This course provides an overview of key U.S. GAAP accounting principles and SEC reporting requirements, focusing on topics that are important for financial reporting professionals. Participants will explore the presentation of financial statements, including the balance sheet, income statement, cash flow, discontinued operations, segment reporting, as well as Accounting Standards Updates (ASUs), accounting estimates, accounting principle changes, and error corrections. Key U.S. GAAP areas such as revenue recognition, leasing, business combinations, goodwill, software (both internal use and resale), held-for-sale assets, loss contingencies, guarantees, derivatives, hedge accounting, blockchain, and crypto assets will be covered. This course also addresses important SEC Regulations, Form 8-K & Form 10-K requirements, as well as best practices related to MD&A and non-GAAP financial measures.

Chapter 9 – Goodwill - Overview

This chapter provides an overview of goodwill impairment testing. The accounting and reporting requirements related to goodwill are prescribed by ASC Topic 350-20. This chapter focuses on topics such as the initial recognition of goodwill and subsequent measurement requirements including the accounting alternative allowed for certain eligible entities.

Chapter 10 – Internal-Use Software - Overview

This chapter provides an overview of the accounting for internal-use software. The accounting and reporting requirements related to internal-use software can be found within ASC Topic 350-40. The primary information addressed within this ASC Topic relates to the development costs that should and should not be capitalized, how those costs are amortized, how they are tested for impairment, as well as presentation and disclosure requirements.

Chapter 11 – Software for Resale - Overview

This chapter provides an overview of the accounting for the costs of software to be sold, leased, or marketed. The accounting, reporting, and disclosure requirements related to this type of software is prescribed by ASC Topic 985-20. This chapter primarily addresses the concept of technological feasibility and how this impacts the cost classification of software development costs.

Chapter 12 – Held for Sale Assets - Overview

This chapter provides a general overview of the six held for sale classification criteria outlined within ASC 360-10. This includes a discussion of the general impacts from held for sale classification as well as subsequent measurement requirements once a long-lived asset has been classified as held for sale. This chapter also addresses how changes to a planned sale impact the measurement and presentation of held for sale assets.

Chapter 13 – Litigation - Overview

This chapter provides an overview of the accounting and financial reporting obligations related to litigation. It covers the classification of litigation outcomes as probable, reasonably possible, or remote, along with guidance on evaluating, recognizing, measuring, and disclosing litigation-related contingencies.

Chapter 14 – Accounting for Guarantees - Overview

This chapter provides an overview of the accounting, reporting, and disclosure requirements related to guarantees. Guarantees are often included within certain purchase agreements, sales agreements, commercial agreements, and many other types of agreements. The U.S. GAAP guidance related to guarantees is prescribed by ASC Topic 460.

Chapter 15 – Derivatives - Overview

This chapter provides CPAs with a general understanding of derivatives in financial management. Participants will explore the fundamentals of derivatives, their strategic role in risk management, and their practical applications. The chapter specifically covers the various types of derivatives, their valuation, and their implications for financial reporting.

Chapter 16 – Hedge Accounting - Overview

This chapter provides CPAs with an overview of hedge accounting. This includes a discussion of the differences between hedge accounting and traditional accounting methods as well as information about fair value, cash flow, and net investment hedges. This chapter also addresses hedge accounting, including designation, documentation, and effectiveness testing.

1. Chapter 1 to 8: Breaking Down Key U.S. GAAP Standards and SEC Filing Requirements - Part 1 (Text Based Course)
2. Chapter 9 to 16: Breaking Down Key U.S. GAAP Standards and SEC Filing Requirements - Part 2 (Text Based Course)
3. Chapter 17 to 24: Breaking Down Key U.S. GAAP Standards and SEC Filing Requirements - Part 3 (Text Based Course)