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U.S. GAAP vs. IFRS - Rev Rec and Business Combinations (Course Id 1938)

Updated / QAS / Registry
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Author : Kelen Camehl, CPA, MBA
Course Length : Pages: 22 ||| Review Questions: 6 ||| Final Exam Questions: 10
CPE Credits : 2.0
IRS Credits : 0
Price : $17.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1938

Description :

This course provides an overview of the similarities and key differences between the revenue recognition and business combination standards issued by the FASB and the IASB.  While these standards are similar in many material respects, there are notable differences that are good to understand.  However, this course is not intended to provide an exhaustive discussion of these differences.

Usage Rank : 0
Release : 2021
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
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 - 1938

Keywords : Accounting, US, GAAP, IFRS, Rev, Rec, Business, Combinations, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, you will be able to:
  • List the key steps in the revenue recognition model
  • Recognize the applicable U.S. GAAP and IFRS standard with respect to revenue recognition
  • Identify some of the key differences between ASC Topic 606 and IFRS 15
  • List the key steps in the acquisition method for business combinations
  • Recognize the applicable U.S. GAAP and IFRS standard with respect to business combinations
  • Identify some of the key differences between ASC Topic 805 and IFRS 3
Course Contents :

Chapter 1 - U.S. GAAP vs. IFRS - Rev Rec and Business Combinations

Course Learning Objectives

Course Overview

U.S. GAAP vs. IFRS Why is it Important?

U.S. GAAP vs. IFRS Overall Differences & Similarities

Section 1 - Revenue Recognition - Similarities & Differences


Revenue Recognition Key Principles

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

Assessing Collectibility

Step 2: Identify the Performance Obligations in the Contract

Shipping and Handling

Step 3: Determine the Transaction Price

Noncash Consideration

Presentation of Sales Taxes

Step 4: Allocate Transaction Price to Performance Obligations

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

Other Areas of Difference

Impairment Reversal of Capitalized Contract Costs

Intellectual Property Licensing

Interim Disclosures

Other Key Differences

Review Questions

 Section 2 - Business Combinations Similarities & Differences

Business Combinations Overview

Definition of a Business

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

Acquisition of Contingencies

Contingent Consideration


Noncontrolling Interests

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


Measurement Period Adjustments

Review Questions

Glossary of Key Terms

CPE Accounting Course: https://www.cpethink.com/accounting-cpa-courses
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