US GAAP Essentials (3 days)

Course code: 2003

Introduction

A knowledge of US Generally Accepted Accounting Principles (US GAAP) is vital to those entities that currently are or, plan to be, publicly listed in the US. Subsidiaries of US parent companies also have an important need to understand US GAAP in order to comply with consolidation rules and corporate information requirements.

The US FASB and the IASB are committed to convergence of their respective pronouncements into a common set of global accounting standards in order to provide transparency, consistency, and comparability in financial reporting. US GAAP will therefore have a strong influence on new global GAAP as it is developed. An understanding of US GAAP will help all firms to implement upcoming changes in accounting standards.

This three-day course provides a rigorous review of major technical US GAAP requirements, including pronouncements of:

  • The Financial Accounting Standards Board (FASB)
  • The Securities and Exchange Commission (SEC)

The accounting requirements are presented using illustrative financial statements and examples, with interactive participation from the participants encouraged. In addition to a review of current US GAAP, this program also presents information on likely future pronouncements and the probable impact of their adoption.

This course answers questions such as:

  • What are the current and likely future requirements of US GAAP?
  • How are US GAAP recognition and measurement rules applied?
  • Where can up-to-date information about US GAAP be obtained?
  • When are fair value measurements required?
  • What is the status of the joint IASB-FASB projects

Topics

  • US Financial Reporting
    • GAAP Codification
  • US GAAP Financial Statements
    • Consolidated financial statement requirements, including variable interest entities
    • Statement of financial position
    • Income statement
    • Discontinued operations
    • Changes in policies, accounting estimates and errors
    • Earnings per share
    • Comprehensive income
    • Cash flow statement
    • Statement of changes in equity
  • Revenue Recognition (Current FASB and SEC Requirements)
    • Recognition criteria
    • Discounting revenue
    • Treatment of multiple deliverables
    • Service revenues
    • Current revenue issues
  • Inventories
    • Costs
    • Allocation methods
    • Valuation
    • Disclosures
  • Overview of Business Combinations
    • Purchase consideration
    • Contingencies
    • Cost allocations
    • Goodwill and ‘negative goodwill’
    • Disclosures
  • Equity Investments and Joint Ventures
    • Equity method accounting
    • Joint ventures
    • Equity investments
  • Intangible Assets
    • Identification
    • Recognition and measurement
    • Accounting for research and development
    • Impairment testing of goodwill
  • Long-lived Assets
    • Cost of fixed assets
    • Capitalization of interest
    • Asset retirement obligations
    • Subsequent expenditures
    • Depreciation
    • Assets held for sale
    • Non-monetary transactions
    • Impairment of long-lived assets
    • Lease accounting (capital and operating)
  • Non-financial Liabilities, Contingencies, and Post-balance Sheet Events
    • Definitions
    • Contingency accounting and disclosures
    • Restructuring provisions
    • Subsequent events
  • Employee Benefits
    • Short-term employee benefits
    • Pension cost measurement and presentation
    • Share-based payment
  • Financial Instruments
    • Financial assets (categories and accounting treatments)
    • The Fair Value Option
    • Financial liabilities
  • Future Developments
    • Update on the IASB-FASB convergence projects
    • Current FASB exposure drafts
    • Project agenda
  • Researching US GAAP
    • Sources of information
    • Codification and its impact

Teaching method

  • Live group instruction with interactive participation encouraged
  • Review of the rationale and objective for US GAAP standards
  • Description and explanation of US GAAP technical requirements in clear and simple language
  • Use of financial statements and real-world examples to illustrate practical application of the standards
  • All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Prerequisites

Understanding of basic accounting principles based on any national standards. No advance preparation is required for this course.

Course benefits

  • Learn to apply US GAAP financial statement requirements, including accounting policies and disclosures
  • Implement the US GAAP recognition and measurement rules for assets, liabilities, revenues, expenses, gains and losses
  • Appreciate the impact of recently-issued standards and upcoming changes
  • Understand the complex rules for revenue recognition, financial instruments and asset impairment
  • Determine compliance with other reporting issues
  • Comply with 'fair value' measurement requirements
  • Increase planning opportunities through awareness of likely future US GAAP changes, including prospects for accounting convergence with IFRS.
  • Gain familiarity with information sources for researching US GAAP topics
  • Analyze US GAAP financial statements to determine financial performance

Who should attend?

This course is primarily designed for those who currently prepare or are planning on preparing their financial statements under US GAAP. It is also suitable for those employed by subsidiaries of US parents companies in order to comply with US consolidation rules. The course is designed for industry controllers, accountants, and auditors and finance professionals who want to solidify their knowledge of US GAAP.

CPE / CPD Accreditation

NASBA

IASeminars is registered with the US National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

ICAEW Partner in Learning

IASeminars is proud to have been named as an ICAEW Partner in Learning, working together to offer the ICAEW IFRS Certificate to our clients worldwide. ICAEW (The Institute of Chartered Accountants in England and Wales) is a world leading professional membership organisation that promotes, develops and supports over 140,000 chartered accountants worldwide. CPE certificates obtained from attending IASeminars courses are an ideal way for ICAEW members and others to demonstrate their continuing professional development, provided that the topic is relevant to their learning and development needs.

CFA Institute

IASeminars is an approved Continuing Education training provider of the CFA Institute (the global association of investment professionals) and an official IFRS training partner of that institute. IASeminars is also an approved training provider of the New York Society of Security Analysts, the CFA Society of the UK and of various other CFA societies around the world. As a participant in the CFA Institute Approved-Provider Program, IASeminars has determined that this program qualifies for 21 credit hours. Please use promotion code "CFACPE" when booking via this website, to ensure that CE credit for your participation will be automatically recorded in your CE Diary.

New York State Board of Public Accountancy

IASeminars is registered with the New York State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is: 002546. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.

Texas State Board of Public Accountancy

IASeminars is registered with the Texas State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is: 009689. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.

Venue

  • Our London seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.
  • Our Chicago seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered participants by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.
  • Our Las Vegas seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered participants by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.
  • Our London seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.

Instructor(s)

  • Christopher J. Skousen (USU)

    Christopher J. Skousen, Ph.D. is an Associate Professor of Accountancy in the Jon M. Huntsman School of Business at Utah State University. Dr. Skousen obtained his Ph.D. from Oklahoma State University, and earned his M.B.A. and B.A. in accounting degrees from Utah State University. Prior to obtaining a Ph.D. Dr. Skousen gained public accounting auditing experience with KPMG in Düsseldorf, Germany and Portland, Oregon. He also worked at Squire & Co. in Orem, Utah. In addition to teaching at Utah State, Dr. Skousen has taught accounting at The University of Texas at Arlington, Oklahoma State University, and Brigham Young University-Idaho. He has published several online accounting e-books and published multiple articles in academic journals, including Accounting Horizons, Accounting and the Public Interest, Current Issues in Auditing, Journal of International Financial Management and Accounting, Journal of Forensic Accounting, Review of Accounting & Finance, and other journals.

  • Christopher J. Skousen (USU)

    Christopher J. Skousen, Ph.D. is an Associate Professor of Accountancy in the Jon M. Huntsman School of Business at Utah State University. Dr. Skousen obtained his Ph.D. from Oklahoma State University, and earned his M.B.A. and B.A. in accounting degrees from Utah State University. Prior to obtaining a Ph.D. Dr. Skousen gained public accounting auditing experience with KPMG in Düsseldorf, Germany and Portland, Oregon. He also worked at Squire & Co. in Orem, Utah. In addition to teaching at Utah State, Dr. Skousen has taught accounting at The University of Texas at Arlington, Oklahoma State University, and Brigham Young University-Idaho. He has published several online accounting e-books and published multiple articles in academic journals, including Accounting Horizons, Accounting and the Public Interest, Current Issues in Auditing, Journal of International Financial Management and Accounting, Journal of Forensic Accounting, Review of Accounting & Finance, and other journals.

  • Christopher J. Skousen (USU)

    Christopher J. Skousen, Ph.D. is an Associate Professor of Accountancy in the Jon M. Huntsman School of Business at Utah State University. Dr. Skousen obtained his Ph.D. from Oklahoma State University, and earned his M.B.A. and B.A. in accounting degrees from Utah State University. Prior to obtaining a Ph.D. Dr. Skousen gained public accounting auditing experience with KPMG in Düsseldorf, Germany and Portland, Oregon. He also worked at Squire & Co. in Orem, Utah. In addition to teaching at Utah State, Dr. Skousen has taught accounting at The University of Texas at Arlington, Oklahoma State University, and Brigham Young University-Idaho. He has published several online accounting e-books and published multiple articles in academic journals, including Accounting Horizons, Accounting and the Public Interest, Current Issues in Auditing, Journal of International Financial Management and Accounting, Journal of Forensic Accounting, Review of Accounting & Finance, and other journals.

  • Christopher J. Skousen (USU)

    Christopher J. Skousen, Ph.D. is an Associate Professor of Accountancy in the Jon M. Huntsman School of Business at Utah State University. Dr. Skousen obtained his Ph.D. from Oklahoma State University, and earned his M.B.A. and B.A. in accounting degrees from Utah State University. Prior to obtaining a Ph.D. Dr. Skousen gained public accounting auditing experience with KPMG in Düsseldorf, Germany and Portland, Oregon. He also worked at Squire & Co. in Orem, Utah. In addition to teaching at Utah State, Dr. Skousen has taught accounting at The University of Texas at Arlington, Oklahoma State University, and Brigham Young University-Idaho. He has published several online accounting e-books and published multiple articles in academic journals, including Accounting Horizons, Accounting and the Public Interest, Current Issues in Auditing, Journal of International Financial Management and Accounting, Journal of Forensic Accounting, Review of Accounting & Finance, and other journals.

In House

To bring this course in-house please contact us and we will be pleased to assist

Course details

Course schedule

Select a start date for more details

23 Jun 2014 London

Duration:
3 days
Course level:
Overview
CPE / CPD:
24 hours
Start date:
23 Jun 2014
Start time:
09:00
Finish date:
25 Jun 2014
Finish time:
18:00
Location:
London
Price:
GBP 2,225
Subject to UK VAT (Read more)

18 Aug 2014 Chicago

Duration:
3 days
Course level:
Overview
CPE / CPD:
24 hours
Start date:
18 Aug 2014
Start time:
09:00
Finish date:
20 Aug 2014
Finish time:
18:00
Location:
Chicago
Price:
USD 3,400

10 Nov 2014 Las Vegas

Duration:
3 days
Course level:
Overview
CPE / CPD:
24 hours
Start date:
10 Nov 2014
Start time:
09:00
Finish date:
12 Nov 2014
Finish time:
18:00
Location:
Las Vegas
Price:
USD 3,400

1 Dec 2014 London

Duration:
3 days
Course level:
Overview
CPE / CPD:
24 hours
Start date:
1 Dec 2014
Start time:
09:00
Finish date:
3 Dec 2014
Finish time:
18:00
Location:
London
Price:
GBP 2,225
Subject to UK VAT (Read more)
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