US GAAP Table of Contents


Table of Content
 


Module 1 – Financial Reporting Framework

  • What are Financial Standards
  • Why Financial Standards are Needed
  • Objectives of Financial Reporting
  • Characteristics and Limitations of a Financial Report
  • Overview of IFRS
  • Overview of US GAAP
  • US GAAP vs. IFRS — Key Differences

Module 2 – ASC 105: GAAP History and Hierarchy

  • ASC 105 Objective
  • US GAAP History
  • GAAP Hierarchy
  • US GAAP Sources and Assumptions
  • Conceptual Framework
  • US GAAP Glossary

Module 3 – ASC 205: Presentation of Financial Statements

  • Terminology and Materiality
  • Liquidation Basis of Accounting
  • General Instructions for Financial Statements
  • Interim Financial Statements
  • Discontinued Operations and Strategic Shift

Module 4 – ASC 210: Balance Sheet

  • Current and Non-Current Assets
  • Current and Non-Current Liabilities
  • Stockholders' Equity
  • Offsetting

Module 5 – ASC 220 & 225: Income Statement & Comprehensive Income

  • Income Statement Methods and Structure
  • Operating vs. Non-operating Items
  • Noncash Items
  • Statements of Comprehensive Income
  • Unusual or Infrequent Items
  • Income from Continuing Operations

Module 6 – ASC 260: Earnings Per Share

  • Basic EPS
  • Diluted EPS
  • Antidilutive Securities
  • EPS Disclosures

Module 7 – ASC 230: Statement of Cash Flows

  • Cash Flow Classification
  • Direct vs. Indirect Method
  • Noncash Investing and Financing Activities
  • Reporting Requirements

Module 8 – ASC 323: Investments – Equity Method and Joint Ventures

  • Initial Recognition and Measurement
  • Recognizing Investee Activity
  • Investor-level Adjustments
  • Presentation and Disclosure

Module 9 – ASC 326: Financial Instruments – Credit Losses (CECL)

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

Module 10 – ASC 330: Inventory

  • Inventory Basics and Valuation Methods
  • FIFO, Weighted Average, and LIFO
  • Absorption Costing and Retail Inventory Method
  • Lower of Cost or Net Realizable Value (LCNRV)
  • LCM under LIFO and Retail Method

Module 11 – ASC 350: Intangibles and Goodwill

  • Recognition of Intangible Assets
  • Amortization vs. Indefinite-Lived Intangibles
  • Goodwill Impairment Testing (Annual)
  • Research & Development Costs

Module 12 – ASC 360: Property, Plant and Equipment

  • PP&E Basics and Cost Capitalization
  • Asset Acquisitions
  • Depreciation and Amortization
  • Impairment of Long-Lived Assets
  • Asset Disposal and Disclosures

Module 13 – ASC 405 & 450: Liabilities and Contingencies

  • Extinguishment of Liabilities
  • Prepaid Stored-Value Products
  • Contingent Liabilities and Commitments (ASC 450)
  • Asset Retirement Obligations (ASC 410)
  • Debt Classification and Issuance Costs

Module 14 – ASC 606: Revenue from Contracts with Customers

  • The 5-Step Revenue Recognition Model
  • Identifying the Contract
  • Performance Obligations
  • Determining and Allocating Transaction Price
  • Variable Consideration and Contract Modifications
  • Contract Assets and Liabilities
  • Revenue Recognition for Services
  • Disclosures and Disaggregation of Revenue

Module 15 – ASC 718: Stock-Based Compensation

  • Types of Share-Based Awards
  • Measurement at Grant Date (Fair Value)
  • Vesting Conditions and Expense Recognition
  • Employee vs. Non-employee Awards
  • Disclosures

Module 16 – ASC 740: Income Taxes

  • Current vs. Deferred Tax
  • Deferred Tax Assets and Liabilities
  • Valuation Allowances
  • Uncertain Tax Positions (ASC 740-10)
  • Intraperiod Tax Allocation

Module 17 – ASC 810: Consolidation

  • Non-Controlling Interest
  • Variable Interest Entity (VIE) Model
  • Voting Interest Model
  • Partnerships and R&D Arrangements
  • Deconsolidation
  • Goodwill on Consolidation

Module 18 – ASC 820: Fair Value Measurement

  • Definition and Scope of Fair Value
  • The Level 1, 2, 3 Hierarchy
  • Valuation Techniques
  • Fair Value Disclosures

Module 19 – ASC 842: Leases

  • Key Concepts and Scope
  • Lease Classification (Operating vs. Finance)
  • Lessee and Lessor Accounting
  • Sale-leaseback Accounting
  • Subleases and Related Party Leasing
  • Business Combinations and ASC 842

Module 20 – ASC 958: Not-for-Profit Entities

  • Revenues, Expenses, Gains and Losses
  • Net Asset Classification
  • Reclassifications


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