Overview
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.
- goodwill impairment,
- segment reporting,
- how to account for software (both internal-use and for resale)
This course also addresses requirements related to accounting changes and error corrections.
CPE Acceptance
CPE Course For:
CPAs in most states (chart)
Other Professionals (chart)
Not Valid For:
AFSP
EA
Tax Preparer
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Online Course Materials
Fully online PDF materials included in course.
Login to your course to read online / print / save to local drive
Materials include:
- Clickable table of contents
- Learning objectives--each section
- Review questions--each section
- Answers to review questions + explanations
- Glossary of terms used
- Worksheets, forms and examples
- Index with page numbers
* Fully searchable *
Details
Fun CPE Course #: KCX51122
Materials: Online materials
Format: Interactive self-study
Subject: Accounting
Exam questions: Final-80 multiple choice
Document length: 273 pages
Passing score: 70% | Unlimited retakes
Prerequisites: None
Advance prep: None
Course level: Overview
Last reviewed/updated: 10/03/22
Expiration: One year from enrollment
Learning objectives
The objectives of each chapter are as follows.
Chapter 1 – Accounting for Business Combinations
- 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
Chapter 2 – Revenue Recognition
- 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
Chapter 3 – Lease Transactions
- 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
Chapter 4 – Goodwill Impairment
- 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
Chapter 5 – Segment Reporting
- 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
Chapter 6 – Accounting for Software
- 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
Chapter 7 – Accounting Changes and Error Corrections
- 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
Chapter 8 – Non-GAAP Financial Measures
- 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 measure