GAAP Overview – 2017 (16 Hrs)

Course Description

2017 GAAP Overview – 16 hrs. CPE

This course covers a variety of issues related to GAAP including the unusual reporting and disclosure issues that develop in practice such as how to disclose life insurance, leases, catastrophes,  and tax-basis financial statements.

Course Information

Price: $113
Course No. F020
Format: Online pdf (366 pages). Printed book available.
Instructional Delivery Method: QAS Self-Study
Prerequisites: General understanding of GAAP and tax-basis financial statements
Advance Preparation:None
Level: Overview
CPE Credit: 16 hrs.
Field of Study: Accounting
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: March 2017


Upon completion of this course you should be able to:

1 GAAP Q & A – Balance Sheet

  • Recall the accounting treatment for non-monetary exchanges
  • Recognize the formula for measuring an impairment of real estate
  • Identify the accounting for different types of investments such as securities, investments using the equity method, and partnerships
  • Recognize some of the disclosures required for trade receivables
  • Recall inventoriable costs
  • Recall the GAAP rules to account for an intangible asset with a finite useful life
  • Identify the GAAP treatment for endorsement split dollar arrangements
  • Identify the accounting for environmental contamination costs
  • Identify examples of costs associated with exit activitie

2 GAAP Q & A – Revenue and Expenses

  • Recognize the accounting and classification of shipping and handling costs
  • Recognize the accounting for vendor sales incentive arrangements and cash rebates from a vendor
  • Identify options to avoid having to maintain two depreciation schedules
  • Recall how to account for certain lease arrangements including those involving subleases
  • Recognize how to account for certain transactions on the statement of cash flows
  • Identify examples of group concentrations
  • Identify the basic accounting for fresh start reporting
  • Identify how web development costs are accounted for during certain stages of development
  • Recognize when an entity may elect the fair value option and identify the eligible items for which the option is available

3 Tax-Basis Financial Statements

  • Recognize some of the M-1 differences that do not apply to tax-basis financial statements
  • Recognize how to account for an accounting change in tax-basis financial statements
  • Recall how to account for and present nontaxable and nondeductible items in tax -basis financial statements
  • Identify the disclosure requirements for tax-basis financial statements
  • Recognize the appropriate and inappropriate financial statement titles for tax-basis financial statements