Everything You Never Wanted to Know about GAAP
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, tax-basis financial statements.

Course Publication Date: June 21, 2017

This course is available with NO ADDITIONAL FEE if you have an active self study membership or can be purchased for $160.00!

Author:Steven Fustolo
Course No:ACT-GAAP-6047
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
  • 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.
  • 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 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.

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