Balance Sheet Reporting: Assets

Course Description:

This course discusses generally accepted accounting principles (GAAP) for assets. It includes a discussion of accounts and loans receivable, inventory, prepaid expenses, fixed assets, capitalized interest, and exchange of assets.
Other topics covered include:

• Impairment of assets
• Involuntary conversion
• Intangibles
• Transfer of financial assets

Learning Objectives:

Upon successful completion of this course, participants will be able to:

• Properly account for and classify assets
• Explain accounting issues related to disposition of accounts and notes receivable
• Outline ASC 310 and 360 guidelines for accounting for impairment of assets
• Describe the effects of inventory errors on the financial statements
• Explain the dollar-value LIFO method
• Explain self-constructed assets and exchange/disposal of assets
• Discuss the accounting treatment for nonmonetary exchanges
• Explain the accounting procedures for depletion of natural resources
• Account for goodwill according to ASC 350
• Present intangible assets and related items