Program Overview

Generally accepted accounting principles, or GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices. GAAP Professionals are in great demand as the majority of Companies specializing in finance, compliance or consulting are constantly hiring them.

Target Audience

US Based GAAP Workshop is a perfect suite for those who are involved in preparing financial statements using US GAAP. In addition, the program will prove beneficial for the employees of US Organization subsidiaries while trying to comply with consolidation rules. Accountants, Junior and Senior Auditors, Finance Staff at all levels and other interested professionals are highly encouraged to apply.

Program Objectives

Upon Successful completion of this short-term extensive training course, the attendees will be able to:

• Recognize reporting requirements for financial statements using U.S. GAAP
• Identify & Apply U.S. GAAP financial accounting concepts, principles & Techniques
• Recall U.S. GAAP financial accounting and reporting requirements for specific transactions
• Evaluate and apply the requirements of US GAAP.
• Analyze, interpret and report on financial statements and related information to different user groups.
• Implement the US GAAP recognition and measurement rules for assets, liabilities, revenues, expenses, gains and losses
• Analyze US GAAP financial statements to determine financial performance.

Program Contents

Foundations of GAAP & Presentation of Financial Statements

• History & the Hierarchy of US GAAP
• US GAAP Conceptual Framework
• Presentation of Financial Statements
• Presentation of Discounted Operations
• Accounting Based on Liquidation
• ASC 225 – Income Statement
• ASC 230 – Statement of Cash Flow
• Accounting Changes & Error Corrections
• SEC Reporting & Sarbanes Oxley

Revenue Recognition

• ASC 650 – Revenue Recognition
• ASC 606 – Revenues from Customer Contracts
• Types of Revenue recognition Instances

Assets

• Plant, Property & Equipment
• Intangible Assets
• Inventories

Equity & Liabilities

• Liabilities & Contingencies
• Deferred taxes
• Compensation

Business Combinations, Consolidation & Financial Instruments

• Consolidation
• Business Combinations
• Financial Instruments
• Derivatives and Hedging

Not-For Profit Entities

• Contributions Received
• Contributions Paid
• Presentation of Financial Statement for Non Profit entities.

Program Methodology

The methodology used is designed to encourage maximum participation by all delegates. The presenter will suggest ideas and theories to the delegates and then encourage them to test out the ideas using discussion, small group work, exercises and feedback. Delivery methods cover:

• Group live instruction with interactive participation encouraged
• Use of financial statements and real-world examples to illustrate the practical application of the standards
• Interactive Case Studies.