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.
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: | Kelen Camehl |
| Course No: | ACT-GAAPHOT-16924 |
| Recommended CPE: | 16.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting
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Learning Objectives
- 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.
- Identify key characteristics of operating segments.
- Recognize characteristics of the entity’s chief operating decision maker.
- Identify the quantitative thresholds used for reportable segments.
- Recognize disclosure requirements for reportable segments as well as entity-wide disclosures.
- Distinguish between software that is considered internal-use and not considered internal-use.
- Recognize how implementation costs are accounted for in various stages of software development.
- Identify when capitalization and amortization should commence.
- Recognize how implementation costs of hosting arrangements are accounted for differently.
- Recognize software that is within the scope of ASC Topic 985-20.
- Identify how software costs are recorded prior to and after establishing technological feasibility.
- Recognize how amortization is recorded for capitalized software costs.
- Identify general disclosure requirements related to software for resale.
- List the different types of accounting changes and how they affect an entity’s financial statements.
- Differentiate between the requirements for the different types of accounting changes.
- Identify the steps involved in the required assessment for a correction of an error.
- Differentiate between the iron curtain and rollover methods for quantifying a correction of an error.
- Recognize the different types of restatements required as a result of accounting changes.
- Differentiate between a GAAP financial measure and a non-GAAP financial measure.
- Recognize examples of different types of non-GAAP financial measures.
- Identify which SEC guidance is applicable to different types of non-GAAP financial measures.
- Recognize disclosures within the scope of Regulation G.
- Identify key requirements included within both Regulation G and Regulation S-K related to these measures.