Course detail

E-mail a friend with details of this course.
Download a PDF description of this course.

Contents

• Introduction
• Prerequisites
  
• Course Level
  
• Topics
  
• Course Benefits
  
• Teaching Method
  
• Continuing Professional Education
  
• Venue
  
  

Introduction

Go To Top

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

Prerequisites

Go To Top

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

Course Level

Go To Top

Overview

Topics

Go To Top

• 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

Course Benefits

Go To Top

• 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

Teaching Method

Go To Top

• 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

Bring This Course In House

Go To Top

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

Continuing Professional Education (CPE)

Go To Top

24 hours

Venue

Go To Top

All of our Miami seminars take place in 4 star professional conference facilities, usually in city-centre downtown hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are generally sent to all registered participants approximately one month before the event, which include exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided. .