To provide CPAs and other finance professionals with a clear understanding of the unique accounting and reporting considerations facing nonpublic companies, along with practical guidance for applying recent FASB updates and addressing common challenges.
DETAILED LEARNING OBJECTIVES
• Recognize the course’s distinction between public-company and private-company accounting requirements
• Distinguish SEC reporting requirements from private-company reporting practices
• Identify differences between public-company reporting and special-purpose financial reporting
• Recognize cash flows as a basis for evaluating nonpublic companies
• Identify comparative financial statement requirements under IFRS for SMEs
• Recognize FRF for SMEs as a potential reporting framework for an eligible owner-managed business
• Identify the organization that established the Private Company Council
• Recognize the scope and approval process of PCC accounting alternatives
• Identify the expanded availability of proportional amortization under ASU 2023-02
• Identify the written-terms practical expedient for eligible common-control leases
• Distinguish FRF for SMEs from authoritative US GAAP
• Identify the fair value treatment of contractual sale restrictions on equity securities
• Recognize contractual sale restrictions as characteristics of the holder rather than the security
• Identify creditor disclosure requirements for modifications involving borrowers experiencing financial difficulties
• Identify the ASC 606 measurement requirements for acquired contract assets and liabilities
• Recognize the risk-free discount rate election by class of underlying asset
• Identify disclosures required when applying ASU 2021-08 practical expedients
• Recognize the goodwill triggering-event evaluation alternative under ASU 2021-03
• Identify relevant factors in a reasonable valuation method for equity-classified awards
• Identify disclosures about practical expedients and their estimated effects
• Recognize the cost and complexity concerns addressed by the private-company franchisor expedient
• Distinguish relevant valuation factors from unrelated stock-market measures
• Identify the treatment of goodwill under the general model without an amortization election
• Identify when components may be aggregated into a goodwill reporting unit
• Recognize characteristics used to identify reporting units
• Identify events and circumstances relevant to assessing goodwill impairment
• Recognize the measurement limits of the general goodwill impairment model
• Identify appropriate methods for assigning goodwill to reporting units
• Distinguish potential goodwill impairment indicators from favorable operating developments
• Recognize the optional qualitative assessment for goodwill impairment
• Identify the amortization period available under the private-company goodwill alternative
• Recognize the goodwill amortization alternative available to not-for-profit entities
• Identify the five-year estimated amortization disclosure requirement for intangible assets
• Identify the reporting unit as the unit of account under the general goodwill impairment model
• Recognize when gain contingencies may be recognized
• Identify the general treatment of remote loss contingencies
• Identify the disclosure treatment of reasonably possible loss contingencies
• Recognize the probability threshold for a more-likely-than-not conclusion
• Identify guarantees and indemnifications within the scope of ASC 460
• Distinguish arrangements within ASC 460 from excluded arrangements
• Identify nature-of-operations disclosures under ASC 275
• Recognize the role of professional judgment in assessing materiality
• Identify qualitative factors affecting materiality judgments
• Recognize management’s responsibility for financial statements and correction of material misstatements
• Identify the recognition threshold for uncertain tax benefits
• Identify the conditions for treating a tax position as effectively settled
• Apply the technical-merits recognition threshold for uncertain tax positions
• Identify the input and substantive-process requirements in the definition of a business
• Recognize obtaining control as a defining feature of a business combination
• Identify the acquisition method for business combinations within its scope
• Recognize the complexity of identifying and measuring acquired assets and assumed liabilities
• Identify the new-basis accounting objective for joint ventures at formation
• Identify substantial doubt as the basis for going concern disclosures
• Recognize management’s responsibility for evaluating going concern uncertainties
• Identify the required content of going concern disclosures
