This course covers a variety of issues related to GAAP including the unusual reporting and disclosure issues that develop in practice such as how to disclose life insurance, leases, catastrophes, and tax-basis financial statements. Most of the course is in a Q&A format.
Course Publication Date:
March 13, 2024
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$160.00!
| Author: | Steven Fustolo |
| Course No: | ACT-GAAP-6044 |
| Recommended CPE: | 16.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | General understanding of U.S. GAAP |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting
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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 the types of information that should be used in computing the allowance account for trade receivables.
- Recognize how FIFO inventory is valued under the inventory rules.
- Recall certain inventoriable costs.
- Recall the GAAP rules to account for an intangible asset with a finite useful life.
- Identify the accounting for environmental contamination costs.
- Identify examples of costs associated with exit activities.
- Recognize how an entity should account for revenue when treated as an agent.
- Identify options to avoid having to maintain two depreciation schedules.
- Recognize how to account for certain transactions on the statement of cash flows.
- Identify examples of group concentrations.
- Recognize some of the results from the net operating loss rules in tax reform.
- Identify the basic accounting for fresh start reporting.
- 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 some of the eligible items for which the option is available.
- Recognize the basic rule for the liquidation basis of accounting.
- Understand How to account for the Pass-Through Entity (PTE) tax in financial statements.
- Recognize some of the M-1 differences that do not apply to tax-basis financial statements.
- Recognize how to account for an accounting change in tax-basis financial statements.
- Recall how to account for and present nontaxable and nondeductible items in tax -basis financial statements.
- Identify the disclosure requirements for tax-basis financial statements.
- Recognize the appropriate and inappropriate financial statement titles for tax-basis financial statements.