GAAP Refresher Webinar

To provide accountants and other finance professionals 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.

• Income tax disclosure requirements under ASU-2023-09
  – Improvements to income tax disclosures from FASB
     • Effective date and transition
     • Income taxes paid
     • Public business entities vs. private entities
     • Rate reconciliation
     • State and local income taxes
     • Foreign tax effects
     • Valuation allowance
     • Disclosures
  – Practical considerations
     • Withholding taxes and Pillar Two
     • Consideration for foreign branches
     • Materiality
• Internal-use software, cloud costs and technology investments
  – Accounting for internal-use software costs
  – Accounting for cloud costs
  – Technology investments
• Segment reporting and disclosure modernization
  – ASC 280 foundation
  – ASU 2023-07 requirements
  – Implementation challenges
  – Examples and application
• IFRS update: Global reporting trends and US GAAP comparisons
  – Converting from US GAAP to IFRS and vice versa
  – Presentation and disclosure in financial statements
  – The structure and categorization of the statement of profit or loss (income/expenses)
  – Totals and subtotals presented in the statement of profit and loss
  – Principals of aggregation and disaggregation
  – Management-Defined Performance Measures (MPMs)
  – Transition
  – Select differences between IFRS and US GAAP
• Fair value measurement: Liquid assets, digital assets and disclosure pitfalls
  – ASC 820 and illiquid assets
  – Digital assets and emerging investments
  – Disclosure pitfalls and regulatory focus

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.

DETAILED LEARNING OBJECTIVES

• Explain the objectives and scope of ASU 2023-09

• Identify the effective dates and transition methods available under ASU 2023-09

• Apply the jurisdictional disaggregation requirements for income taxes paid

• Calculate the 5% quantitative thresholds for income tax disclosures

• Distinguish the rate reconciliation requirements for public business entities and other entities

• Identify the standardized rate reconciliation categories required by ASU 2023-09

• Explain the disclosure requirements for domestic and foreign pretax income and income tax expense

• Describe the accounting guidance for internal-use software costs under ASC 350-40

• Explain how ASU 2025-06 modernized the accounting model for internal-use software

• Determine when internal-use software capitalization criteria have been met

• Identify software development costs that qualify for capitalization or must be expensed

• Evaluate significant development uncertainty under the probable-to-complete threshold

• Apply ASC 350-40 to cloud computing arrangements and related implementation costs

• Evaluate whether technology and large language model costs qualify for capitalization

• Explain the management approach underlying segment reporting under ASC 280

• Identify the chief operating decision maker and components that qualify as operating segments

• Apply the quantitative thresholds and 75% external revenue test for reportable segments

• Evaluate whether operating segments meet the criteria for aggregation

• Identify significant segment expenses required under ASU 2023-07

• Explain the disclosure requirements for other segment items and single-segment entities

• Identify events that require reassessment of segment reporting conclusions

• Compare the standard-setting structures and general approaches of IFRS and US GAAP

• Explain the first-time adoption requirements of IFRS 1

• Classify income and expenses within the categories established by IFRS 18

• Identify mandatory subtotals and management-defined performance measure disclosures under IFRS 18

• Compare selected IFRS and US GAAP accounting requirements

• Apply the ASC 820 fair value measurement objective and fair value hierarchy

• Evaluate the accounting, valuation, disclosure, and control requirements for difficult-to-price and digital 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