US GAAP Essentials (30 days, online)

Course code: 2003e

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.

With the convergence projects coming to a close, the US FASB and the IASB have expressed their committment to working together in order to improve transparency, consistency, and comparability of their respective financial reporting rules. US GAAP will therefore continue to have a strong influence on new global GAAP as it is developed. An understanding of US GAAP will also help all firms to implement upcoming changes in accounting standards.

This 30 day eLearning 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
    • New Revenue Recognition standard
  • 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)
    • New Lease Accounting Standard
  • 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
    • New Financial Instruments Standard
  • 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

  • Online learning
  • 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
  • Download the user guide (PDF)

US GAAP Online
Frequently Asked Questions

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eLearning Courses
How the format works

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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

Testimonials

See what past participants said about this course:

I found this course very helpful to get an approach of USGAAP.

Lizbeth Jugo, Peru

I liked so much the materials, they were so interesting and the examples are illustrative. Even English is not my mother language, the explanations materials are understandable.

Who should attend?

  • Accountants, analysts and finance professionals not familiar with US GAAP, and those who are interested in refreshing their US GAAP knowledge. 
  • Accountants employed by first-time adopters of US GAAP and those employed by foreign subsidiaries of US firms.

CPE / CPD Accreditation

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 145,000 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.

Venue

  • Our eLearning courses are designed to allow online interaction with our expert instructors, while covering the same content as our highly popular live training courses.

Instructor(s)

  • Vivek Mande

    Vivek Mande is the Ernst & Young Professor of Accounting at California State University, Fullerton where he was named 2005-2006 Professor of the Year for the College of Business and Economics. He was the 2007-2008 PricewaterhouseCoopers Faculty Fellow, and also Director of the University's Center for Corporate Reporting and Governance (CCRG) which organizes SEC financial reporting conferences for Boards of Directors, audit committees, auditors and accountants. Vivek is an experienced consultant on Sarbanes-Oxley section 404 issues, and has provided training to foreign private issuers on US GAAP issues. He was the 2001-2002 Academic Fellow at the Securities and Exchange Commission (SEC) in Washington DC. As well as research and publication on these topics, Vivek has made presentations on US accounting issues in numerous countries including Taiwan, China, the United Kingdom, Hong Kong, India, Germany and Singapore. He obtained his Ph.D from the Anderson Graduate School of Management, UCLA.

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

1 Nov 2017 Online

Course level:
Overview
CPE / CPD:
24 hours
Start date:
1 Nov 2017
Finish date:
30 Nov 2017
Location:
Online
Price:
GBP 990
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