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Wiley GAAP

Course materials	CPE hours	Cost
Includes book	56	$325

Learning Objective :

Using the most practical, authoritative guide to GAAP, this course provides a thorough study and analysis of all generally accepted accounting principles (GAAP) set forth in the pronouncements of the FASB (Financial Accounting Standards Board) and its predecessor agencies.

This useful guide contains AICPA Accounting Standards Executive Committee (ASEC) Statements of position, with all pronouncements explained, using relevant terminology and practice-oriented real-world examples.

Prerequisite: None

Course level: Basic

Advanced preparation: None

Teaching method: Text and Online study

Recommended hours: 56

Summary of Contents:

Balance sheet, income statement and cash flow
GAAP Cash, receivables, short-term investments
Inventory
Revenue recognition areas
Business combinations and consolidated statements
Current liabilities, long-term debt Leases, income taxes, pensions, shareholders equity
Earnings per share Interim and segment reporting
Accounting changes
Foreign currency
Personal financial statements
Specialized GAAP by type of industry

Lesson and Objectives	Reading Assignment
Wiley GAAP - First Half
1. Researching GAAP Problems	Chapter 1
The learning objectives for this lesson are to gain an understanding of: What is GAAP? Who created GAAP? How is GAAP created? The Hierarchy of GAAP Materiality The crisis of conficdence regarding GAAP Research procedures The conceptual framework
2. Balance Sheet	Chapter 2
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Limitations and Form Liabilities Offsetting assets and liabilities Stockholders equity Partners' capital Relation to other financial statements Risks and uncertainties
3. Statements of Income and Comprehensive Income	Chapter 3
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Limitations Recognition and measurement Format Income from continuing operations Results from discontinued operations Extraordinary items Accounting changes Other comprehensive income Earnings per share Prior period adjustments Statement of income and retained earnings Financial performance reporting Pro forma earnings Development stage enterprises Reporting on the costs of start-up activities Exit and disposal costs
4. Statement of Cash Flows	Chapter 4
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Cash focus Operating activieies presentation Other requirements Reporting hedging transactions Reporting foreign currency cash flows Preparation of the statement Statement of cash flows for consolidated entities
Accounting Policies, Changes, and Restatements	Chapter 5
Perspectives and issues Definition of terms Concepts, rules and examples
5. Cash, Receivables, and Prepaid Expenses	Chapter 6
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Cash Receivables Transfers of Financial Assets under FAS 140 Disclosures
6. Short-Term Investments and Financial Instruments	Chapter 7
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Short-term investments Financial instruments Embedded derivative instruments Hedging activities Fair value hedges Cash flow hedges Foreign currency hedges Organizations that do not report earnings
7. Inventory	Chapter 8
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Ownership of goods Accounting for inventories Valuations of inventories Differences between GAAP and income tax accounting for inventories
8. Revenue Recognition	Chapter 9
The learning objectives for this lesson are to gain an understanding of: General Principles Evolving problems Disclosures Specialized applications Long-Term Construction Contracts Perspective and issues Definitions of terms Methods of accounting Costs incurred Types of contracts Revenue measurement Contract losses Combining and segmenting contracts Joint ventures and shared contracts Accounting for change orders Accounting fo contract options Accounting for claims Accounting changes Deferred income taxes Sales Revenues Perspective and issues Definitions of terms Service vs. product transactions Revenue recognition methods Expense recognition Ijitiation and installation fees Recommended disclosures not required by GAAP Other guidance Sales When Collection is Uncertain Perspective and issues Definitions of terms The installment method The cost recovery method Revenue Recognition When Right of Return Exists Perspective and issues Definitions of terms Concepts, rules, and examples Profit Recognition of Real Estate Sales Perspective and issues Definitions of terms Real estate sales other than retail land sales Methods of accounting for real estate Profit recognition of retail land sales Time-share transactions Other guidance Real Estate Operations Perspective and issues Definitions of terms Preacquisiton costs Taxes and insurance Project costs Amenities Incidental operations Allocation of costs Revisions of estimates Abandonment and change in use Selling costs Rental costs Impairment and recoverability Other guidance Franchising Perspective and issues Definitions of terms Franchise sales Area franchise sales Other relationships Continuing franchise and other fees Costs Repossessed franchises Business combinations Other Special Accounting and Reporting Issue
9. Long-Lived Assets	Chapter 10
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Fixed assets Intangible assets Research and development costs
10. Investments	Chapter 11
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Accounting for marketable equity securities Other than temporary inpairments of investments available for sale Transfers between available-for-sale and trading investments Presentation of investments in marketable equity securities Changes in fair value after the balance sheet date Deferred tax effects of changes in fair value of marketable equity securities Accounting for investments in debt securities Presentation in the financial statements Transfers of debt securities among portfolios Other guidance Implications of accounting for investments on reporting of comprehensive income Disclosure of fair value information Certain loans of debt securities acquired in transfers The equity method of accounting for investments Financial statement presentation of equity method investments Accounting for investments in limited liability companies
11. Business Combinations and Consolidated Financial Statements	Chapter 12
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Purchase accounting under FAS 141 Determining if an acquisition is a business combination Goodwill Noncontrolling interests Consolidated statements in subsequent periods Other accounting issues in business combinations Combined financial statements Combinations of entities under command control Combinations of mutual enterprises and not-for-profit organizations Accounting for leveraged buyouts Reverse acquisitons Spin-offs Reverse spin-offs Push-down accounting Non-sub subsidiaries Variable interest entities Interpretive Guidance Common control Contingent consideration Exit and Disposal activities Impairment Income tax considerations Leveraged buyouts Measurement and allocation Noncontrolling interest Nonmonetary transactions Specialized accounting principles Subsidiary accounting and transactions Variable interest entities and other exceptions to consolidation by majority voting interests

Lesson and Objectives	Reading Assignment
Wiley GAAP 2006 - 2nd Half
12. Current Liabilities and Contingencies	Chapter 12
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Amount and payee known Payee known but amount may have to be estimated Payee unknown and the amount my have to be estimated Contingencies Guarantees Offsetting of assets and liabilities
13. Long-Term Debt	Chapter 13
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Notes and bonds Effective Interest Method Extinguishment of debt Troubled debt restructurings Convertible debt Convertible securities with beneficial conversion features Induced conversion of debt Debt issued with stock warrants Debt issued with conversion features and stock warrants Through-put and take-or-pay contracts Mandatorily redeemable shares and similar instruments Obligations to issue or repurchase shares Measuring liabilities at fair value Proposed standards for convertible debt and debt issued with warrants
14. Leases	Chapter 14
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Variable interest entities Pre-FIN 46(R) GAAP Post-FIN 46(R) GAAP Lease or Sale Classification of leases - lessee Classification of leases - lessor Distinction beteww sales-type, direct financing, and leveraged leases Accounting for leases - leasee Accounting for leases - leassor Real estate leases Sale-leaseback transactions Other lease issues
15.Income Taxes	Chapter 15
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Evolution of accounting for income taxes FAS 109 Temporary and permanent differences Treatment of net operating loss carryforwards Measurement of deferred income tax assets and liabilities The valuation allowance for deferred income tax assets expected to be unrealizable The effect of tax law changes on previously recorded deferred income tax assets and liabilities Reporting Income tax effects of dividends paid on shares held by ESOP Accounting for income taxes: business combinations Accounting for purchase business combination at acquisition date Accounting for purchase business combination after the acquisition Poolings of interests Tax allocation for business investments Separate financial statements of subsidiaries or investees Asset acquisitions Intraperiod income tax allocation Balance sheet disclosures Income statement disclosures Other disclosures Accounting for Income taxes in interim periods
16.Pension and Other Postretirement Benefits	Chapter 16
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Net periodic pension cost Reconciliation or beginning and ending ABO, PBO, and plan assets Employer's liabilities and assets FAS 87 Disclosure requirements Interim financial reporting requirements Other pension conciderations FAS 88 Postretirement benefits other than pensions Other postemployment benefits Deferred compensation contracts Employee Retirement Security Act of 1974
17.Stockholders' Equity	Chapter 17
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Legal capital and capital stock Stock subscriptions Additional paid-in capital Donated capital Retained earnings Dividends Treasury stock Other paid-in capital issues Other equity accounts Accounting for share-based payments FAS 123(R) Accounting for tax effects of share-based compensation awards Accounting for employee stock options under FAS123(R) Accounting for stock appreciation rights and tandem plans Modifications of awards fo equity instruments Accounting for income tax effects of share-based compensation Making the transition to FAS 123(R) Accounting for equity instruemnts issued to other employees Convertible preferred stock Mandatorily redeemable common and preferred stock Junior stock Put warrant Accounting for stock issued to employee stock ownership plans Financial instruments with characteristics of both liabilities and equity Application of FAS 150 Disclosure requirements Corporate bankruptcy and reorganizations Reporting by LLCs and partnerships
18.Earnings Per Share	Chapter 18
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Simple capital structure Complex capital structure Examples of EPS computation Participating securities and two-class method Effect of contracts that may be settled in stock or cash on the computation of DEPS Inclusions/exclusions from computation of DEPS The effect of contingently convertible instruments on DEPS Consolidated DEPS Partially paid shares Effects of certain derivatives on EPS computations Effect on EPS of redemption or induced conversion of preferred stock EPS impact of tax effect of dividends paid on unallocated ESOP shares EPS implications of FAS 123(R)
19.Interim Reporting	Chapter 19
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Revenues Product costs and direct costs Ohter costs and expenses Income taxes Discontinued operations and extraordinary items Accounting changes EPS Contingencies Seasonality Interim reporting considerations for publicly traded companies
20. Segment Reporting	Chapter 20
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Applicability of FAS 131 Operating segments Reportable segments Accounting issues Segment disclosures Entity-wide disclosures Restatement of previously reported segment information Comprehensive illustration
21. Accounting Charges and Correction of Errors	Chapter 21
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Change in accounting principle Reclassifications Change in accounting estimate Change in reporting entity Correction of an error
22. Foreign Currency	Chapter 22
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Translation of foreign currency financial statements Application of the current rate method Application of the remeasurement method Foreign operations in the US Translation of foreign currency transactions Intercompany transactions and elimination of intercompany profits Foreign currency hedges Forward exchange contracts
23. Personal Financial Statements	Chapter 23
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Concepts, rules, and examples
24. Specialized Industry GAAP	Chapter 24
The learning objectives for this lesson are to gain an understanding of: Banking and Thrift Perspective and issues Definitions of terms Justifying a change in accounting principle Acquisition of a banking or thrift institution Bad-debt reserves Accounting by creditors for impairment of a loan Nonrefundable loan fees and costs Accounting for loans acquired by transfer Conforming practice by all financial institutions Cash flow statement Broadcasting Perspective and issues Definitions of terms Concepts, rules, and examples Cable Television Perspective and issues Definitions of terms Accounting during the prematurity period Amortization Computer Software Developers Cost of software developed internally for sale or lease Software revenue recognition Operational rules established by SOP 97-2 Employee Benefit Plans, Including Pension Funds Perspective and issues Definitions of term Financial statements Statement of net assets available for benefits Transactions with related parties Risks and uncertainties Defined benefit plans Defined contribution plans Employee health and welfare benefit plans Government regulations Terminating plans Finance Companies Perspective and issues Definitions of terms Finance receivables Allowance for loan losses Interest income and nonrefundable loan fees Accounting for loans acquired by transfer Other items Government Contractors Perspective and issues Definitions of term Concepts, rules, and examples Insurance Perspective and issues Definitions of terms Premium income Claim cost recognition Investments Deferred income taxes Other matters Nontraditional long-duration contracts Investment Companies Perspective and issues Definitions of terms Accounting policies Accounting for high-yield debt securities Exemptions from the requirement ot provide a statement of cash flows Taxes Commodity pools Clarification of the scope of the investment companies guide Other guidance Mortgage Banking Perspective and issues Definitions of terms Mortgage banking activities Servicing mortgage loans Sales to affiliated enterprises Issuance of GNMA Securities Loan and commitment fees and costs Reporting Motion Pictures Perspective and issues Definitions of terms Revenue recognition Costs and expenses - components Costs and expenses - Amortization of film costs and accrual of participation costs Valuation of unamortized film costs Not-For-Profit Organizations Perspective and issues Definitions of terms The reporting entity Complete set of financial statements Net assets and changes in net assets Reporting revenues Reporting expenses Transfers received as an agent, trustee, or intermediary Investments and endowment funds Collections Split-interest agreements Oil and Gas Producers Perspective and issues Concepts, rules, and examples Recording and Music Perspective and issues Definitions of terms Accounting by licensors Accounting by licensees Regulated Operations Perspective and issues Definitions of terms Asset recognition Imposition of liabilities Phase-in plans Abandonment Deferred income taxes Accounting for liabilities related to asset retiremnte obligations Accounting for asset impairments Accounting for deregulation and "stranded costs: Title Plant Perspective and issues Definitions of terms Acquisition costs Operating costs Reporting title plant sales

Sample Exam Questions:

24. Not-for-profits cannot use hedge accounting for forecasted transactions.

A. True

B. False

25. Which of the following investments (not accounted for by the equity method) are considered to be equity securities under SFAS 115?

A. Call options on stock

B. Put options (rights to sell stock)

C. Stock warrants

D. All of the above

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