Everything You Never Wanted To Know About GAAP: 2015 Update (Currently Unavailable)

Author: Steven C. Fustolo

This course is divided into two sections. The purpose of Section I is to review unusual reporting and disclosure issues that develop in practice including questions such as how to disclose life insurance, leases, catastrophes, agreements not to compete, and investments. Section II deals with how to disclose and present OCBOA financial statements.

Publication Date: March 2015

Designed For
Practitioners who need a refresher on GAAP.

Topics Covered

• Common GAAP Q&A
• Revenues and Expenses
• Case study with solutions
• OCBOA:Cash and tax-basis financial statements

Learning Objectives

• Recall the accounting treatment for non-monetary exchanges
• Recognize the formula for measuring an impairment of real estate
• Identify the accounting for different types of investments such as securities, investments using the equity method, and partnerships
• Recognize some of the disclosures required for trade receivables
• Recall inventoriable costs
• Recall the GAAP rules to account for an intangible asset with a finite useful life
• Identify the GAAP treatment for endorsement split dollar arrangements
• Identify the accounting for environmental contamination costs
• Identify examples of costs associated with exit activities
• Recognize the accounting and classification of shipping and handling costs
• Recognize the accounting for vendor sales incentive arrangements and cash rebates from a vendor
• Identify options to avoid having to maintain two depreciation schedules
• Recall how to account for certain lease arrangements including those involving subleases
• Recognize how to account for certain transactions on the statement of cash flows
• Identify examples of group concentrations
• Identify the basic accounting for fresh start reporting
• Recognize some of the M-1 differences that do not apply to tax basis financial statements
• Identify how web development costs are accounted for during certain stages of development
• Recognize when an entity may elect the fair value option and identify the eligible items for which the option is available
• Recognize how to account for an accounting change in income tax basis financial statements
• Recall how to account for and present nontaxable and nondeductible items in income tax basis financial statements
• Identify the disclosure requirements for income tax basis financial statements
• Recognize the appropriate and inappropriate financial statement titles for income tax basis financial statements

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (16 hours)

Program Prerequisites
Basic knowledge of GAAP.

Advance Preparation
None