Course Description

This course focuses on explaining a variety of significant accounting and financial reporting issues related to preparing and fairly presenting financial statements in conformity with U.S. GAAP.  Commonly misapplied concepts and the benefits of electing various accounting alternatives will be addressed.

Major Topics: 

• The latest FASB standard-setting activity, including significant projects on the horizon
• Understand the impact of changing accounting and financial reporting
• Revisiting common areas of concern, such as long-term debt, risk and uncertainty disclosures, lease accounting, revenue recognition, and more
• When and why you should implement the private company U.S. GAAP alternatives  \
• Other accounting and financial reporting matters that should be on your radar

Learning Objectives

• Recognize “hot topics” in accounting and financial reporting
• Recall the major implementation considerations for transitioning to recent changes in accounting standards
• Identify how to avoid commonly misapplied accounting and financial reporting issues
• Distinguish the costs and benefits of electing common practical expedients available within U.S. GAAP

Prerequisites

• Basic knowledge of U.S. GAAP