Course description
Elevate your financial reporting expertise with our four-day intensive course on US Generally Accepted Accounting Principles (US GAAP). Essential for entities aiming to go public in the USA or subsidiaries of US companies, this course offers an in-depth understanding of US GAAP principles, with a focus on Financial Accounting Standards Board (FASB) standards found in the Accounting Standards Code (ASC).
Key Highlights:
- Rigorous review of major technical US GAAP requirements within the ASC, including SEC pronouncements
- Interactive sessions with illustrative financial statements and examples
- Insight into current US GAAP, future developments, and the impact of potential changes
- Targeted towards industry controllers, accountants, auditors, and finance professionals
This course addresses questions such as:
- What principles underpin US GAAP?
- What are the key financial statements and disclosures required under US GAAP?
- How are recognition and measurement rules applied to elements in an income statement and balance sheet?
- Key differences between US GAAP and IFRS
- Where to find up-to-date information about US GAAP
- The likely future direction of US GAAP
Upcoming start dates
Suitability - Who should attend?
- Professionals preparing or planning to prepare financial statements under US GAAP
- Employees of US subsidiaries seeking to understand reporting requirements of their parent entities
- Industry controllers, accountants, auditors, and finance professionals looking to solidify their knowledge of US GAAP
Outcome / Qualification etc.
By the end of the course, participants will:
- Gain awareness of US GAAP financial statement requirements, accounting policies, and disclosures
- Articulate US GAAP recognition and measurement rules for assets, liabilities, revenues, and expenses
- Appreciate the impact of recent standards and upcoming changes
- Comprehend complex rules for revenue recognition, financial instruments, fair value, and asset impairment
- Enhance planning opportunities through awareness of likely future US GAAP changes
- Familiarize themselves with information sources for researching US GAAP topics
- Analyze US GAAP financial statements for assessing financial position and performance
Training Course Content
US Financial Reporting
- US GAAP Codification (ASC)
- How the ASC is updated (ASUs)
US GAAP Financial Statements
- Statement of financial position
- Income statement
- Comprehensive income
- Cash flow statement
- Statement of changes in equity
- Discontinued operations
- Subsequent events
- Changes in policies, accounting estimates and errors
- Earnings per share
- Consolidated financial statement requirements, including variable interest entities
Revenue Recognition
- The core principle
- The 5-step model for revenue recognition
- Contract costs
- Application areas
Inventories
- Costs
- Allocation methods
- Valuation
- Disclosures
Overview of Business Combinations
- Purchase consideration
- Contingencies
- Cost allocations
- Goodwill
- Disclosures
Equity Investments and Joint Ventures
- Equity method accounting
- Joint ventures
- Equity investments
Intangible Assets
- Identification
- Recognition and measurement
- Accounting for research and development
- Impairment testing of goodwill
Long-lived Assets
- Cost of fixed assets
- Capitalization of interest
- Asset retirement obligations
- Subsequent expenditures
- Depreciation
- Assets held for sale
- Non-monetary transactions
- Impairment of long-lived assets
- Lease accounting by lessees (capital and operating)
Non-financial liabilities and contingencies
- Definitions
- Contingency accounting and disclosures
- Restructuring provisions
Employee Benefits
- Short-term employee benefits
- Pension cost measurement and presentation
- Share-based payment
Financial Instruments
- Financial assets - classification and accounting treatment)
- The fair value option
- Financial liabilities
- Hedging and hedge accounting
Future Developments
- Current FASB work plan and mainstream agenda items
Researching US GAAP
- Sources of information
- Codification and its impact
Course delivery details
- Group live instruction with interactive participation encouraged
- Review of the rationale and objective for US GAAP standards
- Description and explanation of US GAAP technical requirements in clear and simple language
- Use of financial statements and real-world examples to illustrate practical application of the standards
- All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials
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