This course addresses significant topics in accounting that require attention and analysis regardless of whether or not principles or requirements have recently changed. In addition to the topics described below, a poll is taken at the beginning of each session to determine the accounting topics that are most significant to attendees. Time is then allocated to the predetermined topics and the topics brought up by attendees, as appropriate.
In a few cases, FASB's Private Company Council (PCC) has developed approaches that simplify accounting for nonpublic companies. Additionally, for early adopters of the AICPA's Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs), accounting for many areas has been significantly simplified. Attendees will be immersed in the key provisions of the following significant accounting topics: derivatives, hedging, and interest rate swaps; goodwill and impairment testing; and variable interest entities (VIEs).
Recently, FASB addressed issues related to going concern, such as management's responsibility for assessing their entity's ability to continue as a going concern, related disclosures, and when it is required to present financial statements under the liquidation basis of accounting. This course will also discuss going concern issues, the liquidation basis of accounting and other bases of accounting available to nonpublic entities.
Identify the accounting for derivatives and hedging, particularly interest rate swaps, and the alternatives available as a result of the pronouncements of the PCC and under FRF for SMEs.
Recall the requirements for impairment testing of goodwill, including the alternatives of applying a qualitative test, a simplified approach available to nonpublic entities, and the approach incorporated in FRF for SMEs.
Identify when a business relationship results in a VIE that is required to be consolidated as well as alternatives under GAAP and under FRF for SMEs, particularly when consolidation is not desirable.
Recognize going concern issues, the use of the liquidation basis of accounting, and evaluate alternative accounting frameworks.
Interest rate swaps
Derivatives and hedging
Goodwill and impairment testing
Going concern and the liquidation basis of accounting
Alternative financial reporting frameworks
Designed For: Individuals who are responsible for the preparation of financial statements that are in accordance with GAAP; for nonpublic entities affected by pronouncements of the PCC and for small- and medium-sized entities; and who are affected by any of the included topics.
Prerequisite: Basic knowledge of derivatives and hedging, accounting for goodwill and variable interest entities.
Advanced Prep: None
Speaker: Mark E. Dauberman, CPA
Field of Study: Accounting & Auditing
CPE Credit: 8 Hours
Meet the Speaker:
Mark Dauberman taught his first university accounting class in 1969 and has been involved in accounting education since having taught at CSUN, CSULA, UCLA, and Loyola Marymount University. He obtained his bachelors degree in accounting from California State University at Northridge (CSUN) in June of 1970. In 2010, he completed the Executive MBA program at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he had been a student of Dr Drucker in 1971. Mark's public accounting experience includes working with various local firms throughout high school and college, and employment with Kenneth Leventhal & Company. More recently he was a partner at NSBN, a Beverly Hills CPA and business consulting firm. Mark's industry experience includes serving as assistant controller of a large trucking and warehousing firm. He has been both a controller and the Vice President of Finance and Administration for major real estate development companies. Mark also spent nearly 30 years as an entrepreneur, operating a business that prepared individuals for the CPA exam Mark currently provides CPE and technical staff training for CPA firms, private industry employers of accountants, and government organizations on topics that include applying the risk assessment standards, fraud, internal and external auditing, developing internal controls, strategic planning, and practice management. In addition to numerous CPE courses and articles, Mark authors the CCH publication Knowledge-Based Compilations & Reviews. He also provides consulting services to CPA firms, providing assistance on matters involving strategic planning; partner compensation issues; client management; and the planning, performance, and review of financial statement services.