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.

US GAAP is here to stay for the foreseeable future. While the US FASB and the IASB are committed to working together on joint projects and developing consistent new standards, the US SEC has concluded that full convergence with IFRS is not feasible at this time. Both the US FASB and IASB have a common goal of providing high quality accounting standards in order to provide transparency, consistency, and comparability in financial reporting. US GAAP will therefore continue to 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 performance obligations
    • Service revenues
    • Current revenue issues
  • Inventories
    • Costs
    • Allocation methods
    • Valuation
    • Disclosures
  • Overview of Business Combinations
    • Purchase consideration
    • Contingencies
    • Cost allocations
    • 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
  • 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.

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 Dubai 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)

  • Kevin R Smith

    Kevin R. Smith, Ph.D. is an Associate Professor of Accountancy in the Woodbury School of Business at Utah Valley University. Dr. Smith obtained his Ph.D. from the University of Arizona, and earned his Master of Accounting (MAcc) degree and Bachelor of Science in accounting degree from Brigham Young University. In addition to teaching at Utah Valley, Dr. Smith has taught accounting courses at the University of Kansas, the University of Arizona, and Brigham Young University. He has published multiple articles in academic, practitioner, and education journals, including the Journal of Business Finance & Accounting, the Chartered Accountants Journal, the Journal of Business and Accounting, Advances in Investment Analysis and Portfolio Management, and other journals.

  • Kevin R Smith

    Kevin R. Smith, Ph.D. is an Associate Professor of Accountancy in the Woodbury School of Business at Utah Valley University. Dr. Smith obtained his Ph.D. from the University of Arizona, and earned his Master of Accounting (MAcc) degree and Bachelor of Science in accounting degree from Brigham Young University. In addition to teaching at Utah Valley, Dr. Smith has taught accounting courses at the University of Kansas, the University of Arizona, and Brigham Young University. He has published multiple articles in academic, practitioner, and education journals, including the Journal of Business Finance & Accounting, the Chartered Accountants Journal, the Journal of Business and Accounting, Advances in Investment Analysis and Portfolio Management, 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.

  • Vivek Mande

    Vivek Mande is the White Nelson 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

13 Jun 2016 London

Duration:
3 days
Course level:
Overview
CPE / CPD:
24 hours
Start date:
13 Jun 2016
Start time:
09:00
Finish date:
15 Jun 2016
Finish time:
18:00
Location:
London
Price:
GBP 2,600
Subject to UK VAT (Read more)

22 Aug 2016 Chicago

Duration:
3 days
Course level:
Overview
CPE / CPD:
24 hours
Start date:
22 Aug 2016
Start time:
09:00
Finish date:
24 Aug 2016
Finish time:
18:00
Location:
Chicago
Price:
USD 3,900

20 Nov 2016 Dubai

Duration:
3 days
Course level:
Overview
CPE / CPD:
24 hours
Start date:
20 Nov 2016
Start time:
09:00
Finish date:
22 Nov 2016
Finish time:
18:00
Location:
Dubai
Price:
GBP 2,600
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