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GAAP Hot Topics - What You Need to Know
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GAAP Hot Topics - What You Need to Know
Course Description:
This course provides an overview of several of the key accounting and reporting topics within U.S. GAAP. This includes a discussion of accounting for business combinations, revenue recognition principles, and leasing transactions. This course also address topics such as goodwill impairment, segment reporting, how to account for software (both internal-use and for resale) as well as requirements related to accounting changes and error corrections.
Learning Objectives:
Upon successful completion of this course, participants will be able to:
Course Description:
This course provides an overview of several of the key accounting and reporting topics within U.S. GAAP. This includes a discussion of accounting for business combinations, revenue recognition principles, and leasing transactions. This course also address topics such as goodwill impairment, segment reporting, how to account for software (both internal-use and for resale) as well as requirements related to accounting changes and error corrections.
Learning Objectives:
Upon successful completion of this course, participants will be able to:
- Identify the definition of a business as it relates to a business combination transaction
- List the steps involved in the acquisition method
- Identify the acquisition date for a business combination
- Recognize how to measure goodwill and gains from bargain purchases
- Identify the measurement period for business combinations
- Recognize financial statement disclosures related to business combinations
- List the five steps involved in the new revenue recognition model
- Recognize the considerations involved in identifying whether a contract exists
- Identify the considerations involved with measuring the transaction price
- Recognize the steps involved in allocating the transaction price to performance obligations
- Determine whether an arrangement contains a lease
- Identify considerations with respect to substitution rights
- Identify the criteria for the new finance lease and short-term leases
- Recognize the new recognition and measurement requirements for both lessees and lessors
- Identify the requirements related to lease modifications
- Identify presentation and disclosure requirements for both lessees and lessors
- Identify the recognition requirements related to goodwill
- Recognize overall characteristics of goodwill impairment testing
- Differentiate between the qualitative and quantitative test of goodwill impairment
- Identify key characteristics of the accounting alternative for goodwill
- List the key disclosure requirements for goodwill and goodwill impairment losses
Course Number:
KC39
NASBA Field of Study:
Accounting
Level:
Basic
Author/Instructor:
Kelen F. Camehl, CPA, MBA
Publication Date:
January 2025
CPE Credits:
16
KC39
NASBA Field of Study:
Accounting
Level:
Basic
Author/Instructor:
Kelen F. Camehl, CPA, MBA
Publication Date:
January 2025
CPE Credits:
16
Prerequisites:
None
Advanced Preparation:
None
None
Advanced Preparation:
None
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