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US GAAP and SEC Reporting Course

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US GAAP Essentials (30 days, online)

Course Details

Code:2003e
Select a start date for more details
02 Mar - 01 Apr 2020
Online
Level
Overview
CPD
24 Hours
Time
09:00-18:00
Location
Online
Cost
£990.00
Subject to Sales tax for all course purchases made in the UK, Canada and South Africa. (Read more)
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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 online learning 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?

Learning Objectives

  • 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

  • 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.

Topics

  • Module 1: Introduction to US GAAP
    • US Financial Reporting
      • GAAP Codification
    • Conceptual Framework
    • Researching US GAAP
      • Sources of information
      • Codification and its impact
  • Module 2: Financial Statements Fundamentals
    • 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
  • Module 3: Revenue Recognition
    • Recognition criteria
    • Discounting revenue
    • Treatment of multiple deliverables
    • Service revenues
    • Current revenue issues
    • New Revenue Recognition standard
  • Module 4: Current Assets (Inventories)
    • Costs
    • Allocation methods
    • Valuation
    • Disclosures
  • Module 5: Long-Term Assets (Part 1)
    • Intangible Assets
      • Identification
      • Recognition and measurement
      • Accounting for research and development
      • Impairment testing of goodwill
    • 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
  • Module 6: Long-Term Assets (Part 2)
    • Lease accounting (capital and operating)
    • New Lease Accounting Standard
  • Module 7: Financial Instruments
    • Financial assets (categories and accounting treatments)
    • The Fair Value Option
    • Financial liabilities
    • New Financial Instruments Standard
  • Module 8: Liabilities
    • 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
  • Module 9: Equity
    • Equity method accounting
    • Joint ventures
    • Equity investments
  • Module 10: Business Combinations
    • Purchase consideration
    • Contingencies
    • Cost allocations
    • Goodwill and ‘negative goodwill’
    • Disclosures
  • Module 11: Other Topics and Developments
    • Future Developments
      • Update on the IASB-FASB convergence projects
      • Current FASB exposure drafts
      • Project agenda

Teaching Method

This is an online instructor-supported course. The instructor provides support both through a discussion forum and email.

The course is scheduled to run over 30 days and consists of 11 modules. You can take these in any order you like. Each module takes around 1-3 hours to complete and usually includes interactive lessons, a practice quiz, an assignment and a final exam.

Each module will be examined separately to test your understanding of the topic covered. A pass grade requires a score of at least 70%. One re-take is permitted for each exam. Once all 10 modules are completed you will be able to download your Certificate of Course Completion.

Once the four-week period with the instructor has passed, you will continue to have access to the course to enable you to complete it at your own pace. You will have up to a year, if necessary, to pass the exams on each module and gain your course completion certificate.

All course content may be accessed through any device: desktop, laptop, tablet or smartphone so you can learn whenever and wherever you wish.

Try before you buy

Frequently Asked Questions

Instructors

The instructor for this course will be drawn from one of our core faculty of subject matter experts. Further details will be published at the earliest opportunity.

Venue

This is an online training course.

Prerequisites

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