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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 : | 35000 |
| Release : | 2025 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Generally Accepted Accounting Principles (GAAP): Definition and Rules
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| 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
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Chapter 12
Chapter 13
Chapter 14
Chapter 15
Chapter 16
Chapter 17
Chapter 18
Chapter 19
Chapter 20
Chapter 21
Chapter 22
Chapter 23
Chapter 24
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| 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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