To provide accountants with a refresher of important GAAP topics. You’ll explore many complex accounting pronouncements and rules using discussion questions, problems and real-life examples from financial statements and disclosures.

• Revenue recognition overview, recent interpretations, transition and adoption of Topic 606
  – Multiple deliverables
  – When sales are consummated and rights of return
  – Consignments and “bill and hold” transactions
  – Net vs. gross
  – Segmenting and combining contracts
• Accounting for leases—summary and adoption of the New Standard
  – Comparison of the old and new standards
  – Lease modifications, variable leases, timing and duration
• Lessee vs. lessor treatments
• Fixed assets: valuation, impairment, asset retirement obligations
• Discontinued operations
• Goodwill—the latest guidance on impairments, amortization, and nonpublic entities
• Materiality: uses and abuses
• Use of “more likely than not”
• The impact of COVID-19

To provide accountants with a refresher of important GAAP topics. You’ll explore many complex accounting pronouncements and rules using discussion questions, problems and real-life examples from financial statements and disclosures.

• Identify the role of intent in regards to a GAAP violation due to materiality

• Identify the primary factors in the determination of materiality

• Identify the party responsible for making adjustments to correct material misstatements

• Identify the purpose of the FASB’s proposed amendment to the ASC in regards to the disclosure section of each topic

• Recognize when the “more-likely-than-not” threshold is considered to be met

• Recognize the advantage of the use of the MLTN standard vs. the higher threshold of FAS 5

• Recognize the threshold for expensing fixed assets

• Recognize fixed assets subject to, and not subject to, depreciation

• Recognize the negative consequences of capitalizing vs. expensing fixed asset costs

• Identify the cost basis of assets held for sale

• Identify at what point a long-lived asset should be considered held for sale

• Identify the issues addressed by FAS 143

• Identify the income statement consequences of the disposition of a retirement obligation

• Identify the applicability of asset retirement obligations to lease contracts

• Identify common long-lived asset impairment test triggers

• Identify the steps for impairment testing of long-lived assets

• Identify the status of disposals qualifying as discontinued operations under ASU 2014-08

• Recognize when it is appropriate to separately account for intangibles other than goodwill and goodwill

• Recognize market related intangibles

• Recognize acquisition scenarios that could result in the recognition of goodwill

• Recognize the unit of account for goodwill impairment testing purposes 

• Identify specified characteristics of reporting units

• Identify the acceptable methodologies for assigning goodwill to reporting units

• Recognize the frequency with which goodwill should be tested for impairment

• Recognize the default goodwill amortization period for those entities electing the private company alternative for a simplified goodwill impairment test

• Identify the changes to accounting for goodwill impairments under ASU 2017-04

• Recognize the impetus behind the introduction of the CECL model

• Identify the financial assets within the scope of the CECL model

• Identify the primary characteristics of the CECL model

• Recognize the appropriate considerations behind a CECL forecast

• Identify the presentation of financial liabilities under the FV option of ASC 825

• Identify those securities now measured at FV with changes in FV going through the income statement

• Recognize debt securities that are carried at amortized cost

• Identify the assumptions used in determining the fair value of nonfinancial assets

• Identify the characteristics of market participants in the context of fair value

• Recognize the characteristics of specified valuation approaches

• Identify the key requirements for issuers under the SEC’s proposed climate-related disclosures

• Identify the issuers that would be subject to an assurance requirement for their Scope 1 and Scope 2 GHG emissions under the SEC’s proposed climate-related disclosures

• Recognize the current perspectives on the SEC’s authority to regulate the accounting for crypto assets

• Recognize the components of the FASB’s current proposal for accounting for crypto assets

• Revenue recognition overview, recent interpretations, transition and adoption of Topic 606
  – Multiple deliverables
  – When sales are consummated and rights of return
  – Consignments and “bill and hold” transactions
  – Net vs. gross
  – Segmenting and combining contracts
• Accounting for leases—summary and adoption of the New Standard
  – Comparison of the old and new standards
  – Lease modifications, variable leases, timing and duration
• Lessee vs. lessor treatments
• Fixed assets: valuation, impairment, asset retirement obligations
• Discontinued operations
• Goodwill—the latest guidance on impairments, amortization, and nonpublic entities
• Materiality: uses and abuses
• Use of “more likely than not”
• The impact of COVID-19