1 day (6 CPD Hours)
Who will benefit?
It is appropriate for those who need an introduction to US reporting, as well as providing a refresher and update for those with existing knowledge.
How will you benefit?
This course aims to provide a review of the current US financial reporting environment, including coverage of recent developments in US GAAP and SEC reporting. The course also includes an assessment of the key differences between UK/Irish GAAP, IFRS and US GAAP
What does the course cover?
The background to US GAAP
• Context and brief history
• Sources of US GAAP
• Standard setters: SEC, FASB, AICPA
• How to research technical questions
Introduction to SEC Reporting
• Overview of the US capital markets environment
• The role of The Securities & Exchange Commission (SEC)
• Sarbanes-Oxley Act of 2002
• SEC reporting, and introduction to SEC forms
General Comparison of US GAAP with UK and IFRS
• Major measurement and disclosure differences
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• Convergence
Recent developments in US GAAP & SEC reporting
• Review of recent FASB standards & pronouncements
• The current FASB work plan
• Exposure drafts and likely future standards
Presentation of financial statements
• Format of primary statements
• Accounting policies and principles
Presentation issues - Reporting Non-Recurring Expenses
• Restructuring provisions
• Discontinued operations
• Contingent liabilities
• Impairment of intangibles
• Extraordinary items
• Accounting changes
Disclosure Standards
• Segment Reporting
• Earnings per share
• Reporting comprehensive income
• Cash Flow Statement
Group reporting
• Accounting for associates, subsidiaries & other investments
• FAS 141 & 142 –group reporting
• Business combinations (purchase vs. pooling)
• Recognition and treatment of goodwill
Intangible assets
• Application of FAS 142
• Accounting for research and development costs
The Sarbanes-Oxley Act of 2002
• Introduction to the requirements of the Act
• Reporting requirements
• Introduction to s404
• Implications for management, audit committees and auditors
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