.02 – Unregistered Sales of Equity Securities

Item 3.03 – Material Modification to Rights of Security Holders

Section 4 – Matters Related to Accountants and Financial Statements

Item 4.01 – Changes in Registrant’s Certifying Accountant

Section 5 – Corporate Governance and Management

Item 5.01 – Changes in Control of Registrant

Item 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Item 5.03 – Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

Item 5.05 – Amendments to the Registrant’s Code of Ethics, or Waiver of a Provision of the Code of Ethics

Section 6 – Asset-Backed Securities

Section 7 – Regulation FD

Item 7.01 – Regulation FD Disclosure

Section 8 – Other Events

Item 8.01 – Other Events

Section 9 – Financial Statements and Exhibits

Item 9.01 – Financial Statements and Exhibits

Conclusion

Review Questions

Chapter 22 - Form 10-K

Learning Objectives

Chapter Overview

Introduction

Purpose of SEC Form 10-K

Historical Background of SEC Form 10-K

Comparison with Other SEC Filings

Key Regulatory Requirements

Filing Deadlines & Compliance

SEC Review Process

Conclusion

Review Questions

Chapter 23 - Management’s Discussion & Analysis (MD&A)

Learning Objectives

Chapter Overview

Purpose and Importance of MD&A

SEC Requirements Related to MD&A

Liquidity and Capital Resources

Results of Operations

Critical Accounting Estimates

SEC’s Watchful Eye on MD&A

Best Practices for Drafting MD&A

Common Challenges in MD&A

Conclusion

Review Questions

Chapter 24 - Non-GAAP Financial Measures

Learning Objectives

Chapter Overview

Introduction

What is a Non-GAAP Financial Measure?

Where Do Non-GAAP Financial Measures Show Up?

Why Do Regulators Care About Non-Financial Measures?

Where Do I Look to For Guidance?

Regulation G

Regulation S-K

SEC Compliance & Disclosure Interpretations

Misleading Concerns

Earnings Management

Prominent Presentation

Tax Impacts

EBIT & EBITDA

Free Cash Flow

Segment Information

The SEC is Watching

Conclusion

Review Questions

Glossary of Key Terms

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