GAAP Hot Topics – What You Need to Know
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: May 12, 2022

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-16922
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.

CPE Depot Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Sponsor Number: 109423

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