Certified US GAAP Professional

TABLE OF CONTENT

Financial Standards

• What are Financial Standards
• Why financial standards are needed
• Objectives of Financial Reporting
• Characteristics and Limitations of a Financial Report
• IFRS
• GAAP
• US-GAAP

ASC 105 - GAAP History and Hierarchy

• ASC 105 Objective
• US GAAP History
• GAAP Hierarchy
• US GAAP Sources
• US GAAP Assumptions
• Generally Accepted Accounting Principles
• Conceptual Framework
• US GAAP Glossary

ASC 205 - Presentation of Financial Statements

• Terminology
• Materiality
• Liquidation Basis of Accounting
• Qualifications and Reports of Accountants
• General Instructions as to Financial Statements
• Rules of General Application
• Interim Financial Statements
• Discontinued Operations
• Strategic Shift

ASC 210 – Balance Sheet

• Current Assets
• Non-Current Assets
• Current Liabilities
• Non-current Liabilities
• Stockholders’ Equity
• Offsetting

ASC 225 - Income Statement

• Income Statement in Brief
• Methods for Constructing the Income Statement
• Operating Revenues and Expenses
• Non-operating Revenues and Expenses
• GAAP and the Income Statement
• Noncash Items
• Statements of Comprehensive Income
• Unusual or Infrequent Items
• Schedule to File
• Income from Continuing Operations

ASC 230 - Statement of Cash flow

• Cash Flow Brief
• Cash Flow Classification
• Noncash Investing and Financing Activities
• Reporting

ASC 323 - Investments - Equity Method and Joint Ventures

• Revenue and Asset Changes under the Equity Method of Accounting
• Equity Method and GAAP
• Initial Recognition and Measurement
• Recognizing Investee Activity
• Investor-level Adjustments
• Presentation and Disclosure
• ASC 323 Equity Method and JV Brief

ASC 326 - Financial Instruments - Credit Losses

• ASC 326 Introduction
• Assets Measured at Amortized Cost
• Measurement of Expected Losses
• Subsequent Measurement of Expected Credit Losses
• Available-for-Sale Debt Securities

ASC 330 - Inventory

• Inventory Basics
• Inventory Valuation
• Absorption Costing
• Retail Inventory Method
• LIFO System
• Lower of cost or market (LCM)
• Inventory under US-GAAP in Brief

ASC 360 - Property, Plant and Equipment

• PP&E Basics
• PPE under GAAP
• Cost Capitalization
• Asset Acquisitions
• Depreciation and Amortization
• Asset Disposal
• Disclosures
• Property, Plant and Equipment Brief

ASC 405 - Liabilities

• Extinguishment of Liabilities
• Derecognition
• Prepaid Stored-Value Products

ASC 605 - Revenue Recognition

• Important Definitions
• Revenue Recognition Basics
• Identifying the Contract
• Performance Obligations
• Transaction Price
• Recognizing Revenue
• Percentage of Completion Method
• Completed Contract Method (CCM)
• Installment Method
• Cost Recovery Method
• Revenue Recognition Model
• Long Term Construction Contracts
• Services Revenue Recognition
• Revenue Recognition Brief

ASC 810 - Consolidation

• Non-Controlling Interest
• Consolidation Models
• The Variable Interest Entity (VIE)
• The Voting Interest Model
• Partnerships
• Research and Development Arrangements
• Joint Venture

ASC 958 - Not-for-Profit Entities

• Revenues
• Expenses
• Gains and Losses
• Reclassifications

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