US GAAP Essentials (3 days)

Course code: 2003


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 Financial Accounting Standards Board (FASB) is recognised by the Securities and Exchange Commission (SEC) as the designated accounting standard setter for US public companies. For more than 40 years FASB has established and improved financial accounting and reporting standards. From 2002 until 2014 it worked with the International Accounting Standards Board (IASB) on a series of projects to converge and improve both US GAAP and International Financial Reporting Standards (IFRS). As things currently stand, both standard-setting bodies are working separately on the own agendas.

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?


  • 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
    • 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 Subsequent 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
    • Current FASB proposed Accounting Standards Updates
    • Project agenda
  • Researching US GAAP
    • Sources of information
    • Codification and its impact

Teaching method

  • Group live 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


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
  • Gain familiarity with information sources for researching US GAAP topics
  • Analyze US GAAP financial statements to determine financial performance


See what past participants said about this course:

IASeminars service was overall extremely good. Liked especially the small groups which provides an opportunity for members to network and share experiences. Great learning experience with professionals with diverse knowledge and experience.

Lisa Vassallo, Director Financial Reporting,
Gentherm Automotive Systems Limited

Content and instructors were far better for IASeminars. More comprehensive and far more engaging sessions. This was my first experience of IASeminars and I am very pleased with the quality of training and service I have received. I will definitely look to IASeminars first for my CPE training requirements in the future.

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


IASeminars is registered with the 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: 

Field of study: Accounting

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.

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.


  • Our Toronto 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 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.


  • Richard McCabe

    Richard McCabe (Canada) is a recently retired accounting executive with experience in the utility and energy marketing industries. Richard led his company’s transition from Canadian GAAP to IFRS and provided dual reporting in IFRS and US GAAP, following his company’s recent acquisition by a major US based conglomerate.

    His company was the only Canadian electricity utility that that was able to recognise its regulatory assets and liabilities fully under IFRS. Richard was a participant in witness panels before his company’s regulator to support their biennial rate applications. He was an active member and later the Chair of the Finance and Accounting Committee of the Canadian Electricity Association and was actively involved in the initiative to gain full recognition of a utility’s regulatory assets and liabilities under IFRS.

    As a result of his experience, he was appointed as a member of the Consultative Group to the International Accounting Standards Board on the potential recognition of regulatory assets and liabilities under IFRS. The group has been partially successful to date with the implementation of IFRS 14 and is continuing to work with the IASB towards full recognition.

    Richard is a Chartered Accountant, Scottish and Canadian, and an MBA. Richard has been an Internal Audit Director and a Controller and has held senior positions in the Office of the Auditor General of Alberta and the utility regulator in Alberta, the Alberta Utilities Commission.

  • Robert Phelps BA FCA

    Bob Phelps BA, FCA (United Kingdom) is a trainer of long standing in the business and financial community. He specialises in International Financial Reporting Standards (IFRS), UK GAAP and US GAAP. This has involved him partnering in learning projects with a wide variety of different clients in both the private and public sectors. Working around the world, he has designed and delivered training within varying corporate and national cultures and has gained valuable experience of learners’ needs in what can be very different and challenging contexts.

    Recently he has delivered training courses to range of sectors including banking, insurance, legal, retail, real estate, oil and gas, waste disposal and engineering.

    Bob is a UK Chartered Accountant and was educated at private schools in Trinidad and the UK and at the University of Wales. An experienced accountancy exam tutor, he was formerly involved in the start-up and management of a regional training centre of a national financial training company. Bob’s work also includes training and consulting on financial statement analysis, business valuation and bank prudential regulation.

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

8 May 2019 Toronto

Course level:
24 hours
Start date:
8 May 2019
Start time:
Finish date:
10 May 2019
Finish time:
CAD 3,600
Subject to Canadian GST/HST Ontario (Read more)

15 Jul 2019 London

Course level:
24 hours
Start date:
15 Jul 2019
Start time:
Finish date:
17 Jul 2019
Finish time:
GBP 2,700
Subject to UK VAT (Read more)
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