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GAAP Hot Topics - What You Need to Know (Course Id 2015)

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Author : Kelen Camehl, CPA, MBA
Course Length : Pages: 147 ||| Word Count: 10,2239 ||| Review Questions: 58 ||| Final Exam Questions: 80
CPE Credits : 16.0
IRS Credits : 0
Price : $125.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 2015

Description :

This course provides an overview of several of the key accounting and reporting topics within U.S. GAAP.  This includes a discussion of accounting for business combinations, revenue recognition principles, and leasing transactions.  This course also address topics such as goodwill impairment, segment reporting, how to account for software (both internal-use and for resale) as well as requirements related to accounting changes and error corrections.

Usage Rank : 0
Release : 2022
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 : 18-Jun-2022
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 - Technical - NASBA Registry - 2015

Keywords : Accounting, GAAP, Hot, Topics, Need, Know, cpe, cpa, online course
Learning Objectives :

Chapter 1
Accounting for Business Combinations

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
  • Identify the acquisition date for a business combination
  • Recognize how to measure goodwill and gains from bargain purchases
  • Identify the measurement period for business combinations
  • Recognize financial statement disclosures related to business combinations

Chapter 2
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 3
Lease Transactions

Upon completion of this chapter, you will be able to:
  • Determine whether an arrangement contains a lease
  • Identify considerations with respect to substitution rights
  • Identify the criteria for the new finance lease and short-term leases
  • Recognize the new 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 4
Goodwill Impairment

Upon completion of this chapter, you will be able to:
  • Identify the recognition requirements related to goodwill
  • 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 5
Segment Reporting

Upon completion of this chapter, you will be able to:
  • Identify key characteristics of operating segments
  • Recognize characteristics of the entity’s 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 6
Accounting for 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
  • 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 7
Accounting Changes and Error Corrections

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 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 8
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 - Accounting for Business Combinations

Chapter Learning Objectives

Chapter Overview

Introduction

Definition of a Business

The Acquisition Method

Step 1: Identifying the Acquirer

Step 2: Determining the Acquisition Date

Review Questions

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

Review Questions

Business Combination Achieved in Stages

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

Measurement Period

Subsequent Measurement

Review Questions

Financial Statement Disclosures

Reverse Acquisitions

Asset Acquisition vs. Business Combination

Review Questions

Chapter 2 - Revenue Recognition

Chapter 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

Review Questions

Step 3: Determine the Transaction Price

Step 4: Allocate Transaction Price to Performance Obligations

Review Questions

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

Review Questions

Chapter 3 – Lease Transactions

Chapter Learning Objectives

Chapter Overview

Introduction

Effective Dates for the New Standard

Why Was a Change Necessary?

High Level Summary of ASC 842

Step One – Do you have a Lease?

Lease Existence - Illustrative Examples

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

Review Questions

Subsequent Measurement Requirements

Finance Leases

Operating Leases

Illustrative Example – Lessee Accounting

Lessor Accounting

Lease Modifications

Sale and Leaseback Transactions

Assets under Construction

Review Questions

Presentation Requirements

Balance Sheet

Income Statement

Statement of Cash Flows

Financial Statement Disclosures

Lessee Disclosures

Lessor Disclosures

Transitioning to the New Standard

Practical Expedients

Alternatives Provided to Private Companies

Example Lease Disclosures

Example 1 – HP, Inc.

Example 2 – McDonald’s Corporation

ASUs Released After the New Standard

Post-Adoption Challenges

Review Questions

Chapter 4 - Goodwill Impairment

Chapter Learning Objectives

Chapter Overview

Introduction

Business Combination Refresher

Initial Recognition of Goodwill

Overall Accounting for Goodwill

Impairment Testing Requirements

Qualitative vs. Quantitative

Review Questions

Performing the Qualitative Test

Performing the Quantitative Test

Income Tax Considerations

Goodwill Impairment Accounting Alternative

Goodwill Disclosures for Public Entities

Goodwill Disclosures for Accounting Alternative

Real World Examples of Goodwill Disclosures

Review Questions

Chapter 5 - Segment Reporting

Chapter Learning Objectives

Chapter Overview

Introduction

Overview of ASC 280

Scope of ASC 280

Operating Segment Determination

Reportable Segments

Illustrative Example

Review Questions

Required Disclosures for Reportable Segments

Entity Wide Disclosures

Competitive Harm Considerations

Segment Reporting – Illustrative Examples

Comparison to IFRS 8

Changes on the Horizon?

Review Questions

Chapter 6 - Accounting for Software

Chapter 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

SEC Filing Disclosure Examples

Review Questions

Switching Gears – Software for Resale

Scope

Technological Feasibility

Costs Incurred After Technological Feasibility

Production Costs

Inventory Costs

Purchased Software for Resale

Funded Software Development Arrangements

Amortization of Capitalized Costs

Review Questions

Chapter 7 - Accounting Changes and Error Corrections

Chapter Learning Objectives

Chapter Overview

Introduction

Changes in Accounting Principle

Accounting for the Change in Accounting Principle

Review Questions

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

Review Questions

Accounting for Correction of Errors

Internal Control Considerations

Review Questions

Chapter 8 - Non-GAAP Financial Measures

Chapter Learning Objectives

Chapter Overview

Introduction

What is a Non-GAAP Financial Measure?

Examples of Non-GAAP Financial Measures

Where Do Non-GAAP Financial Measures Show Up?

Review Questions

What Drove the Increase in Use of Non-GAAP Financial Measures

Why Do Regulators Care About Non-Financial Measures?

Where Do I Look to For Guidance?

Regulation G

Review Questions

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

Illustrative Examples – SEC Comment Letters

Review Questions

Glossary of Key Terms

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