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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 : |
Generally Accepted Accounting Principles (GAAP)
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 12-Dec-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
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
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| 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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