Address areas of accounting that present challenges for financial statement preparers of nonpublic entities. Learn about the information necessary to understand these issues and explore practical, applicable approaches.
Uncertainties: What Should Be Disclosed and How Much Information Should Be Provided?
Disclosures: Don’t Hide the Forest in the Trees.
Fair Value: When It Is Required and When Else It May Be Used?
Other – Political, economic, business, or other activities of the period. Business implications; alternative accounting treatments, and the impact on the financial statements.
Attendees have the option to further participate by requesting specific areas of accounting to be addressed in the course. The inclusion of suggestions are added when possible (the option unavailable to web re-broadcast attendees).
Recognize business uncertainties, distinguishing among those that are part of everyday life, those raising enough of a threat to justify notifying stakeholders of its existence and general implications; and those requiring significant attention due to the magnitude of its potential effect, the likelihood of occurrence, or both.
Develop a practical approach for preparing disclosures with the goal of creating footnotes that are easily read and understood.
Identify the uses of fair value as a basis for measuring financial statement elements.
Accounting for and disclosing uncertainties
Developing client-based disclosure checklists
Writing effective and understandable footnotes
Defining and measuring fair value
Reporting and disclosing fair value amounts and changes in fair value
CPAs, controllers, accounting and financial professionals.
Basic knowledge of GAAP and accrual accounting.