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?