Accountants who work for or with manufacturing, wholesale and retail companies face a wide variety of challenges, including inventory, revenue recognition and industry-specific issues. This self-study webinar addresses a broad spectrum of issues, including these cutting-edge areas:
- Revenue, expense and liability recognition
- Fraud and earnings management issues
- Receivables, securitizations and financing
- ASC 606 (ASU 2014-09) on Revenue Recognition
- The impact of COVID-19
To provide accountants, auditors and analysts with a comprehensive understanding of the accounting issues that affect manufacturing, wholesale and retail operations. This self-study webinar discusses characteristics, as well as economic and accounting issues, common to these industries to empower financial professionals with the know-how to be highly effective.
- Inventories—valuations and method
- Warranties, guarantees and returns
- Receivables—collectability, financing arrangements and securitizations
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Revenue, earnings management and expense recognition issues
– Timing of transactions
– Specialized forms of sales and financing
– Separability of product, installation, warranty and other sale components
– Advertising, R&D and barter transactions - Revenue recognition: ASC 606, including industry specific guidance, transition, and adoption
- Impairments—tangibles and intangibles, including the latest on goodwill for nonpublic entities
- Asset retirement obligations and FASB Concepts Statement 7
- Special issues for high-tech companies
- Special issues for franchisees and franchisors
- Fraud: prevention, system design and audit issues
- Leases—adopting and following the New Standard
- Consolidations, related parties under common control, clarifying the definition of a business, and push down accounting
- FASB Simplification Initiative
- The impact of COVID-19
• Identify the characteristics of the AIPCA’s FRF for SMEs
• Identify the role of the Private Company Council
• Recognize the current status of the FASB’s codification improvements
• Identify the impact of COVID-19 on lease accounting under the new standard
• Identify the effects of the TCJA of 2017 on specified tax accounts
• Recognize the objectives of the revenue recognition standard
• Recognize which types of contracts would fall outside the scope of ASC 606
• Recognize the criterion for a revenue contract
• Identify the factors that indicate a good or service performance obligation is distinct from other performance obligations
• Identify the ramifications of performance obligations immaterial in the context of the contract
• Identify factors indicating control over a promised good or service
• Recognize the role of the residual approach in estimating selling price
• Recognize the characteristics indicating that an entity should combine two or more contracts
• Recognize the implications of a contract with a significant financing component
• Identify the accounting treatment of costs associated with obtaining a revenue contract
• Identify the implications of the revenue standard on disclosures
• Recognize the factors indicating a product financing arrangement versus a sale of financial assets
• Identify the threshold for application of the uniform capitalization rules
• Identify the inventory measurement methods available after the effective date of ASU 2015-11
• Identify the circumstances indicating a contingent liability should be recognized under FAS 5
• Identify the rules for recognition of an asset retirement obligation
• Recognize the effect of ASU 2014-08 on the income statement presentation of discontinued operations
• Recognize the circumstances under which intangibles other than goodwill and goodwill should be separately accounted for
• Recognize the conditions under which goodwill impairment must be recognized
• Recognize the frequency with which goodwill should be tested for impairment
• Recognize the default amortization period for a private company that elects to adopt the accounting for goodwill alternative
• Identify the implications of ASU 2017-04 on goodwill impairment testing
• Identify, between pledging, assigning and factoring financial assets, those transactions associated with the highest fees and rates
• Recognize the overall impact of the new leasing standard on a lessee’s balance sheet