• Course Information

    Title: GAAP: A to Z, and Everything In Between
    Category: Accounting and Auditing
    Field of Study: Accounting
    Course Code: A015-0255
    CPE Credits: 16.0
    Price: $99.95
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Description

Description:
This course is divided into two sections. The purpose of Section I is to review unusual reporting and disclosure issues that develop in practice including questions such as how to disclose life insurance, leases, catastrophes, agreements not to compete, and investments. Section II deals with how to disclose and present tax basis financial statements.

Delivery Method: Online Interactive Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Course Details

Author: Steven C. Fustolo

Category: Accounting and Auditing

Field of Study: Accounting

Passing Score: 70%

Publication Date: 03/19/2018

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Objectives

Objectives:
Section 1:      GAAP Balance Sheet, Revenue and Expenses
1. Recall the accounting treatment for non-monetary exchanges
2. Recognize the formula for measuring an impairment of real estate
3. Identify the accounting for different types of investments such as securities, investments using the equity method, and partnerships
4. Recognize some of the disclosures required for trade receivables
5. Recall inventoriable costs
6. Recall the GAAP rules to account for an intangible asset with a finite useful life
7. Identify the GAAP treatment for endorsement split dollar arrangements
8. Identify the accounting for environmental contamination costs
9. Identify examples of costs associated with exit activities
10. Recognize the accounting and classification of shipping and handling costs
11. Recognize the accounting for vendor sales incentive arrangements and cash rebates from a vendor
12. Identify options to avoid having to maintain two depreciation schedules
13. Recall how to account for certain lease arrangements including those involving subleases
14. Recognize how to account for certain transactions on the statement of cash flows
15. Identify examples of group concentrations
16. Identify the basic accounting for fresh start reporting
17. Identify how web development costs are accounted for during certain stages of development
18. Recognize when an entity may elect the fair value option and identify the eligible items for which the option is available

Section 2:     Tax Basis Financial Statements
1. Recognize some of the M-1 differences that do not apply to tax basis financial statements
2. Recognize how to account for an accounting change in tax basis financial statements
3. Recall how to account for and present nontaxable and nondeductible items in tax basis financial statements
4. Identify the disclosure requirements for tax basis financial statements
5. Recognize the appropriate and inappropriate financial statement titles for tax basis financial statements

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Profession

NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.

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