GAAP: Comprehensive Guide
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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. Prerequisites: General understanding of GAAP and tax-basis financial statements.
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Course Info:
- Course #: 2005F
- Delivery: Self-Study
- CPE Hours: 16
- Course Level: Basic
- Prerequisites: None
- Advanced Preparation: None
- NASBA Area of Study: Accounting
- Total Pages: 387
- Questions: 80
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Course Objectives
- To recall the accounting treatment for non-monetary exchanges
- To recognize the formula for measuring an impairment of real estate
- To identify the accounting for different types of investments such as securities, investments using the equity method, and partnerships
- To recognize some of the disclosures required for trade receivables
- To recognize how FIFO inventory is valued under the new inventory rules
- To recall certain inventoriable costs
- To recall the GAAP rules to account for an intangible asset with a finite useful life
- To identify the accounting for environmental contamination costs
- To identify examples of costs associated with exit activities
- To recognize how an entity should account for revenue when treated as an agent
- To identify options to avoid having to maintain two depreciation schedules
- To recall how to account for certain lease arrangements
- To recognize how to account for certain transactions on the statement of cash flows
- To identify examples of group concentrations
- To recognize the basic rule for the liquidation basis of accounting
- To recognize some of the results from the new net operating loss rules in tax reform
- To identify the basic accounting for fresh start reporting
- To identify how web development costs are accounted for during certain stages of development
- To recognize when an entity may elect the fair value option and identify some of the eligible items for which the option is available
- To recognize some of the M-1 differences that do not apply to tax-basis financial statements
- To recognize how to account for an accounting change in tax-basis financial statements
- To recall how to account for and present nontaxable and nondeductible items in tax-basis financial statements
- To identify the disclosure requirements for tax-basis financial statements
- To recognize the appropriate and inappropriate financial statement titles for tax-basis financial statements
Table of Contents
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