GAAP Hot Topics – What You Need to Know

Upon successful completion of this course, participants will be able to:

• Identify the definition of a business as it relates to a business combination transaction
• Recognize steps involved in the acquisition method
• Recognize how assets and liabilities of a business combination are recorded/measured
• Identify how to measure goodwill and gains from bargain purchases
• Identify the measurement period for business combinations
• Recognize the relief afforded to private and not-for-profit entities for business combinations
• List the five steps involved in the 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
• Determine whether an arrangement contains a lease as well as how to classify that lease
• Recognize the recognition and measurement requirements for both lessees and lessors
• Identify the classification criteria for sales-type, direct financing, and operating leases
• Identify the overall requirements for lease modifications
• Recognize the criteria used for sale and leaseback transactions
• Identify the presentation requirements for both lessees and lessors
• 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
• Recognize the key disclosure requirements for goodwill and goodwill impairment losses
• Differentiate between probable, reasonably possible, and remote litigation outcomes
• Identify when to accrue a liability for litigation-related contingencies under ASC 450-20
• Recognize the role of legal counsel in the litigation process
• Identify the appropriate financial statement disclosures for litigation-related contingencies
• 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
• 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
• Differentiate between a GAAP financial measure and a non-GAAPfinancial measure
• Recognize examples of different types of non-GAAPfinancial measures
• Identify which SECguidance 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 measures